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.

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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