Dogecoin Surges $400% as Reddit Frenzy Engulfs Cryptocurrencies

Dogecoin cryptocurrency has surged by more than 400% over the past 24 hours. The coin under the ticker DOGE renewed its all-time high at around $0.078. 

January 29, 2021 | AtoZ MarketsIn 24 hours, the market value of Dogecoin (DOGE) has increased by almost 470%. The coin climbed to seventh place in terms of capitalization, according to CoinGecko .

Data: CoinGecko.

The DOGE price set a new all-time high at 0.078. However, at the time of writing, Dogecoin was trading at $0.053.

According to CoinMarketCap, the cryptocurrency is ranked ninth in terms of aggregate market value.

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Dogecoin Surges As Reddit Traders Push To Make It The Crypto GameStop

The coin pump began following a call to buy DOGE on the r / SatoshiStreetBets Reddit community, which has over 180,000 members. Sabredit calls itself a cryptocurrency analogue of the r / WallStreetBets group, which previously provoked a rapid rise in the shares of GameStop, contrary to market expectations.

Data: Reddit.

"We will not budge until DOGE reaches $1, the time has come!" - says one of the messages in the group.

Elon Musk reacted to the rise in the price of DOGE, which was noted in r / SatoshiStreetBets.

Last year, a tweet from the head of Tesla and SpaceX about the prospects for using Dogecoin technology as the global financial system led to a 17% growth in the cryptocurrency.

In December, Musk's account posted a series of tweets about bitcoin that surprised the community, and a new post about DOGE, which bumped up the coin's price again. In the account header, Musk was named the former CEO of Dogecoin.

Earlier, he became the winner of a comic April Fools' poll, in which users were asked to vote for the most suitable candidate for this position.

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