Business

Dogecoin Crypto Surges Over 800% In 24 Hours After Elon Musk Tweet

Published

4 years ago

January 29, 2021

Redditors have hit the crypto market, surging the cryptocurrency Dogecoin—which was originally created as a joke—by over 800% in a 24-hour period where they were largely cut off from popular meme stocks like GameStop, catching the attention of billionaire Elon Musk in doing so..

Dogecoin, which has traded at just fractions of a cent for most of its existence, rose from $0.007681 at 8 p.m. Wednesday to over $0.049 by just after 7:30 p.m. Thursday.

The crypto is the latest target of Redditors who were responsible for surging stocks like GameStop and AMC over the past days in moves that have frustrated hedge fund managers that had shorted the stock and expected a continued price decline.

Billionaire Elon Musk, who has promoted the Redditors and their efforts, tweeted an image of “Dogue” in the style of Vogue magazine just after 5:45 p.m. Thursday.

The price jumped more than 50% in a little over an hour after Musk tweeted.