Who Let the DOGE Out? Meme-Based Cryptocurrency Soars 250% to Record High

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Dogecoin (DOGE) surged over 250% Thursday morning to above $0.027, giving the meme-based cryptocurrency a total market value over $2.5 billion.

  • Per the CoinDesk Price Index, the DOGE price spike pushed 2021 gains to nearly 300% with over $12 million worth of DOGE traded in the past 24 hours.
  • Why the token soared is unclear but it could be a combination of attention from public Reddit trading collective Wall Street Bets with a TikTok post about the "dogecoin army" by niche celebrity Carole Baskin from Netflix's "Tiger King."
  • Erratic price action is not unusual for any cryptocurrency, let alone dogecoin. Last month, a few tweets from Tesla CEO Elon Musk sent the token flying.
  • A large chunk of dogecoin's gains retraced by 16:00 UTC, however, with doge trading around $0.016 at press time.

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