Dogecoin, a digital currency that was originally created as a joke, saw a rise of over 800% because a board on Reddit engaged with the cryptocurrency.
The price of Dogecoin was set at about $0.070755 at 12:01 PM Singapore time, up over 800% from 24 hours ago, reports Coingecko.
Dogecoin was created in 2013 based on the “doge” meme that was popular at the time and featured a Shiba Inu. The Dogecoin logo is a Shiba Inu. It originally started as a joke, but has since found its place in the market.
While it has been lagging behind Bitcoin and Ether for many years, its recent resurgence is thanks to a Reddit group called SatoshiStreetBets. Like the WallStreetBets group, which was behind GameStop, SatoshiStreetBets is looking for a way to skyrocket the price of cryptocurrencies.
Satoshi is the name of the mysterious founder or group of people who created Bitcoin.
As of 12:03 p.m. Singapore time, Dogecoin had added about $7.17 billion to its market capitalization, or total value , in 24 hours, according to data from Coinmarketcap. The total market cap stood at $8.2 billion, making it the ninth-largest cryptocurrency.
The price of Dogecoin has skyrocketed, but in the last few hours there have been some big price drops . The group on Reddit is encouraging people not to sell and to keep pushing.
Elon Musk, the founder of Tesla, had tweeted about Dogecoin in the past and stated in April 2019 that it was favorite cryptocurrency.
Information source: cnbc.com
