The price of dogecoin stood at $0.057410 at 10 a.m. ET Friday, according to Coingecko, up around 150% on the day. It had eased from $0.070755 late Thursday when it had seen a surge of 800% in just 24 hours. The virtual currency had earlier hit an intraday high of $0.072330.
Dogecoin was created in 2013 based on the popular "doge" meme at the time which involved a Shiba Inu dog. The logo of dogecoin is a Shiba Inu. It was initially started as a joke but has since found a community.
While it has taken a backseat to larger cryptocurrencies like bitcoin and ether in recent years, its resurgence in the last few days has been down to enthusiasm from a Reddit group called SatoshiStreetBets. Like the group WallStreetBets, which was behind the GameStop rally, SatoshiStreetBets is looking to pump up cryptocurrencies.
Satoshi is the name of the mysterious founder, or group of people, who developed bitcoin.
At 12.03 p.m. Singapore time, dogecoin had added about $7.17 billion to its market capitalization or total value, in 24 hours, according to data from Coinmarket cap. Its total market cap stood at $8.2 billion, making it the ninth largest cryptocurrency.
On Thursday, one poster claimed Doge is the "crypto gme". GME is the stock ticker for GameStop.
Another post suggested taking doge to $1 a coin. The cryptocurrency has never been at $1. In 2013, when it began, it was trading around $0.000232.
As the price of dogecoin rocketed, there have been some big dips in the price over the past few hours. Reddit users on the board are encouraging people not to sell and to "keep pushing."