Fresh off all the GameStop hype, everyone’s favourite meme-based cryptocurrency Dogecoin is having a moment. And by that, we mean it’s going to the moon, plummeting, and heading spacewards yet again.
For anyone who has been living under an internet rock, Dogecoin is a cryptocurrency invented in 2013 as an alternative, fun version of Bitcoin. The coin gets its name from the image of the Shiba Inu dog which spawned the Doge meme in 2013.
But despite its meme status, Dogecoin is a legitimate cryptocurrency that carries real value that’s been used to buy real things (including sponsoring a NASCAR vehicle because, why not).
And the currency is on the up. On Monday morning, Dogecoin climbed to reach AU$0.05, ending up 30% up over the last 24 hours.
But even that jump in value doesn’t quite capture the full volatility that Dogecoin has seen in the past few days.
On Thursday, the coin was valued around AU$0.009 and had been for some time. It was around this time that online traders started to hype up the coin, amid the history-making Reddit rally of GameStop and other stocks.
As it started to gain, professional shitposter and occasional entrepreneur Elon Musk tweeted an image showing the front cover of Dogue, a fake magazine for dogs in the style of Vogue. Social media users took that to be a hint towards investing in Dogecoin.
— Elon Musk (@elonmusk) January 28, 2021
Following this, Dogecoin’s price skyrocketed, before dropping, before jumping yet again.
Supporters of the cryptocurrency shared memes and encouraged each other to buy to keep prices going up.
— Dogecoin Legion (@dogecoinlegion) January 31, 2021
But in the face of all the speculation, the official Dogecoin Twitter account reminded its many fans that the cryptocurrency was about more than just making money.
“Do Only Good Everyday. Charity, fundraising, supporting each other, teaching people about cryptocurrency, having fun, making memes, being absurd. This is what #dogecoin is. It is not harassment, threats, FOMO, baseless hype, abusive. Be safe. Be smart. Be kindly,” it tweeted.