Dogecoin is finally gracing the list of top ten cryptocurrencies for the first time since 2015 after a meteoric pump believed to have been started by a Reddit group. DOGE, the native token, has seen a 900% increase from $0.0078 to a new all-time high of $0.078 in less than two days – exceeding its previous high of $0.0185 by more than four times. At the time of writing, the meme-coin ranks as the seventh-largest crypto asset with a market cap of over 9 billion, surpassing Chainlink.
The sudden parabola experienced by DOGE has been attributed to an organized pump carried out by members of the Reddit group, r/WallStreetBets — who were guilty of orchestrating the recent short-squeeze that triggered international lockdowns on the trade of GameStop’s shares.
According to TheTIE, a popular crypto data provider, Dogecoin became the first subject of nearly 90,000 tweets, making it the first altcoin to generate a larger Twitter-reaction than Bitcoin amid the general crypto rallies.
Other reasons for the social media uproar centered on Dogecoin
The spike in DOGE’s social signals was also engineered by a tweet from Dogecoin’s self-acclaimed former CEO and Tesla Chief Executive, Elon Musk. Elon was voted as the most-desired hypothetical CEO of Dogecoin in 2019, after Dogecoin founder, Jackson Palmer, abandoned the project four years ago.
Although Dogecoin originated from a meme depicting the Shiba Inu dog species, the project has gained significant community support and noteworthy social prowess. It has also supported many community projects like donating money toward the Jamaican bobsled team’s Sochi Olympics campaign, funding NASCAR driver Josh Wise, and collecting donations to build Wells in Kenya seven years ago.
In all, it seems like the year is not for Bitcoin alone, as many altcoins are joining the ATH club. Many industry experts are also giving new predictions for some cryptocurrencies as a result of the new crypto trend.