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XRP soars as much as 50% and Dogecoin jumps, as day traders flex their muscles and Elon Musk adds to cryptocurrency hype

XRP soars as much as 50% and Dogecoin jumps, as day traders flex their muscles and Elon Musk adds to cryptocurrency hype

Dogecoin is a 'meme' cryptocurrency, seemingly created as a joke
Yuriko Nakao/Getty




Ripple's digital token XRP rose as much as 50%, before falling back sharply on Monday.




'Meme' currency Dogecoin also surged, with Elon Musk still driving interest.




Day traders copied the tactics that sent GameStop soaring last week.




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Bitcoin rival token XRP and "meme" currency Dogecoin both soared on Monday, as amateur investors zeroed in on new assets in the wake of the GameStop saga and Elon Musk boosted interest in cryptocurrencies.XRP was up as much as 50% before abruptly falling again. It was last up 21.27% to $0.59668 per coin at 7.50am ET.Dogecoin was 28.36% higher at $0.03929, after falling sharply from a high of more than $0.07 on Friday. Bitcoin, the biggest cryptocurrency by market value, was down 0.89% to $33,726.Last week, day traders on the Reddit forum Wall Street Bets sent the shares of video-game store GameStop soaring in an effort to squeeze hedge funds that had been betting against the stock - and to make themselves lots of money.
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