- Enthusiasm from customers in a crypto-themed Reddit group helped Dogecoin soar by 800% this week.
- It began when Satoshi Road Bets tried to piggyback off the current GameStop buying and selling frenzy.
- Insider compiled a listing of the highest 10 US states the place Dogecoin reputation is surging.
The meme-based cryptocurrency Dogecoin has seen an explosion in worth, after a bunch of Redditors tried making it the cryptocurrency equivalent of GameStop.
A subreddit referred to as SatoshiStreetBets, very like the Wall Road Bets gang that pushed up GameStop shares amongst others, helped the token acquire 800% inside 24 hours.
Billionaire Elon Musk’s tweets have additionally powered it increased as he has clearly showed his love for Dogecoin. Musk delivered a slew of endorsements for the digital asset, together with a photoshopped Lion King meme of himself holding up a Dogecoin emblem of a Shiba Inu canine. He additionally tweeted “Dogecoin is the individuals’s crypto” and “No highs, no lows, solely Doge.”
The coin is not as effectively often known as Bitcoin or Ethereum, but it surely has seen brief bursts of recognition within the final couple of years, with the most recent Reddit frenzy pushing it to its highest worth ever.
Its present worth is round $0.045, however continues to be 300% increased than when the “Dogecoin motion” started in 2013.
Here is a take a look at the highest 10 states the place the current surge in Dogecoin reputation is happening, in keeping with cryptocurrency website bitreporter.com.
Learn Extra: Investors are flocking to trade Dogecoin and other hot digital tokens on Voyager, a platform with no Robinhood-style restrictions. Its CEO says Bitcoin will hit $100,000 this year – and shares 3 other cryptocurrencies to watch.
Monitoring over 1,000,000 tweets utilizing traits software program, an interest-map was created primarily based on geotagged Twitter information within the final week, hashtags, and direct key phrase phrases about shopping for Dogecoin.
Some hashtags and key phrases that have been tracked embrace: #dogecoin, #doge, #buydoge, #buydogecoin, “purchase doge,” “purchase dogecoin.”