'Joke' Crypto Dogecoin Surges Over 500% In 24 Hours In Reddit-Driven Boon
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 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.
This isn't the first time Musk has caused a Dogecoin spike with one of his tweets. A July tweet with a "doge" mean sent the crypto up by 20%.
The price jumped more than 50% in a little over an hour after Musk tweeted.
Redditors were largely excluded from the ability to trade meme stocks Thursday after the popular brokerage Robinhood shut down their ability to buy. The move to cut off Redditors infuriated many, including lawmakers of
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