cryptovibes.com
Dogecoin (DOGE) is now ranked among the top 15 cryptos. It even surged into the top 10 for the first time since 2015 after its meteoric pump that is thought to be powered by a Reddit group.
Its market cap is surging as more day traders join the market. In just two days, DOGE exploded by around 900% starting from $0.0078 to post a new all-time high of $0.078. it managed to break its previous high of $0.0185 by more than four times and it is now hovering in the price discovery phase.
As a result of that price action, the veteran meme-coin now ranks as the 13th biggest crypto asset with a market cap of more than $4.8 billion. At some point in its rally, it soared to reach the seventh spot with a market cap of more than $9 billion. At the time of writing, DOGE is trading for $0.038.
The abrupt DOGE parabola has been mainly attributed to an organized pump that was carried out by members of the Reddit group r/WallStreetBets. These members were also discovered to have engineered the recent short-squeeze that resulted in international lockdowns on the trade of video game retailer GameStop’s shares.
Amid this frantic rally, TheTIE crypto data aggregator reported that Dogecoin had become the subject of almost 90,000 tweets. In the process, it became the first altcoin to generate a bigger Twitter-volume than Bitcoin.
The surge in DOGE’s social media signals was also underpinned by a tweet from Dogecoin’s self-described former CEO, Elon Musk. Musk, the Tesla and SpaceX CEO was voted as Dogecoin’s most-desired hypothetical CEO in 2019. That voting happened four years after Dogecoin founder Jackson Palmer abandoned the project.
pic.twitter.com/a6kmk0PEgM
— Elon Musk (@elonmusk) January 28, 2021
The coin originated from a meme that depicted the Shiba Inu dog species. Despite its origin, the project has constantly gained massive community support. It donated money toward funding NASCAR driver Josh Wise and supporting the Jamaican bobsled team’s Sochi Olympics campaign. It also collected donations to build wells in Kenya during 2014.
DOGE Tweet Volume Up 1800%
This meme-inspired crypto has exploded on Twitter in the last 24 hours, mirroring the massive appreciation in the DOGE market price. Since its origin as a joke, the coin has experienced grounds-well of Twitter activity in the past 24 hours. The massive social media activity came after attention was given to it by the now-infamous Reddit group that was responsible for pumping the GameStop share price.
The number of daily tweets compared to the 30-day average exploded by 1,787% on Thursday, according to TheTIE. In total, Dogecoin’s Twitter volume reached 89,991 tweets within 24 hours.
Dogecoin tweet volume has surpassed Bitcoin over the last 24 hours.
This is the first time we have on record that an altcoin has been tweeted about more than Bitcoin over a 24 hour period.
— The TIE (@TheTIEIO) January 28, 2021
The available data suggests that it is the first time that any altcoin has surpassed Bitcoin in terms of volume. TheTIE highlighted DOGE’s price appreciation, trading volume, and Twitter volume in an image:
Dogecoin experienced a major explosion in its trading volume in addition to experiencing a spike in Twitter activity. The crypto’s price gained 223% in 24 hours pushing it higher in the market cap listings.
The DOGE price seems to have surged as a result of global attention on r/WallStreetBets, a Reddit group. This group managed to successfully catch Wall Street sellers in a short squeeze by buying shares of GameStop and AMC in their masses.
Even though the subreddit’s moderators have tried to thwart any attempts to pump the DOGE price, Reddit users on many other channels have left straightforward hints to invest in the crypto.
One Twitter account known as “WSB Chairman” (albeit with a huge disclaimer disclaimer “NOT ASSOCIATED WITH r/WSB”) also left a hint after midnight on Thursday:
Has Doge ever been to a dollar?
— WSB Chairman (@WSBChairman) January 28, 2021
At the time, DOGE was valued at around $0.024 for a total market cap of just below $3.1 billion.