The Dogecoin’s value rose by over 264%
Dogecoin is the name of a new cryptocurrency. It is inspired by the internet’s famous Doge meme. Last week, its value rose exponentially following the mass effort of stock market amateurs and social media users.
Created in December 2013 by Billy Markus, an American software engineer, the Dogecoin was meant as a joke, poking fun at other budding cryptocurrencies. This is the reason why he chose the Shiba Inu dog, one of the internet’s cult memes, as a logo.
Economically, the Dogecoin does not really have any value. Until now, it has been mainly used as a means of payment for content creators on the internet. However, two weeks ago, the value of the Dogecoin rose by more than 264% reaching US$0.0463.
This rise in stock value follows the “meme stock” trend. It started on social media platform Reddit, where users prompted amateur investors to buy GameStop stocks en masse, defying stockbrokers and the lofty world of Wall Street.