(Bloomberg) — The frenzy of Reddit-fueled stocks is reaching some of the weirder parts of the cryptocurrency world.
Dogecoin, a digital coin started as a joke, soared as much as 77% since 11:04 a.m. Hong Kong time, according to data from cryptocurrency tracker CoinGecko. Over the past 24 hours, it’s up 42% to $0.01129497.
Users on the Reddit thread SatoshiStreetBets touted the gains with posts like, “Up 25% this last hour. First dog on the moon” and “NEED $1 Doge.” Another one said “Doge = the crypto gme,” referring to GameStop Corp., the stock that’s surged some 400% this week as retail traders squeezed short sellers.
Cohen, Sundheim Lose Billions to Reddit Traders Running Amok
Extreme volatility is entirely normal in the crypto space, where hundreds of coins compete for attention with gimmicky names, far-fetched blockchain ideas and campaigns on social media. Last year, a TikTok trend encouraged users to invest in Dogecoin with the idea that there’s serious money to be made if the price hit $1, prompting a price surge of more than 40% in 24 hours.
Dogecoin’s market capitalization sits about $1.4 billion, the 33rd-highest among cryptocurrencies, according to CoinGecko data.
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