Dogecoin's value has become the talk of grassroots investors in a flurry that has seized WallStreetBets, a sub-section of online forum Reddit.
Since the beginning of the GameStop saga, which cost hedge fund managers billions, Redditors have been trying to push for Dogecoin.
They hope to see its value hit an all-time high of $1 per coin but Dogecoin is still far from the mark, worth less than $0.10 at time of reporting.
The coin, which has often been endorsed by Tesla and SpaceX’s maverick founder Elon Musk, may be a bust after all.
While the investment community may have attributed some gravity to Musk's previous show of support, he recently elaborated on Clubhouse, a new messaging platform where those participating in a chat must first get invitations.
“It's all just meant as a joke”, Musk reportedly said, sending chills down the spines of those same Redditors who boastfully took screenshots investing $87,000 in Dogecoin and hoping to make a mint.
However, Musk's playful Tweets, such as “Who Let the Doge Out” and “Ð is for Ðogecoin” were only meant to pass time and drop a few humorous comments it seems.
Despite this, the frenzy has continued. Dogecoin's market cap has reached $9,610,111,331 at the time of reporting and the price of a token has hit $0.07474, which is up 26.61% with the numbers increasing even as we type. Does this mean Musk is missing out?
Unlikely as, even by Doge’s founder's own admission, the currency was really only meant to be a meme. Today, Doge can still be used for fun and especially at established and trusted casinos as BitStarz, 1xBit and FortuneJack to name a few.