The meme-based cryptocurrency began in 2013 as a joke and grew up to become one of the most substantial digital assets since its inception.
Dogecoin rose up to 822 percent this week.
Dogecoin Surges Massively After Reddit Group Rallies for It
recording a surge of massive 822 percent, Dogecoin reached its all-time high of 0.082 on Thursday, January 28th, 2021. The Dogecoin token DOGE began as a joke about nine years ago on the popular doge meme involving a Shiba Inu dog. Although the token started as a joke, it has found quite a good fan following, with even the world’s richest man, Elon Musk, talking about it.
Recently Dogecoin began to rise after the Reddit group SatoshiStreetBets started talking about it. The Reddit board started discussing Dogecoin and wanted to make its shares soar like that of GameStop. Like Reddit group WallStreetBets made GameStop stocks rally, cryptocurrency enthusiasts in SatoshiStreetBets are looking to explode Dogecoin price.
Elon Musk tweeted a picture of Dog on the magazine cover.
The hilarious tweet was a witty take of Vogue cover, expressing the popularity of Dogecoin currently. In the past, Elin Musk had tweeted about Dogecoin, which skyrocketed the crypto community’s curiosity in the token.
On Thursday, the Dogecoin market cap increased by more than 7.17 billion, and currently, its total market capitalization is close to $9 Billion. The crypto-token began trading at $0.000232 in 2013 and is now trading at close to 0.042 after touching the highs of 0.07 this week.
The Reddit group SatoshiStreetBets is aiming to increase the price of Dogecoin to $1. Recently Reddit group WallStreetBets catapulted the price of GameStop by buying call options. The group members encouraged a large number of investors to buy call options for GameStop to take on the hedge fund Melvin Capital, which was attempting to decrease the stocks of GameStop by short selling.
SatoshiStreetBets went on the same path to increase the price of Dogecoin, making it a crypto equivalent of GameStop. The hype was so overwhelming that the Robinhood trading app had to halt crypto trading for some time.
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