Dogecoin, a digital token that started as a joke, spikes 140% after traders in a crypto-themed Reddit forum trigger Wall Street Bets copycat rally

Dogecoin, a digital token that started as a joke, spikes 140% after traders in a crypto-themed Reddit forum trigger Wall Street Bets copycat rally

Day traders on a crypto-themed subreddit helped drive the price of Dogecoin up by as much as 86%.Members of the "SatoshiStreetBets" forum called on others to buy the meme-based cryptocurrency.The Wall Street Bets short-squeeze frenzy has stretched into the world of cryptocurrencies. Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

The short squeeze mania around Reddit-fueled stocks has extended to the cryptocurrency world, specifically for the digital asset based on the popular "doge" meme, Dogecoin. 

Dogecoin surged as much as 140% to $0.176 on Thursday, according to data from trading tracker TradingView. The coin hasn't received as much love as its rivals in the crypto-verse: Bitcoin and Ethereum.

Emulating the same frenzy set off by r/wallwtreetwets traders, users on a forum called SatoshiStreetBets promoted the cryptocurrency in an attempt to replicate the astonishing gains for GameStop, AMC, BlackBerry, Bed Bath & Beyond, and other highly shorted stocks.

The crypto forum's users made references to the GameStop saga blown up by the WSB subreddit, urging people to buy into Dogecoin. Several posts like "Dogecoin was and always will be the first meme stock, before GME," and "IN DOGE WE TRUST #ALLIN" can be seen on the discussion thread.

Read more: Value