Dogecoin, a digital coin originally founded as a joke, has soared over 800% after a Reddit group asked retail investors to buy the cryptocurrency. The price of Dogecoin stood at $0.070755 at the time of writing, up over 800% from 24 hours before, according to Coingecko. It was not far off of its 24-hour high of $0.072330 earlier in the day. Dogecoin was created in 2013 based on the popular “doge” meme, a picture of Shiba Inu dog. The logo of Dogecoin is a Shiba Inu. It was initially started as a joke but has since found a community.
SatoshiStreetBets Reddit group behind the pump of Dogecoin.
In the last few days, Dogecoin’s resurgence has been down to enthusiasm from a Reddit group called SatoshiStreetBets. Like the group WallStreetBets, which was behind the GameStop rally, SatoshiStreetBets is looking to pump up cryptocurrencies. Satoshi is the name of the mysterious founder, or group of people, who published the white paper of bitcoin. Dogecoin had added about $7.17 billion to its market capitalization or total value, in 24 hours, according to data from Coinmarket cap.
Dogecoin’s market cap reaches above $9.6 billion.
The total market cap of Dogecoin stands at $9.6 billion, making it the ninth-largest cryptocurrency. On Thursday, one poster claimed Doge is the “crypto gme.” GME is the stock ticker for GameStop. As the price of Dogecoin soared, there have been some big dips in the price over the past few hours. Reddit users on the board are encouraging people not to sell and to “keep pushing.” Tesla founder Elon Musk, who previously tweeted about stocks before and sent them rising, has tweeted about Dogecoin in the past and indicated in April 2019 that it was his “fav cryptocurrency.”