With Dogecoin seeing a wave of publicity with a known source, DOGE is up 80% in a day. And the trading volume is up more than 800%.
Does DOGE reach $ 1?
On January 27, data from Cointelegraph Markets, CoinMarketCap and Tradingview showed a transformation in the DOGE ecosystem. DOGE / USD reached $ 0.0138. The pair added more than 80% to its bargain price within a few hours on Thursday. Then it corrected, while still having 1 cent support at the time of publication. With a similar rise in interest on social media, the profits went hand in hand.
Twitter activity increased by more than 300%. It seems the source is the same Reddit group that sparked a dramatic, but very controversial bull run in the stock price of US consumer electronics company GameStop. A parody Twitter account posing as the moderator for r / Wallstreetbets asked if Doge ever made a dollar.
The hashtags #dogecoin and # dogecoininto1dollar started trending among users in the United States. This referred to a long-cherished dream among the investors of this altcoin.
Gamestop's price far from Dogecoin's
Dogecoin and $ GME have something in common. Both assets have seen promotional tweets from Elon Musk, Tesla CEO and the world's richest man in recent weeks. Musk's ironic endorsement of DOGE was enough to spark serious price action, as Cointelegraph reported. Users tried to insert hints on Reddit themselves to invest in the meme-based altcoin.
Despite moderators removing dedicated posts from r / Wallstreetbets. Cryptocurrency advocates claim that Reddit users, who join forces to outdo unprepared institutions, are simply playing by the rules of capitalism. At the same time, fear is growing about measures that counteract GameStop's performance.
Kevin Farzad added that he knows this GameStop thing is funny. However, it must be remembered that this hurts real people who own multiple boats. Farzad is a member of the music group Sure Sure. On Wednesday, $ GME posted 200% gains, while after-hours trading saw a reversal of about 15% from the top. The stock has gained a total of 1,600% since January 12.