Day traders on the app TikTok are encouraging people to speculate on a joke cryptocurrency called Dogecoin. Based on an old Internet meme, the cryptocurrency was developed as a Bitcoin-spinoff in 2013, after which it quickly rose to fame as joke.
Despite the gag, Dodgecoin has nearly doubled in value since July according to data from OneChainFX, a cryptocurrency analytics tracker.
According to OneChainFX, Since July 6th Dodgecoin has risen 95%.
Cryptocurrency has gained momentum since the coronavirus pandemic, the idea of exchanging cash or coin seems archaic and potentially dangerous; even merchants at Philadelphia International Airport are refusing cash and only accepting debit or credit cards.
Perhaps it’s due to stuck-at-home covid market hypers, they have been pushing the cryptocurrency or hyping as the coronavirus continues.