The price of Dogecoin spiked by more than 80 percent last Thursday following activity on Reddit in which many of the asset’s fans pooled together to discuss the newfound interest Wall Street allegedly has in the currency which initially started out as a joke.
The Price of Dogecoin Is Going Up, Up, Up
CoinMarketCap.com – which monitors and tracks many of the world’s leading digital assets – says that Dogecoin had jumped by as much as 60 percent just a few days ago, while further jumps came only hours later. In all, the trading volume for Dogecoin had also surged by roughly 1,000 percent as more crypto fans sought to get in on the action and take advantage of the recent price spikes.
At the time of writing, Dogecoin is trading for about $0.0138.
The asset has one of the most unique introductions ever. Launched in late 2013 as a fork of the cryptocurrency Litecoin, Dogecoin was developed by software engineers Billy Markus and Jackson Palmer. The asset wasn’t meant to explode the way it has. It was simply begun as a meme coin of sorts, and to this day, the portrait of the cute little Shiba Inu pup that serves as its mascot has become a welcome sight for many digital trading fans.
However, Dogecoin has since accumulated a market cap of roughly $1 billion and has even earned the attention of many of the world’s tech leaders such as South African entrepreneur Elon Musk – CEO of both Tesla and SpaceX.
Often, Musk has been cited as believing heavily in Dogecoin, going so far as to refer to it as “the best coin” at one point. In addition, Musk was widely rumored to serve as the new CEO of the asset in early 2019, though these rumors failed to amount to much. Still, Musk appears to have a soft spot for the currency, which was eventually classified as a way of tipping content creators whenever they shelled out something good.
As it stands, many traders have been active on Reddit and other forms of social media to discuss what could potentially be bringing Dogecoin to new heights. One post – which at press time, has attracted more than 170 separate comments – stated:
After seeing this whole GameStop stuff, I’m quite sure we’re aware of the power of the internet and the power in numbers. We all should rally for Doge and drive the price up.
Could This Lead to Something Bigger?
In response, one Reddit user wrote:
I missed the waves on GME and won’t make the AMC train, but I’ve got a few thousand DOGE that I want to ride to the moon!
The GameStop reference above has to do with a recent story of Wall Street betters putting stacks of cash into GameStop and similar companies as a means of pushing against hedge fund short sellers.