Hot off the heels of the Reddit–fueled GameStop stock surge comes a new investing craze by the name of “Dogecoin.” This latest fad in cryptocurrency recently shot up several orders of magnitude, from trading at fractions of a cent to several cents per share, with a total valuation exceeding $10 billion. So far, it has risen over 1500% in price. As with the GameStop rally — entirely driven by publicity rather than any real, underlying value — Dogecoin’s surge was driven by a bevy of internet memes, rocket emojis, and Elon Musk tweets.
Earlier this February, Dogecoin’s valuation began to rise, immediately jumping 30% in reaction to SpaceX and Tesla CEO Elon Musk and rapper Snoop Dog tweeting about the cryptocurrency.
Elon Musk first tweeted about the satirical currency on February 4th, writing “Dogecoin is the people’s crypto.” The billionaire tech CEO later shared a video promoting Dogecoin, in addition to a collection of memes.
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