By Tobi Loba
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.
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.
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.
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.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App.
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.