Dogecoin Memes Go Into Overdrive as Investors Try to Push Cryptocurrency Price to $1

Dogecoin, the cryptocurrency based on a meme, is small investors' next target following the boom in GameStop shares—and investors are responding appropriately by sharing memes on Twitter.

Dogecoin, which was established in 2013, is inspired by the "Doge" meme which features a picture of a Shiba Inu looking to the side. It's now the focus of small investors who have been inspired by the stock market shakeup that took place this week.

Earlier this week, a Reddit community, r/WallStreetBets, invested in GameStop, disrupting Wall Street short-sellers and causing the company's stock to boom, making some small investors a lot of money and causing hedge funds to panic.

Hoping to achieve similar success, another Reddit community, r/SatoshiStreetBets, which claims to be the cryptocurrency equivalent of r/WallStreetBets, set its sights on Dogecoin and are trying to push its value to $1. At the time of writing, the cryptocurrency is worth $0.05.

Twitter users are responding to the interest in investing in Dogecoin by sharing memes and jokes—appropriate for a currency inspired by a meme itself.

Dylan Broe said: "We now welcome our friends from Europe. Join us on our journey to the moon #dogecoin," and shared a GIF of the Shiba Inu on a rocket. The phrase "to the moon" is popular with small investors hoping to see the value of their shares or cryptocurrency skyrocket.

We now welcome our friends from Europe. Join us on our journey to the moon 🌙 #dogecoin

— Dylan Broe (@DylanBroe1) January 29, 2021

On Twitter, Ricardo Ledesma said: "Me calling my friends this morning after buying 3,000 shares of #dogecoin" and shared a GIF of Macaulay Culkin as a billionaire heir in the movie Richie Rich, eating dinner on a table so long he has to talk to his mother on a cell phone.

Me calling my friends this morning after buying 3,000 shares of #dogecoin

— Ricardo (@RicardoLedesma4) January 29, 2021

Twitter user @Bam5559 said: "Me trying to force @elonmusk to tweet about #dogecoin using my mind" and shared a GIF of Grogu, or Baby Yoda, from The Mandalorian. On Thursday, Elon Musk, shared a magazine cover for "Dogue" on Twitter.

It is unclear if this post was specifically about Dogecoin, but in December, Musk wrote: "One word: Doge," and caused the value of the cryptocurrency to rise by 20 percent.

Me trying to force @elonmusk to tweet about #dogecoin using my mind

— AstroJoe (@Bam5559) January 28, 2021

Another Twitter user said: "Yesterday: 'Why you putting so much into #dogecoin it's a literal meme'/My friends now:" and shared the original image of the meme edited to make the Shiba Inu appear to wear a suit.

Yesterday: “Why you putting so much into #dogecoin it’s a literal meme”

My friends now:

— Stephen A. Smith Burner (@SASBurnerAcct) January 29, 2021

Some people who may make a lot of money from Dogecoin if it ever reaches $1 are TikTok users who took part in a "Dogecoin Challenge" last year.

The challenge was started by a TikTok user named James Galante who said in a video, "Let's get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits one dollar, you'll have $10,000. Tell everyone you know!"

TikTok users were encouraged to participate by purchasing $25 worth of Dogecoin with the hopes of it eventually reaching a value of $1.

Dogecoin Cryptocurrency
In this photo illustration, visual representations of digital cryptocurrencies, Bitcoin, Litecoin, Dogecoin, Ethereum and Ripple are arranged on January 4, 2021. Dogecoin is now the target of small investors hoping to emulate GameStop's stock market success. Yuriko Nakao/Getty