Cryptocurrency Dogecoin was at $0.057410 at 10 a.m. ET Friday, according to Coingecko, up around 150% on the day. This followed a Reddit board discussion about making it the cryptocurrency equivalent of GameStop.
The price eased from $0.070755 late Thursday when it had experienced a jump of 800% in just 24 hours
Dogecoin started out as a 'joke' cryptocurrency based on a popular internet meme from nearly a decade ago. Its total market value is now about $9 billion, making it the seventh most valuable cryptocurrency, (based on CoinMarketCap data). Bitcoin leads the has the highest market cap among digital currencies with a total market value of about $160 billion.
On Thursday, Bloomberg reported users on the Reddit group SatoshiStreetBets were discussing their gains, with one user saying "Doge = the crypto GME," with "GME" referring to GameStop , the video game retailer whose value has been immensely boosted by retail investors recently.
The 10-day moving average for DOGE.X crossed bullishly above the 50-day moving average on July 23, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 19 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows