Dogecoin was founded back in 2013 as a joke, but now the cryptocurrency is expected to rise up $1 a coin. The hyped-up Reddit users helped in the increment of the total market capitalization of cryptocurrencies like Dogecoin after several brokerages halted the buying of GameStop. The users of the forum r/wallstreetbets on Reddit triggered the short squeeze of the video game retailer stock price.
Now, the popular Reddit forum r/SatoshiStreetBets wants to pump the price of the digital currency. The forum even featured the user’s scores and asked others to rally dogecoin value. Dogecoin has skyrocketed up to 800% in just 24 hours and is expected to rise more. Before the Reddit forum hyped up the users, Dogecoin stood at $0.00797 on January 28, according to Coingecko.
Later, the price of digital currency rose to $0.057410 at 10 a.m. ET Friday. Dogecoin reportedly had an intraday high of around $0.072330 previously while it hit $0.070755 after the crypto rally. The Reddit forum wants to make the price of the digital currency equivalent to GameStop. Not only Dogecoin, but other cryptocurrencies also had a surge these past two days.
r/SatoshiStreetBets is urging the users to take the value of the Dogecoin to the moon. The name that the forum is using is quite legendary in the cryptocurrency world. Satoshi is the mysterious founder, or the group of tech geeks who developed the popular cryptocurrency, Bitcoin. Bitcoin is still the largest digital currency in terms of value and market capitalization in the world.
Due to the sudden hype, Dogecoin even became the ninth largest cryptocurrency in the world. The cryptocurrency added about $7.17 billion to its market capitalization during the 24 hours window after the crypto rally. Now, the hyped-up users want to take the Dogecoin to $1 and have been encouraging others not to sell and keep pushing. Elon Musk also encouraged people by tweeting that Dogecoin is his favourite cryptocurrency.
Billy Markus and Jackson Palmer founded the Dogecoin in 2013 that featured the image of the Shiba Inu dog. The latest value of the digital currency is standing at $0.0565 on 4:30 pm Friday ET. If the users keep pushing it, then it may reach to $1 in coming days as the cryptocurrency has never been to $1.