While there are many superficial similarities between the GameStop and Dogecoin online investment frenzies, Wall Street stocks and cryptocurrencies are valued using very different systems.
The cryptocurrency Dogecoin is experiencing an unparalleled rise in value amid a push by online investors trying to rally purchases. In response, the trading app Robinhood halted instant deposits for crypto purchases; however, the comparisons with the GameStop affair end there.
Dogecoin was begun as a joke in 2013, based on then-popular internet memes about Shiba Inu dogs dubbed “doge.” However, the cryptocurrency amassed a sort of cult following over the years. On Wednesday, Dogecoin’s value began to rise quickly, climbing more than tenfold by Thursday night from $0.007 per coin to $0.78 per coin before declining again.