The digital currency that started as a joke is making serious business these past few days. DogeCoin is soaring high in the cryptocurrency market following the Reddit frenzy that hyped millions of users to buy the digital currency.
The cryptocurrency was even entered the Top 10 cryptocurrencies by total market capitalization, as it was ranked ninth on Friday. Now, a new study claimed that around 60 million DogeCoin’s share was bought in just five minutes.
After a popular Reddit forum, r/wallstreetbets shook the Wall Street and several hedges funds with the GameStop short squeeze, another popular forum r/SatoshiStreetBets wanted to do the same with the cryptocurrencies.
The hyped-up users even claimed that they wanted to take DogeCoin’s value equivalent to GameSpot. DogeCoin skyrocketed 800% in just 24 hours and reached the intraday high of $0.0779. Now, the expert prediction believes that the digital currency will rise to $1 within this week.
The forum is still urging the users to keep pushing and help reach the cryptocurrency to a dollar. While 60 million shares were bought in 5 minutes, the total market capitalization reached up to $9 billion.
DogeCoin might trade between $2 and $4 dollars at the end of the year, 2021. The digital currency is continuing to attract the attention of several hyped-up marketers, especially internet users. DogeCoin’s logo is inspired by the viral ‘doge’ meme.