Dogecoin, which was established in 2013, is inspired by the “Doge” meme which features a picture of a Shiba Inu looking to the side. It’s now the focus of small investors who have been inspired by the stock market shakeup that took place this week.
Earlier this week, a Reddit community, r/WallStreetBets, invested in GameStop, disrupting Wall Street short-sellers and causing the company’s stock to boom, making some small investors a lot of money and causing hedge funds to panic.
Hoping to achieve similar success, another Reddit community, r/SatoshiStreetBets, which claims to be the cryptocurrency equivalent of r/WallStreetBets, set its sights on Dogecoin and are trying to push its value to $1. At the time of writing, the cryptocurrency is worth $0.05.
Twitter users are responding to the interest in investing in Dogecoin by sharing memes and jokes—appropriate for a currency inspired by a meme itself.
Dylan Broe said: “We now welcome our friends from Europe. Join us on our journey to the moon #dogecoin,” and shared a GIF of the Shiba Inu on a rocket. The phrase “to the moon” is popular with small investors hoping to see the value of their shares or cryptocurrency skyrocket.
On Twitter, Ricardo Ledesma said: “Me calling my friends this morning after buying 3,000 shares of #dogecoin” and shared a GIF of Macaulay Culkin as a billionaire heir in the movie Richie Rich, eating dinner on a table so long he has to talk to his mother on a cell phone.
Twitter user @Bam5559 said: “Me trying to force @elonmusk to tweet about #dogecoin using my mind” and shared a GIF of Grogu, or Baby Yoda, from The Mandalorian. On Thursday, Elon Musk, shared a magazine cover for “Dogue” on Twitter.
It is unclear if this post was specifically about Dogecoin, but in December, Musk wrote: “One word: Doge,” and caused the value of the cryptocurrency to rise by 20 percent.
Another Twitter user said: “Yesterday: ‘Why you putting so much into #dogecoin it’s a literal meme’/My friends now:” and shared the original image of the meme edited to make the Shiba Inu appear to wear a suit.
Some people who may make a lot of money from Dogecoin if it ever reaches $1 are TikTok users who took part in a “Dogecoin Challenge” last year.
The challenge was started by a TikTok user named James Galante who said in a video, “Let’s get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits one dollar, you’ll have $10,000. Tell everyone you know!”
TikTok users were encouraged to participate by purchasing $25 worth of Dogecoin with the hopes of it eventually reaching a value of $1.