Dogecoin Is the Next Gamestop — Reddit Users Rally Behind the Joke Cryptocurrency
The virtual currency has soared over 600 percent.
Dogecoin, a cryptocurrency started by software engineers Billy Markus and Jackson Palmer, is the latest investment craze thanks to enthusiastic Reddit users aiming to shake up the stock market.
The virtual currency, which borrows the shiba inu “doge” meme as its mascot, has soared over 600 percent over the last 24 hours, according to Business Insider. Coinbase lists its worth at $0.0614 USD, a number that may seem insignificant but amounts to a record-setting increase. Yesterday evening, Elon Musk weighed in on the Dogecoin craze, tweeting an image of a fake magazine cover for Dogue, a riff on Vogue.
Unfortunately, Dogecoin isn’t exactly easy to get your hands on. Responding to the GameStop frenzy, investment apps such as Robinhood and Kraken have shut down their cryptocurrency trading options. Similar services such as Bittrex and Binance are also restricting transactions.
