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Another Elon Musk’s Tweet Pumps Dogecoin Closer to Displacing ADA, XRP; Now 8th Largest Coin

Tobi Loba January 29, 2021 2 min read
Elon Musk Thinks Dogecoin (DOGE) Could Hit $1

Elon Musk, the CEO of the car manufacturing company, who is currently the richest man in the world, has recently contributed a part in pumping the meme digital currency, Dogecoin (DOGE) to $1. DOGE is currently the 8th largest cryptocurrency, closer to displacing the top cryptocurrency XRP.

Dogecoin (DOGE) Surged By Over 1000%, Closer To Displacing ADA and XRP

The GameStop madness has crept into the cryptocurrency market with the meme cryptocurrency DOGE rallying over 1000% within 2 days. The cryptocurrency peaked at $0.0875 on the Binance exchange at 04:01 a.m. UTC.


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Read Also: Dogecoin Can Achieve Instant Transfer for Micropayments More than Many Top Cryptos –OKEx CEO Jay Hao

Dogecoin — which was originally created as a joke — came close to surpassing Cardano (ADA) and XRP by market capitalization. It was valued at more than $10 billion at its peak. At the time of filing this report, DOGE is priced at $0.05138, with a 286.9% price uptrend in the last 24 hours.

Another Elon Musk’s Tweet Pumps Dogecoin Closer to Displacing ADA, XRP; Now 8th Largest Coin

Elon Musk’s Tweet Pumps Dogecoin (DOGE) Further

The momentum of the meme coin was enhanced by another shout-out from Tesla CEO Elon Musk who tweeted a magazine cover with the “Vogue” title.

pic.twitter.com/a6kmk0PEgM

— Elon Musk (@elonmusk) January 28, 2021

SatoshiStreetBets Started the Dogecoin (DOGE) Price Pump

Dogecoin (DOGE) underwent one of the quickest bull runs in the history of cryptocurrency markets, rising by more than 1,000% in just two days as a Reddit group “SatoshiStreetBets” called on ordinary traders to buy the meme-based token.

Read Also: Elon Musk Casually Drops Bitcoin Bomb on Twitter after Tanking Tesla Stock with One Sentence

The frenzied trading catapulted Dogecoin’s market valuation to over $9.5 billion, making it the world’s eighth-largest cryptocurrency by capitalization. Prices have risen so fast that the keyword ‘Dogecoin’ started trending on Twitter and topped on a weekly timeframe on Google Trends.

Imitating the same hysteria kicked off by the Reddit group “/r/WallStreetBets,” users on “/r/SatoshiStreetBets” promoted Dogecoin in an attempt to copy the explosive gains for GameStop, BlackBerry, Bed Bath & Beyond, AMC, and other majorly shorted stocks.


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Previous: Dogecoin (DOGE) Tweet Volume Rises by Over 1800%, Becomes First Altcoin to Surpass Bitcoin (BTC)
Next: Elon Musk Just Changed His Twitter Bio to Bitcoin, BTC Price Skyrockets

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Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$28,571.00
1.38%
ethereum
Ethereum (ETH)
$1,827.85
1.30%
tether
Tether (USDT)
$1.00
0.11%
binancecoin
BNB (BNB)
$315.69
-0.36%
usd-coin
USD Coin (USDC)
$1.00
0.06%
ripple
XRP (XRP)
$0.53
-0.35%
cardano
Cardano (ADA)
$0.398730
5.47%
dogecoin
Dogecoin (DOGE)
$0.078059
4.23%
polkadot
Polkadot (DOT)
$6.34
1.94%
binance-usd
Binance USD (BUSD)
$1.00
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