Dogecoin, the meme-based cryptocurrency, rises by 80 per cent after Gamestop frenzy on Reddit

Days after the stocks of Gamestop increased due to a group of Reddit users pushing the stock price, another group of Redditors created a spike in the value of a meme-based cryptocurrency, Dogecoin.


Dogecoin spiked 80%, according to reports, while also seeing an exponential increase in trading volume of over 800%. The r/SatoshiStreetBets subreddit refers to itself as the "Crypto version of WallStreetBets," the group on Reddit that caused Gamestop to climb by 2000 per cent. Tesla CEO Elon Musk's recent Dogue tweet was interpreted by people on Twitter and Reddit as support behind the Doge rally. Musk tweeted "One word: Doge," to his 40 million followers last month.

Dogecoin, a meme-based digital currency, has spiked up to 80% while also seeing an exponential rise in trading volume of over 800%. On January, 28 days after the Gamestop frenzy on Reddit that caused Gamestop's share to soar by almost 2,000 per cent since the beginning of the year, Dogecoin hit $0.0138. Dogecoin saw a revival, Reddit credits, and a tweet from now-famous Wall Street Bets. The "chairman" of WallStreetBets Thursday on Twitter wrote, "Has Doge ever been to a dollar?" Hours later millions of people joined the subreddit Satoshi Street Bets and wrote about "taking doge to the moon," encouraging users to not sell the Dogecoin till its value reaches a dollar.

The r/SatoshiStreetBets subreddit refers to itself as the "WallStreetBets Crypto version," the Reddit group that caused the struggling electronic retailer Gamestop to soar by nearly 2,000 per cent. The Redditors were pushing the stock price, beating Wall Street hedge funds at their own game somewhat. 

Reports, however, speculate that Redditors pushing dogecoin on the platform like it was for Gamestop does not have a shorting aspect. People, however, are trying to push the cryptocurrency higher to make cash. One of the early SatoshiStreetBets posts read: "Let's make something out of DOGECOIN." That's it, the post, that's it.

Software engineers Billy Markus and Jackson Palmer created Dogecoin. Dogecoin was developed as a joke in 2013, but a community was later found. The logo of the digital currency is based on the popular "doge" meme that involved a Shiba Inu dog at the time. A Shiba Inu is the logo of the Dogecoin. 

On Thursday, Tesla CEO Elon Musk tweeted out a picture of a "Dogue" magazine cover, a play on the popular fashion title "Vogue." On Twitter and Reddit, people interpreted Musk's tweet as supporting the Doge rally.

The tweets from Musk seem to affect his followers or individuals in general. The case was similar when he urged his followers to "Use Signal" on Twitter, after which millions flocked to the messaging platform. 

He also said that a future Mars economy, such as bitcoin, could be based on cryptocurrencies. Musk tweeted "One word: Doge," to his 40 million followers last month. In a reply to a tweet, he also wrote: "Mars Economy will run on Crypto."