The price of Dogecoin (DOGE) increased twofold overnight after a popular Twitter account mentioned the meme-loving cryptocurrency in a tweet.
The “WSB Chairman” Twitter account, which has quickly gained almost 400,000 followers, tweeted Thursday: “A lot of you are talking about Dogecoin. What’s that? A meme crypto?” In another tweet he asked: “Has Doge ever been to a dollar?”
Members of a forum called SatoshiStreetBets also promoted the cryptocurrency. In an attempt to replicate the astonishing gains for highly shorted stocks.
Twitter users additionally called on billionaire Elon Musk to tweet about Dogecoin. With hopes he would fuel the intended rally for the digital token. Earlier this week, Musk’s “Gamestonks!!” tweet helped shares in GameStop soar 157% higher.
Musk has tweeted about Dogecoin a number of times in the past, deeming it his favorite cryptocurrency. His last tweet on the coin was about a month ago when he simply said – “One word: Doge.”
In response, the price of the Shiba Inu meme-based cryptocurrency shot up as much as 142%, from $0.007 to $0.017 in under 2 hours. At press time, DOGE was trading lower at $0.012.
DOGE’s latest price spike is reminiscent of a sharp rise last summer. When videos on TikTok encouraged users to invest in the cryptocurrency. More recently on Jan. 3, adult star Angela White tweeted she had been a HODler of DOGE, prompting many of her 1.3 million followers to push the price up as much as 203%.
Dogecoin’s Market Cap
Dogecoin’s market cap is around $2.1 billion, placing it at the 25th-highest among cryptocurrencies.
It is worth noting the “WSB Chairman” Twitter account is not affiliated with the Reddit-based trading community known as r/WallStreetBets, which has made headlines in recent days after causing havoc in the financial market by pumping stock and causing major headaches for short sellers.
The community discusses stock and options trading, encouraging people to buy heavily shorted stocks such as GameStop ($GME) and AMC Entertainment Holdings, Inc ($AMC). $GME, in particular, has seen its share price go up nearly 900% this week to around $347.
$GME is now trading well above $400 per share as of Thursday morning, although most brokerage firms have since delisted it from their platform.
Amid signs of potential regulatory scrutiny over its actions, the message board has since been taken private by its moderators, leaving followers searching for information on other social media sites.
The U.S. Securities Exchange Commisison (SEC) released a notice on Wednesday not directly acknowledging the group’s activity, but stating it is in the process of “reviewing” the “ongoing market volatility.”