Crypto News

Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors

Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors

The infamous meme token dogecoin has been skyrocketing in value rising more than 325.21% during the last 24 hours. After remaining below a U.S. cent for years, the humorous crypto asset is now exchanging hands for $0.05 per unit. The reason behind the big dogecoin price spike is similar to the recent Gamestop/Wallstreetbets story as a Reddit group called Satoshistreetbets has been behind the recent pump.

In April 2019, the Tesla founder Elon Musk said dogecoin (DOGE) was his “fav cryptocurrency.” In June 2020, day traders from Tiktok decided to encourage people to buy dogecoin in order to get the price per unit up to a dollar. The dollar price per DOGE never came to fruition, but the crypto asset saw some significant gains from the pump. Then during the first week of January 2021, news.Bitcoin.com reported on dogecoin gathering well over 500% gains during the year.

Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors

Now the K-9 crypto asset is making headlines again as the price has been surging during the last 24 hours. DOGE is currently swapping for 5 U.S. cents after trading below a penny for quite some time. The digital asset has a whopping $4.83 billion in global trade volume today and the asset is well above the all-time high (ATH) it captured in 2017.

Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors

Weekly stats show dogecoin is up over 585% and during the last 30 days DOGE is up over 1,150%. Against bitcoin (BTC), dogecoin has gained a colossal 871% against the leading crypto asset. Moreover, during the last 12 months, dogecoin has jumped in value by over 2,270%.

Rumor has it the dogecoin (DOGE) pump was started by the Redditors from r/satoshistreetbets who have been following the recent action spurred by the Gamestop/Wallstreetbets fiasco. One particular thread talks about holding dogecoin in order to get the price per unit to $10. Onlyfans star, Mia Khalifa, tweeted about the dogecoin madness on Twitter to her 3.4 million followers.

The Reddit post which is on the front page has over 11,000 upvotes has a lot of participants and people have been discussing the best exchanges to utilize. Then on Thursday, the popular Elon Musk decided to tweet a meme of a magazine called “Dogue,” which is a play on the “Vogue” magazine title.

The tweet from Musk got the dogecoin crowd excited and one individual tweeted a meme that featured Musk, a bunch of cartoon Doges, and said: “DOGE is the answer.” Dogecoin is also one of the only older coins, besides BTC and ETH, that has managed to surpass its ATH from 2017, while many other older crypto assets have yet to do so.

if (!window.GrowJs) { (function () { var s = document.createElement(‘script’); s.async = true; s.type = ‘text/javascript’; s.src = ‘https://bitcoinads.growadvertising.com/adserve/app’; var n = document.getElementsByTagName(“script”)[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

Dogecoin is over seven years old and was developed by Jackson Palmer and the programmer Billy Markus. The digital currency’s existence has always been to exist for fun, promote laughter, and reach a broader demographic. It has managed to do so and stay in the limelight as the asset is now holding the 11th position among the top crypto market caps.

The cryptocurrency featuring the likeness of the Shiba Inu dog has 127.7 billion DOGE in circulation. Since the recent price spike, crypto supporters have been hunting for their old dogecoin wallets as the asset is far more valuable today.

What do you think about dogecoin’s meteoric rise during the last year and the gains seen over the last week? Let us know what you think about this subject in the comments section below.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Dogecoin Price Surges After Elon Musk Tweets Support
20 days ago

[…] 45.2 million followers on Twitter. He has been highly engaged in the recent retail trading frenzy. Tweeting about specific companies and cryptocurrencies while helping send their prices […]

CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Bitcoin Wobbles Around $50,000 but Downside Risks Persist; What’s Ahead?
Bitcoin was fluctuating above and below $50,000 during the Thursday session as traders received mixed signals from the macroeconomic...
Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...

Featured Crypto News

Bitcoin Wobbles Around $50,000 but Downside Risks Persist; What’s Ahead?
Bitcoin was fluctuating above and below $50,000 during the Thursday session as traders received mixed signals from the macroeconomic...
Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...