Today Dogecoin hit highs of $0.045 as it became trendy on Twitter.
Elon Musk’s most prized coin, Dogecoin, hit highs of $0.045 today, up from $0.027, the price where it had sat for most of the day. However, its peak was short; the price has since fallen to $0.036.
Corresponding with the surge is the hashtag #Dogecoin Army, which is now trending in different countries, including Pakistan, the United States, and the United Kingdom. The trending hashtag followed several days of organized effort from Doge investors on Reddit.
Dogecoin’s price then jumped from near $0.01 to over $0.04 overnight last January 28.
The price hike was mainly because of crypto traders on the r/SatoshiStreetBets subreddit.
Dogecoin: A close look
The move to coordinated trading efforts to drive the price was the same as the GameStop-style meme victory from r/WallStreetBets this week. On r/WallStreetBets, grassroots investors conspired to frantically buy GameStop’s shares to push up its stock prices, forcing hedge funds to acquire even more.
Today’s surge is the continuation of the Dogecoin hype that has started early this week. But the hype was interrupted when Dogecoin fell by 39.74% in the past 24 hours.
Dogecoin started as a “meme coin” intended to make fun of Bitcoin knockoffs. However, the coin is so popular that its market capitalization is $9.3B, making it the 14th largest cryptocurrency by market cap, according to metrics site CoinMarketCap.
Some are also obsessed with it that they lash out at its creator, Billy Markus, although he no longer holds any Dogecoin.
For up-to-date Cryptocurrency, Blockchain, and Crypto-mining news, please join our Telegram Channel.