The meme cryptocurrency started out as a joke breaking records and its army of fans on social media are having a good day.
Cryptocurrencies are on the rise with green chip digital currencies like bitcoin
hit record highs on Wednesday, but the biggest winner looks like dogecoin, up 86% to a record high of just $ 0.14.
The lesser known Dogecoin started out as an internet meme-inspired joke featuring a shiba inu dog and is loved by social media influencers like Mark Cuban, who now accepts doge. was pay for tickets to watch his NBA franchiseand Elon Musk, who used his Twitter account to openly push the doge price higher and criticized bitcoin by comparison.
Musk wasted some time on Wednesday commemorating doge’s big leap, posted .gif of a smiling shiba inu to Twitter with the caption “Teheehee.”
14 cents is literally nose bleed territory for doge, having never traded more than 10 cents in its seven years of existence. That hasn’t stopped retail traders on social media from setting the long-term target of $ 1 for the coin, with 10 cents as the first hurdle.
According to CoinDesk, that campaign has pushed the doge price up by 2,614% so far by 2021.
Wednesday’s headlining action drew the attention of doge’s followers to a celebratory meme and headlining comments on social media.
One user posted a large image of the coin on Reddit’s r / dogecoin board with the caption “Unlocked achievements” while others mentioned the next goal of pushing the value of doge above 25. coin.
Some users have spread a false rumor that doge has been added to crypto trading platform Coinbase, which will go public on Wednesday for a time considered a turning point. crypto world. Other users were quick to contradict the misinformation and promote what they saw as its own achievement.
Overall, the festive melody on social media reinforces the notion that doge is the GameStop of the cryptocurrency, a holding meme that some users believe is undervalued but some have started off useful to create views.
One comment on Reddit encapsulates the second philosophy.
“People ask why this doge runs now, your answer,” posted one user using tortured grammar favored by doge enthusiasts mimicking the inner monologue of a dog. “Because it’s doge. Nothing. Now just hodl! “