The infamous meme token Dogecoin has seen a value increase of more than 325.21% in the past 24 hours. After staying under a US cent for years, the humorous crypto asset is now trading hands for $ 0.05 per unit. The reason behind the big price hike on Dogecoin is similar to the recent Gamestop / Wallstreetbets story as a Reddit group called Satoshistreetbets is behind the latest pump.

In April 2019, Tesla founder Elon Musk said Dogecoin (DOGE) was his “favorite cryptocurrency”. In June 2020, day traders from Tiktok decided to encourage people to buy Dogecoin to increase the price per unit to one dollar. The dollar price per DOGE never came to fruition, but the crypto asset saw some significant gains from the pump. In the first week of January 2021, news.Bitcoin.com reported that Dogecoin rose well over 500% over the course of the year.

Now the K-9 crypto asset is making headlines again as the price has risen sharply in the past 24 hours. DOGE is currently trading for 5 US cents after trading under a penny for some time. The digital asset today has a global trading volume of a whopping $ 4.83 billion, well above the all-time high (ATH) it hit in 2017.

Dogecoin Price Skyrockets 325%, crypto from Elon Tweets and Redditors

Weekly statistics show that Dogecoin is up over 585% and DOGE is up over 1,150% in the last 30 days. Compared to Bitcoin (BTC), Dogecoin has gained a whopping 871% over the leading crypto asset. Additionally, Dogecoin has appreciated over 2,270% in value over the past 12 months.

Okay so I gave in and bought the dog stocks lmaoooooo

– Mia K. (@miakhalifa) January 29, 2021

Rumor has it that the Dogecoin (DOGE) pump was started by the redditors of r / satoshistreetbets, who were following the recent action of the Gamestop / Wallstreetbets fiasco.

One specific thread is about holding Dogecoin to bring the price per unit to $ 10. The front page Reddit post has over 11,000 positive votes, lots of subscribers, and people have been discussing the best exchange to use.

Then on Thursday, popular Elon Musk decided to tweet a meme from a magazine called “Dogue,” which is a piece about the title of “Vogue” magazine. In addition, the Onlyfans star Mia Khalifa tweeted her 3.4 million followers about the Dogecoin madness on Twitter.

pic.twitter.com/a6kmk0PEgM

– Elon Musk (@elonmusk) January 28, 2021

Musk’s tweet wowed the Dogecoin crowd and one person tweeted a meme with Musk, a bunch of cartoon doges, saying, “DOGE is the answer.” Dogecoin is also one of the few older coins to make it along with BTC and ETH has to surpass their ATH as of 2017, while many other older crypto assets haven’t yet.

Dogecoin is over seven years old and was developed by Jackson Palmer and programmer Billy Markus. The existence of digital currency has always been to exist for fun, encourage laughter, and reach a wider audience. It has done well and is in the spotlight as the asset now ranks 11th among the top crypto market caps.

The Shiba Inu dog resemblance cryptocurrency has 127.7 billion DOGE in circulation. Since the recent price spike, crypto devotees have been looking for their old Dogecoin wallets as the asset is far more valuable today.

What do you think of Dogecoin’s meteoric rise over the past year and last week’s profits? Let us know what you think on this matter in the comments section below.

Tags in this story

Crypto Assets, Digital Currencies, Doge, Doge Price, Dogecoin, Dogecoin (DOGE), Elon Doge, Elon Musk, Meme Token, Reddit Censorship, Shiba Inu Dog, Such Wow, Tiktok Pump

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