Hot off the heels of the Reddit–fueled GameStop stock surge comes a new investing craze by the name of “Dogecoin.” This latest fad in cryptocurrency recently shot up several orders of magnitude, from trading at fractions of a cent to several cents per share, with a total valuation exceeding $10 billion. So far, it has risen over 1500% in price. As with the GameStop rally — entirely driven by publicity rather than any real, underlying value — Dogecoin’s surge was driven by a bevy of internet memes, rocket emojis, and Elon Musk tweets.
Earlier this February, Dogecoin’s valuation began to rise, immediately jumping 30% in reaction to SpaceX and Tesla CEO Elon Musk and rapper Snoop Dog tweeting about the cryptocurrency.
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