Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors

The infamous meme token dogecoin has been skyrocketing in value rising more than 325.21% during the last 24 hours.

After remaining below a U.S. cent for years, the humorous crypto asset is now exchanging hands for $0.05 per unit. The reason behind the big dogecoin price spike is similar to the recent Gamestop/Wallstreetbets story as a Reddit group called Satoshistreetbets has been behind the recent pump, reported.

In April 2019, the Tesla founder Elon Musk said dogecoin (DOGE) was his “fav cryptocurrency.” In June 2020, day traders from Tiktok decided to encourage people to buy dogecoin in order to get the price per unit up to a dollar. The dollar price per DOGE never came to fruition, but the crypto asset saw some significant gains from the pump. Then during the first week of January 2021, reported on dogecoin gathering well over 500% gains during the year.

Dogecoin Price Latest Update: Skyrockets more than 325%

Now the K-9 crypto asset is making headlines again as the price has been surging during the last 24 hours. DOGE is currently swapping for 5 U.S. cents after trading below a penny for quite some time. The digital asset has a whopping $4.83 billion in global trade volume today and the asset is well above the all-time high (ATH) it captured in 2017.

Weekly stats show dogecoin is up over 585% and during the last 30 days DOGE is up over 1,150%. Against bitcoin (BTC), dogecoin has gained a colossal 871% against the leading crypto asset. Moreover, during the last 12 months, dogecoin has jumped in value by over 2,270%.

Rumor has it the dogecoin (DOGE) pump was started by the Redditors from r/satoshistreetbets who have been following the recent action spurred by the Gamestop/Wallstreetbets fiasco.

One particular thread talks about holding dogecoin in order to get the price per unit to $10. The Reddit post which is on the front page has over 11,000 upvotes has a lot of participants and people have been discussing the best exchanges to utilize.

Then on Thursday, the popular Elon Musk decided to tweet a meme of a magazine called “Dogue,” which is a play on the “Vogue” magazine title. Moreover, the Onlyfans star, Mia Khalifa, tweeted about the dogecoin madness on Twitter to her 3.4 million followers.

Dogecoin Price Latest Update: Skyrockets more than 325%
Photo: Elon Musk Twitter

The tweet from Musk got the dogecoin crowd excited and one individual tweeted a meme that featured Musk, a bunch of cartoon Doges, and said: “DOGE is the answer.” Dogecoin is also one of the only older coins, besides BTC and ETH, that has managed to surpass its ATH from 2017, while many other older crypto assets have yet to do so.

Dogecoin is over seven years old and was developed by Jackson Palmer and the programmer Billy Markus. The digital currency’s existence has always been to exist for fun, promote laughter, and reach a broader demographic. It has managed to do so and stay in the limelight, as the asset is now holding the 11th position among the top crypto market caps.

The cryptocurrency featuring the likeness of the Shiba Inu dog has 127.7 billion DOGE in circulation. Since the recent price spike, crypto supporters have been hunting for their old dogecoin wallets as the asset is far more valuable today.

DOGE price surge: The power of memes and social media on full display

Anyone who has been in the crypto space over the last few years will undoubtedly be familiar with Dogecoin (DOGE) and how social media activity drives its price action. A “fork of a fork” based on Litecoin (LTC), the coin has earned a unique reputation and a considerable cult status within the cryptocurrency space, said Cointelegraph.

Unlike other projects, Dogecoin has not seen any protocol upgrades or developments since 2015. Indeed, the success of DOGE derives more from the community-based efforts and the power of memes than from any tangible technical advancements.

However, it would be incorrect to say the “coin” has zero utility. In fact, its early adoption was in the microtipping arena on social media. Dogecoin showcased one of the earliest examples of how cryptocurrencies could be used to monetize the content creation space. Rather than the usual “likes,” forum posters could receive more impactful recognition in the form of a meme coin with actual U.S. dollar value.

The Dogecoin scene has such synergistic community participation that tokenholders famously supported NASCAR driver Josh Wise and the Jamaican bobsled team back in 2014.

Who let the DOGE out?

Dogecoin briefly entered the top 10 cryptocurrencies by market capitalization for the first time since 2015 after a dizzying climb that saw the token price increase almost tenfold. It all started when irreverent retail traders on the U.S. stock market were prevented from buying more GameStop and AMC stock on Thursday.

At the time, the retail horde that had banded together on r/Wallstreetbets had seemingly caught established Wall Street short-sellers in a huge short squeeze. While retail brokers suspended the trading of GME and some other stocks, some Redditors were probably still pumped with nervous trading energy and turned their attention to DOGE.

On Thursday, Twitter user “WSB Chairman” asked, “Has Doge ever been to a dollar?” to his almost 750,000 followers. A storm of social media activity ensued, with Dogecoin becoming the first-ever altcoin to surpass Bitcoin (BTC) in terms of daily Twitter mention volume.

Commenting on the link between social media activity and Dogecoin price action, Joshua Frank, co-founder and CEO of crypto research firm The Tie, told Cointelegraph: “Everyone universally agrees that no one is investing in ‘fundamentals’ of Dogecoin.”

Dogecoin’s price surge did coincide with a flurry of new activity in the crypto space, with exchanges like Binance reporting a flood of new account openings. Indeed, several exchanges halted withdrawals of the altcoin, with the volume dipping significantly.

Dogecoin Price Analysis: DOGE Price Shot up, Will It Hit $1 in 2021?

The price of dogecoin (DOGE) more than doubled overnight. Dogecoin that was created as a joke, came close to surpassing Cardano (ADA) and XRP by market capitalization.

Surprisingly an analyst, Pentoshi, had already predicted the trend followed by Dogecoin since 2014 a couple of days before. As per the chart posted by the analysts, the price plunges to the lowest level, close to $0.0000001 and surges to the new highs since 2014.

Therefore if the same trend follows in the current bull run then DOGE price might rally to the highest possible levels or even might touch $1 in 2021.

Dogecoin Price Analysis – Will it hit $1?

The sudden spike with the DOGE price has made the entire crypto space very bullish about the asset and expect to touch new highs in 2021. Many analysts predict that Dogecoin will be the winner among all other altcoins in 2021 and may also touch $1 during the bull run.

At the time of writing, Dogecoin price is trading at $0.064848 USD with a 24-hour trading volume of $23,814,817,029 USD. Dogecoin is up 402.75% in the last 24 hours. The current CoinMarketCap ranking is #9, with a market cap of $8,309,390,322 USD.

The daily chart shows the magnitude of the ongoing euphoria. The chart shows that before the pump, the currency was forming a bullish pennant pattern that is shown in blue. Therefore, the breakout was partly because of this pennant buildup that has been going on. If DOGE continues at this rate, $0.1 seems to be an immediate target for the meme cryptocurrency.

Facts about Dogecoin: Forecast, True Value, Joke Cryptocurrency that became Real Facts about Dogecoin: Forecast, True Value, Joke Cryptocurrency that became Real

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