Dogecoin Value Surges As Gene Simmons Calls Himself 'God' Of The Cryptocurrency
It only took a tweet from Elon Musk to help thrust GameStop stocks into the green even further, and now it looks like the same is happening with DOGE, the cryptocurrency of Dogecoin - and it looks as though Gene Simmons has now declared himself to be its god.
Following the whole stock market saga, alongside the spike in Bitcoin value, many people have turned to investing in various cryptocurrencies.
Tesla founder Musk has been joined by celebrities including Snoop Dogg and Kiss frontman Gene Simmons in supporting what is known as the 'DOGE army', causing the price of the alt-currency to rise by 27 percent on 7 February.
The value of Dogecoin soared last Thursday (4 February) by nearly 60 percent to $0.0597 after Musk endorsed it on Twitter.
Following an announcement on Tuesday (2 February) that he'd be 'off Twitter for a while', Musk slammed back onto the social media platform after just two days away to share a picture of himself, mocked up into a still from The Lion King, holding up a Doge meme.
And now it looks like more people are jumping on the bandwagon, including rock veteran Simmons, who has made numerous references and retweets on Twitter relating to the cryptocurrency.
This weekend, the rock star even posted a picture of himself alongside the caption: "God Of Dogecoin."
Snoop Dogg also jumped on the bandwagon, tagging Musk in a tweet featuring Dogecoin's avatar - the Shiba Inu 'Doge' meme - edited onto the cover of Snoop's album R&G (Rhythm and Gangsta): The Masterpiece.
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And, of course, the cryptocurrency has been pumped by subreddit forum r/wallstreetbets, which was at the centre of the GameStop/AMC stock market debacle.
The video game company became the battlefield of an ongoing war between Wall Street and, well, regular people, with titanic sums of money being made and lost through the stock market.
As the market value of GameStop started to drop, the wealthy saw an opportunity to capitalise by shorting it - that is, until Redittors fought back.
In just 12 months, GameStop's stock (known as GME) surged by nearly 9,000 percent, with a large portion of the spike coming over the past few weeks as more and more Redditors bought shares through trading platforms such as Trading212 and Robinhood.
Now they're trying to do the same with certain cryptocurrencies, including DOGE - although it's still not worth a huge amount, it saw about an 800 percent increase in price in just a few days as the WallStreetBets army of investors pumped the price.
It's been a bit of a rollercoaster ride for Dogecoin of late. After blasting off into 2021 with a high of $0.0792 in late January, it then crashed down to below $0.03 very swiftly.
Now, it's middled out somewhere, but is still well above where it was.
Who knows where it could go next? But with celebs such as Musk, Snoop and Simmons getting involved, it seems likely it will continue to rise in the coming weeks.
Featured Image Credit: PA
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