The infamous meme token dogecoin has surged in value over 325.21% in the past 24 hours. After staying below a US cent for years, the humorous crypto asset is now trading hands at $ 0.05 per unit. The reason behind dogecoin’s massive price hike is similar to the recent Gamestop / Wallstreetbets story as a Reddit group called Satoshistreetbets is behind the recent pump.
In April 2019, the founder of Tesla came Elon Musk said dogecoin (DOGE) was his “favorite cryptocurrency.” In June 2020, day traders from Tiktok decided to do so encourage people to buy dogecoin to get the unit price down to a dollar. The dollar price per DOGE never came to fruition, but the crypto asset saw some significant benefits from the pump. Then during the first week of January 2021, news.Bitcoin.com reported on dogecoin that made more than 500% gains over the year.
Now the K-9 crypto asset is back in the headlines as the price has risen sharply in the last 24 hours. DOGE currently trades for 5 cents after trading below one cent for a while. The digital asset has a whopping $ 4.83 billion in global trading volume today, and the asset is well above its all-time high (ATH) it recorded in 2017.
Weekly statistics show that dogecoin is up more than 585% and over the past 30 days, DOGE is up more than 1,150%. Against bitcoin (BTC), dogecoin has gained a whopping 871% against the leading crypto asset. Additionally, dogecoin has increased in value by more than 2,270% over the past 12 months.
Okay, I gave in and bought the dog sticks lmaoooooo
– Mia K. (@miakhalifa) January 29, 2021
A particular thread talks about holding dogecoin to get the unit price to $ 10. The Reddit post on the front page has over 11,000 upvotes, has a lot of attendees, and people discussed the best exchanges to use.
Then the popular Elon Musk decided that Thursday tweet a meme from a magazine called “Dogue”, a play about the magazine title “Vogue”. In addition, the Onlyfans star, Mia Khalifa, tweeted about the dogecoin madness on Twitter to its 3.4 million followers.
– Elon Musk (@elonmusk) January 28, 2021
Musk’s tweet got the dogecoin crowd excited, and one person tweeted a meme featuring Musk, a bunch of cartoon Doges, and said: “DOGE is the answer.” Dogecoin is also one of the few older coins BTC and ETH, which managed to surpass its 2017 ATH, while many other legacy crypto assets have yet to.
Dogecoin is over seven years old and was developed by Jackson Palmer and the programmer Billy Markus. The existence of the digital currency has always been to exist for fun, to promote laughter, and to reach a wider audience. It has managed to do this and stay in the spotlight as the asset now ranks 11th among the top crypto market caps.
The cryptocurrency with the likeness of the Shiba Inu dog has 127.7 billion DOGE in circulation. Since the recent price spike, crypto supporters have been on the hunt for their old dogecoin wallets as the asset is much more valuable today.
What do you think about dogecoin’s rapid rise in the past year and its gains over the past week? Let us know what you think about this topic in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Tradingview, Twitter,
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