DogeCoin was launched as a joke back in 2013, but soared all-time in recent days, following a crypto rally by Reddit traders. The popular trading forum on Reddit, r/SatoshiStreetBets has encouraged users to pump the price of the digital currency and make it equivalent to GameStop. DogeCoin’s value skyrocketed by 800% in the first 24 hours, and now people believe the value may reach $5 by the end of February.
If the Reddit forum, r/wallstreetbets hadn’t triggered GameStop’s short squeeze, the value DogeCoin would still remain $0.0079. Billy Markus and Jackson Palmer developed the digital currency in 2013 as an alternative to Bitcoin, but in a comical way. One could say the coin was launched as a joke as the developers were inspired by the doge meme, which was viral all over the internet at that time.
The logo of the DogeCoin has the image of the Shiba Inu dog from the same doge meme. There are several people or group who played a major role in raising the cryptocurrency’s value. Elon Musk, the founder of SpaceX, who loves internet meme, partially encouraged people to buy the digital currency’s share. The 49year-old has even claimed that DogeCoin is his favourite cryptocurrency among all.
DogeCoin’s 400 Million Shares Sold in one hour after Dump on the weekend
The Reddit frenzy focused on another digital currency over the weekend, Ripple XRP, which resulted in the falling of DogeCoin’s value. Several groups on Reddit, Telegram, and Discord encouraged people to buy and hold the value of Ripple XRP on February 1, 2021. The digital currency’s hit the intraday high value of $0.51 and stood at the same value for a few hours.
Later, the Reddit forums again provoked the users to focus on DogeCoin after the coin saw the huge dump around 71% of the gains that it had on Friday. Now, the value is again high and as of writing this, the cryptocurrency is currently trading at $0.033. After the dump, the value of DogeCoin went up by 41% over the last 24 hours. The analysts predict that if the users are determined to keep pushing it, then it may reach to $5 by February end.