DogeCoin is still making highlights on the trade market, following an unexpected surge from the Redditors. The users from the popular Reddit forums has been pumping the value and are planning to push it to the moon. They have been pushing users to buy the cryptocurrency and hold it, through multiple social media platform, sub-Reddit forums, and Telegram.
A popular Reddit forum, r/SatoshiStreetBets, which promotes and trades several cryptocurrencies, told the users to pump DogeCoin. The group want to change the crypto market completely by taking DogeCoin to the moon. Some even claimed that DogeCoin is the next GME (GameStop) or Bitcoin. Along with r/SatoshiStreetBets, r/CryptoCurrency also encouraged users to pump DogeCoin’s value.
If we go back, DogeCoin was created as a joke. The founders wanted to have a digital currency that is fun and DogeCoin is eve inspired by the popular doge meme. Billy Markus and Jackson Palmer launched the cryptocurrency in 2013. The logo of the cryptocurrency features a Shiba Inu dog from a viral doge internet meme in 2013. DogeCoin’s sudden rise is also due to its connection with the internet meme.
The cryptocurrency soared 800% following the Reddit frenzy in the last week of January 2021. Dogecoin even managed to hit the intraday high of $0.0779 on last Thursday. If the hyped Reddit users continue to hold the crypto, then DogeCoin may reach to $1 very soon. However, it is very unlikely because the currency is an inflationary crypto asset and people can mine it further of its already huge supply.
DogeCoin Predictions February 2021
At the time of writing this on February 4, 2021, Dogecoin is trading at $0.0422. The price has been rising by 28.8% in the last 24 hours and expected to continue to rise the whole day. Also, the current total market capitalization is $5,281,390,90, which is also an increment in the last 24 hours. The reports claim that the value of cryptocurrency will continue to rise and eventually it may hit $1 mark. Analysts believe that DogeCoin might trade between $2 and $5 in coming months.