Dogecoin (DOGE), a cryptocurrency that originated as a joke, has surged 62% at press time to trade at $0.0132 early Thursday.
The surge comes despite the overall bearish cryptocurrency sentiments, with Bitcoin (BTC) trading 0.6% lower at $31,558.26 at press time.
Reddit community r/SatoshiStreetBets is calling for users to pump the joke cryptocurrency in a manner similar to r/WallStreetBets’s short squeeze of stocks like GameStop Corp. (NYSE: GME), AMC Entertainment Holdings Inc. (NYSE: AMC), Nokia Oyj (NYSE: NOK), and BlackBerry Ltd. (NYSE: BB).
This isn’t the first time that the joke cryptocurrency would be surging through such coordinated efforts. Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk has often sent the cryptocurrency soaring with his tweets.
An adult film star tweeting about Dogecoin earlier this month also led to a 125% surge at the time.
DeFi cryptocurrencies are also shooting for record highs, despite the Bitcoin slump.
Photo by Dogeloverforever on Wikimedia
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