Who Let the DOGE Out? Meme-Based Cryptocurrency Soars 250% to Record High - CoinDesk

Dogecoin (DOGE) surged over 250% Thursday morning to above $0.027, giving the meme-based cryptocurrency a total market value over $2.5 billion.

• Per the CoinDesk Price Index, the DOGE price spike pushed 2021 gains to nearly 300% with over $12 million worth of DOGE traded in the past 24 hours.
• Why the token soared unclear, but it could be a combination of attention from public Reddit trading collective Wall Street Bets with a TikTok post about the "dogecoin army" by niche celebrity Carole Baskin from Netflix's Tiger King.
• Erratic price action is not unusual for any cryptocurrency, let alone dogecoin. Last month, a few tweets from Tesla CEO Elon Musk sent the token flying.
• A large chunk of dogecoin's gains retraced by 16:00 UTC, however, with doge trading around $0.016 at press time.