Dogecoin hit the crypto market spiking over 500% in a 24 hour period thanks to Redditors and a little help from billionaire Elon Musk.
Dogecoin, which has traded at just fractions of a cent for most of its existence, rose from $0.007681 at 8 p.m. Wednesday to over $0.049 by just after 7:30 p.m. Thursday.
Meanwhile major cryptos, like Bitcoin and Ethereum, were both up less than 10% at the same period of time.
Dogecoin is the latest target of Redditors who also worked together to bring up GameStop and AMC stocks over the past days. Their moves have frustrated hedge fund managers that expected a shortage on the stocks and price decline.
The price jumped more than 50% in a little over an hour after billionaire Elon Musk tweeted an image of “Dogue” in the style of Vogue magazine just after 5:45 p.m. Thursday.
This isn’t the first time Musk has caused a Dogecoin spike with one of his tweets. A July tweet with a “doge” mean sent the crypto up by 20%.
After yesterday’s surge, Redditors were largely excluded from the ability to trade meme stocks after brokerage Robinhood shut down their ability to buy.
Lawmakers of both major political parties in the United States were infuriated by Redditors’ cut off. They said that there was a double standard being put in place by not allowing the Redditors and retail traders to bet the market while hedge funds can.
Robinhood CEO Vlad Tenev confirmed that the brokerage made “the correct decision”. And clarified that “limited buys” of the eight securities it restricted would resume today.