Meme-Inspired Dogecoin Soars 370% Thanks to Retail Investors

This is one of the more bizarre stories in this week's Reddit-fueled trading saga.
Chris Young

Even a cursory glance at r/WallStreetBets, the subreddit (forum) that started this week's Wall Street-baiting GameStop stock frenzy, will highlight the role memes are playing in chronicling this saga.

Now, in a bizarre turn that also feels oddly appropriate, Dogecoin, a meme-inspired joke cryptocurrency has skyrocketed in value after it was targeted by Reddit users, CNN reports.

Dogecoin was originally devised as an internet parody based on the viral dog meme. As per Coinbase, the price for the virtual currency has risen a staggering 373 percent in the last 24 hours. At one point it was up as much as 613 percent.

While it is at record levels, that's not to say a single dogecoin is worth an awful lot — one dogecoin is currently worth $0.0469.

Dogecoin surge apes GameStop frenzy

Anyone following news of this week's GameStop stock surge, and the reasons behind it, will know that this is the latest twist in what some are deeming a retail investing revolution enabled by no-fee trading apps such as Robinhood and popular forum platform Reddit.

Though the Dogecoin surge was not started by WallStreetBets — who were behind the GameStop stock frenzy — it was undoubtedly inspired by this week's events.

Instead, the forum SatoshiStreetBets is reportedly behind the surge in Dogecoin, with many of its users having called for a dogecoin rally in the past 24 hours — with some declaring the cryptocurrency's value will rocket "to the moon." Satoshi refers to Satoshi Nakamoto, the screen name of the so-called inventor of bitcoin.

The page is currently flooded with memes and images of a shiba inu, the dog breed from the doge meme that inspired the creation of the cryptocurrency.

Several users called for "co-ordinated" buy-ins of Dogecoin, and even Elon Musk got involved, tweeting the following Doge and Vogue-inspired meme:

It's not the first time the meme-loving SpaceX CEO has tweeted about Dogecoin: back in December, the cryptocurrency's price rose 14 percent when Musk tweeted "One word: Doge," in reference to the parody currency.

According to CoinMarketCap, Dogecoin's market cap currently stands at $6.9 billion, having soared 380 percent over the last day. Its trading volume has risen 2,200 percent in the same period.

It all leaves us wondering what currency or stock will be targeted next, and whether it can be any more bizarre than Dogecoin.

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