Popular Meme Coin Dogecoin Pumps 1100% as Market Volatility Peaks

Dogecoin, a cryptocurrency originally started as a joke, has gotten the support of a Reddit board who talked about bringing the altcoin to the height of GameStop stock.

Working toward that goal, the Reddit group has pushed Dogecoin to over 1100% gains according to data from CoinMarketCap.

The cryptocurrency, which is not as popular as Bitcoin and Ethereum, took a wild push forward when a Reddit group called SatoshiStreetBets started advertising the coin.

In imitation of the group WallStreetBets behind the GameStop rally, SatoshiStreetBets is working toward pumping up cryptocurrencies and since then Dogecoin has accumulated some progress.

Within the past 72 hours, Dogecoin added about $7.17 billion to its market capitalization or total value, in 24 hours. This brought its total market cap to about $8.2 billion, briefly making it the ninth-largest cryptocurrency after over 1000% growth.

A listing on Binance also had a similar effect on the coin’s price a few years back. However, with the market cap dropping to $6 billion at press time, Dogecoin’s price now stands at $0.047.

History

Dogecoin (DOGE) was created in 2013 by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia. Later that year, the coin was forked from Litecoin.

The open-source digital currency came into existence after a popular “doge” Internet meme that involved a Shiba Inu dog. Now, Dogecoin features a Shiba Inu on its logo and has a Reddit community supporting it.

A poster recently called Doge the “crypto gme,” with GME being the stock ticker for GameStop. While another suggested lifting the dogecoin to a price of $1. Meanwhile, Reddit users in the community supporting the coin are urging people not to sell their Dogecoin, but to “keep pushing.”

Billionaires like Elon Musk, the founder of Tesla, is also showing interest in the coin following a previous tweet he made in April 2019 where he called dogecoin his “fav cryptocurrency.”

His different tweets on the cryptocurrency might also have contributed to the growth of the coin since stocks started rising after the billionaire tweeted about it and now he is talking about Dogecoin.

Elon Musk also added #Bitcoin to his Twitter bio, a factor that many believe is behind Bitcoin’s 20% surge in the hours leading up to press time.