Dogecoin, the meme cryptocurrency, has seen a flurry of activity in the past 24 hours after attention was thrown to the coin by the now-infamous Reddit group responsible for pumping the share price of GameStop.
Dogecoin’s Twitter volume, the number of daily tweets versus the 30-day average, skyrocketed 1,787% on Thursday. In total, there were 89,991 tweets about DOGE over a 24-hour period.
The feat was historic as Dogecoin became the first altcoin to pass Bitcoin in terms of tweet volume, according to crypto data provider The TIE. Dogecoin surpassed previous tweet records set on Jan. 2, 2021, and Dec. 22, 2017.
In addition to seeing a spike in Twitter activity, Dogecoin experienced a similar surge in trading volume. The digital currency’s price appreciated 223% over the 24-hour period.
The price of DOGE rose to a new record of $0.078 Thursday before falling back to $0.037. At press time, the price is still up 197% over the last 24 hours.
The DOGE price appears to have spiked due to worldwide attention on r/WallStreetBets, the Reddit group that successfully caught Wall Street sellers in a short squeeze by gobbling up shares of GameStop and AMC.
Although the subreddit’s moderators have attempted to remove any attempts to pump the DOGE price, Reddit users on other channels have left subtle hints to invest in the cryptocurrency.
A Twitter account called “WSB Chairman,” although not affiliated with r/WSB), also left a not-so-subtle hint just after midnight on Thursday: “Has Doge ever been to a dollar?”
The Dogecoin situation appears to be different from $GME as there is no shorting dynamic from hedge funds at play. Instead, it appears a group of people are just trying to push the cryptocurrency higher to make money.
Dogecoin was created in 2013 based on the popular “doge” meme at the time which involved a Shiba Inu dog. The logo of dogecoin is a Shiba Inu. It was initially started as a joke but has since found a community.
On Thursday, one poster claimed Doge is the “crypto gme”. GME is the stock ticker for GameStop. Another post suggested taking doge to $1 a coin, a level it has never seen.
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