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.
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.
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.
— 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.
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.