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HomeCryptocurrencyDogecoin value soars as Reddit investors target joke cryptocurrency

Dogecoin value soars as Reddit investors target joke cryptocurrency

Dogecoin value soars as Reddit investors target joke cryptocurrency
Dogecoin is surging right now
Dogecoin is surging right now

Following the chaos over GameStop stocks this week, another unlikely financial bubble is looming: dogecoin.

The joke cryptocurrency was created in 2013 as a light-hearted take on bitcoin.

But in the wake of Reddit retail investors taking on established Wall Street types, the cryptocurrency is rallying right now.

Global cryptocurrency market capitalisation is now over $1 trillion – more than PayPal, Visa and Mastercard combined.

Top of the pile at the moment is the humble dogecoin – which has seen its value increase by over 500 per cent in the last 24 hours.

The reason is because Reddit users are piling onto the cryptocurrency and buying up huge amounts of it to pump up the price.

The changes in Dogecoin price over the last 24 hours (coinmarketcap.com)
The changes in Dogecoin price over the last 24 hours (coinmarketcap.com)

The aim of the Reddit push is to try and increase the value of the joke crypto to $1 per coin.

The Shiba inu dog that is the face of dogecoin rose to fame after a meme of the breed went viral.

Meanwhile, the crypto lists its creators as Mr Palmer and Shibetoshi Nakamoto – a play on the mysterious creator of Bitcoin, Satoshi Nakamoto.

On its website, Dogecoin states: ‘Dogecoin is an open source peer-to-peer digital currency, favoured by Shiba Inus worldwide.’