Dogecoin Grew 800% Within 24 Hours Thanks To Reddit

On Thursday, Dogecoin, a cryptocurrency initially founded as a joke, surged after a Reddit board talked about making this digital coin of GameStop.

Following this matter, Dogecoin rocketed to $0.057410 at 10 AM (ET) on Friday, a 150% increase, reported Coingecko. In fact, the digital coin had fallen from the previous $0.070755 mark late Thursday when it had surged by 800% within 24 hours. Earlier, the cryptocurrency had reached $0.072330.

In 2013, Dogecoin was created based on the world-famous doge meme that involved a Shiba Inu dog, which was used as the logo of dogecoin. The coin was originally started as a joke but it has since had its own community.

In recent years, dogecoin has taken a backseat to bitcoin and larger cryptocurrencies and ether, but its resurgence in the past few days has been attributed to the enthusiasm from the SatoshiStreetBets group on Reddit. Like WallStreetBest that’s behind the GameStop rally, this Reddit group is looking to promote cryptocurrencies.

At 12:03 PM Singapore time, dogecoin had an additional $7.17 billion amount to its market capitalization within 24 hours, according to Coinmarket cap. The coin’s total market cap reached $8.2 billion and it became the 9th largest cryptocurrency.

On Thursday, a poster claimed Doge as the crypto gme. GME is GameStop’s stock ticker. Meanwhile, another post suggested pumping doge to $1 per coin, a mark the coin has never reached before. When the digital coin was created in 2013, it was trading at about $0.000232 a coin.

After the surge, the price of dogecoin has decreased in the last hours. The Reddit board is encouraging users not to sell the coin and keep pushing it instead.

Elon Musk has also tweeted about dogecoin, saying in April last year that it was his favorite cryptocurrency. On Thursday, Musk posted a photo of a magazine cover of Douge, a play on the famous fashion magazine Vogue. Many Reddit and Twitter users took that as Musk’s support for the doge rally.

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