Friday, February 26, 2021

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

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.

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.

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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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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