Retail Wave Spurs Sevenfold Surge in Dogecoin Into Crypto Top 10

Fresh from a blistering rally on Thursday, cryptocurrency Dogecoin is soaring again atop a wave of demand churned up in chat rooms and on social media.

The digital coin originally created as a joke jumped into the top 10 cryptocurrencies by market value on Friday at the end of a volatile week characterized by frenzied speculative trading by retail investors.

Dogecoin is up about 600% in the last 24 hours and was at $0.07206 as of 2:51 p.m. in Tokyo on Friday, according to CoinMarketCap data. That takes its market value to some $9 billion, ranking seventh among cryptocurrencies.

Reddit threads of the kind that whipped up volatility in a number of shares have been touting the coin and linking its return potential to GameStop Corp., the stock that symbolizes the current bout of investor mania. Some posters seemed to be dangling $1 as a price target for Dogecoin.

Extreme volatility is normal in the crypto space, where hundreds of coins compete for attention with gimmicky names and campaigns on social media.

Tesla Inc. founder Elon Musk posted an image on Twitter of a “Dogue” magazine cover featuring a whippet in a red outfit. No further explanation was given, but a Musk tweet in December -- “One word: Doge” -- was taken by some to refer to the coin, sparking a climb in the price.

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