DogeCoin is still soaring high and the value is close to hitting the 10 cents mark in coming days. The digital currency skyrocketed after a popular Reddit forum r/SatoshiStreetBets hyped the users on forum to push DogeCoin. DogeCoin did well and even hit the intraday high of $0.0707 on late January and added billions in the total market capitalization. Now, analysts expect that the crypto will rise to 10 cents by February 14.
DogeCoin didn’t continuously soar high as it suffered dump at times. When the users on Reddit forums and Telegram groups focused on Ripple XRP, DogeCoin suffered the dump. The reports claim that the groups and forums are applying the pump and dump rule to shake the markets. However, Elon Musk changed the things when he tweeted about the DogeCoin and raised its value.
A single tweet from Tesla’s CEO pumped the value of DogeCoin by 50% on February 4. The tech-mogul tweeted that DogeCoin is the people’s cryptocurrency. Later, he again tweeted a photo featuring himself and the doge meme dog on Disney’s Lion King. This caused the users on Reddit forums and several social media platforms to encourage people to push DogeCoin’s value.
One such forum asked the users to keep pushing and take the DogeCoin to the moon. Several traders on social media mentioned that they have Musk’s support in raising the value of the meme-inspired digital currency. Musk further triggered the rise by tweeting that the future currency of the earth is DogeCoin. Snoop Dogg has also joined Musk to boost the value of cryptocurrency.
DogeCoin has again moved above in global crypto ranks and now stands at the tenth rank. The latest value of the cryptocurrency is $0.071 and the total market cap is around $9,2 billion. After series of tweets from Elon Musk, Snoop Dogg and rock star Gene Simmons, the value of the crypto even surpassed 8 cents. DogeCoin has never reached 8 cents mark and now, people believe that it will reach 10 cents soon.