‘Joke’ Crypto Dogecoin Surges Over 500% In 24 Hours In Reddit-Driven Boon

Redditors have hit the crypto market, surging the cryptocurrency Dogecoin—which was originally created as a joke—by over 500% in a 24-hour period where they were largely cut off from popular meme stocks like GameStop, catching the attention of billionaire Elon Musk in doing so.

Key Facts

Dogecoin, which has traded at just fractions of a cent for most of its existence, rose from $0.007681 at 8 p.m. Wednesday to over $0.049 by just after 7:30 p.m. Thursday

The crypto is the latest target of Redditors who were responsible for surging stocks like GameStop and AMC over the past days in moves that have frustrated hedge fund managers that had shorted the stock and expected a continued price decline.

By Forbes