Would it be so absurdly easy to raise the price of cryptocurrency? The cryptocurrency called’DOGE’ is drawing attention by soaring more than 800% in one day.
According to CNBC, at noon on the 28th (local time), the price of Dogecoin based on the Singapore Exchange reached $0.070755, an increase of more than 800% from the day before. The market cap (number of coins × price) quickly increased to 8.2 billion dollars, making it the ninth largest cryptocurrency in the market cap.
Dogecoin is a cryptocurrency created in 2013 by technicians from IBM, and it was developed’playfully’ using dog pictures. It was also used for donations, such as raising funds for the Jamaican bobsled team participating in the 2014 Sochi Winter Olympics.
CNBC said, “The surge in Doji Coin seems to have fueled the price increase for some people to make money.”
Elon Musk, Tesla’s CEO, posted a post on Twitter in April 2019 stating that he likes Dogecoin. Musk recently uploaded a picture of a dog parodying the fashion magazine’Vogue’.
Then, in the discussion room of American social media (SNS) Reddit, articles such as “Let’s make Dojicoin a great thing” and “Keep buying” were posted.
Reddit led the public opinion against short selling and led the game stop skyrocket. Individual investors grouped around Reddit showed a’jailbreak’ to short sellers who intensively bought GameStop stocks and bet on declines. Hedge funds, which suffered a huge loss from the unity of ants, gave up their short-selling positions and drew attention.
Users who gained confidence in the’Game Stop Incident’ continued to put Dogecoin on the topic, saying, “Musk is with us” this time.
Reporter Lim Hyun-woo [email protected]
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