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.
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, news.Bitcoin.com reported on dogecoin gathering well over 500% gains during the year.
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%.
Okay I caved and bought the dog stocks lmaoooooo
— Mia K. (@miakhalifa) January 29, 2021
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.
— Elon Musk (@elonmusk) January 28, 2021
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.
What do you think about dogecoin’s meteoric rise during the last year and the gains seen over the last week? Let us know what you think about this subject in the comments section below.