Dogecoin, a digital currency that started as a joke, surged by as much as 140pc over the past day as retail investors poured into the asset.
The currency was up 68pc at $0.1287 as of 2pm on Thursday, according to figures from Coindesk. The digital asset was the latest investment to spike off the back of interest from Reddit traders.
An investment forum called r/SatoshiStreetBets first started posting about getting the currency up to a value of $1, following on from the runaway valuation that has been lumped onto beleaguered retailer GameStop.
Dogecoin received a further boost when it was tweeted by WSB Chairman, an account that insists it is not linked to the hugely influential WallStreetBets subreddit.
“A lot of you are talking about Dogecoin. What’s that? A meme crypto?,” they tweeted.
The account also posited the question if Doge had ever reached a $1 valuation per coin.
Overall the digital currency is worth around $1.72bn, according to Coindesk.