Dogecoin has surged by 500% in the last 24 hours – thanks to the memes posted on different social media platforms – and a tweet by Elon Musk, the richest man in the world right now. Dogecoin was launched in 2013 and was considered an altcoin.
The sudden surge was caused by the same Reddit users who have been active behind the stock surge of GameStop and AMC lately. These Reddit users were banned from trading the stock on Thursday after the trend continued to further decline the stock price. The Redditors and different retail traders have been accused of causing false approximations in the market – which results in hedge fund markups – causing a problem in the liquidity of the shares.
The Dogecoin’s price has doubled since the beginning of the year when an adult star, Angela White, tweeted about having Dogecoin since 2014. In no time, the price surged by 203% – thanks mainly to her 1.3 million followers of
The Dogecoin cryptocurrency saw an infinite increase in the stock price after Elon Musk of Tesla Motors tweeted a meme about it. He has always promoted Redditors and their efforts and this is not the first time his tweet has caused an uproar in the stock.
Musk had tweeted a Dogecoin meme in July last year, which resulted in the cryptocurrency going up by 20%.
Moreover, the cryptocurrency had surged to 683% when a viral TikTok challenge caused the viewers to buy Dogecoin.
Other major cryptocurrencies like Bitcoin and Ethereum have been maintaining steady progress. They both are up by less than 10%, as predicted by the investment pundits.