Meme-based cryptocurrency Dogecoin (DOGE) is now the 10th-biggest cryptocurrency in the world, fueled by an unprecedented campaign by a Reddit group.
As of 3:30 AM UTC today, DOGE grew by 825.73% over the past 24 hours, with $16.1 billion in trading volume across major exchanges, according to CoinMarketCap.
The cryptocurrency, which is based on a famous meme of a Shiba Inu dog, is currently worth about $0.07 on Binance, an all-time high by leaps and bounds, after being worth as low as $0.0025 as of early January.
The Reddit-based trading community known as WallStreetBets, which discusses stock and options trading, is widely believed to be behind the sudden rise of Dogecoin.
A Twitter account named WSB Chairman, which denied associations with the Reddit group, nonetheless tweeted, “A lot of you are talking about Dogecoin.
What’s that? A meme crypto?” and “Has Doge ever been to a dollar?” In response, members of Reddit group SatoshiStreetBets were egging on the DOGE action.
The WallStreetBets Reddit community has recently focused on GameStop, driving its share price up nearly 900% in five days.
The group’s actions, including sudden price hikes for AMC Entertainment Holdings and First Majestic Silver Corp., have led to major losses to some short-selling hedge funds and potential regulatory scrutiny.
DOGECOIN Price Spike, Reddit With the Influence
The price of dogecoin (DOGE) more than doubled as a popular Twitter account from a trader on Reddit’s WallStreetBets community mentioned the meme-loving cryptocurrency in a tweet.
The “WSB Chairman” Twitter account, which has quickly gained almost 400,000 followers and says it is not associated with the Reddit group, tweeted, “A lot of you are talking about Dogecoin.
What’s that? A meme crypto?” In another tweet, they asked: “Has Doge ever been to a dollar?” In response, the price of the meme-based cryptocurrency shot up as much as 142%, from $0.007 to $0.017 in under 2 hours,
According to a Bloomberg report, members of Reddit group SatoshiStreetBets were also excitedly egging on the DOGE action.
The Reddit-based trading community known as r/WallStreetBets discusses stock and options trading and has made headlines in recent days after causing havoc in the financial market by pumping stock and causing major headaches for short-sellers.
The WallStreetBets Reddit community has recently focused on GameStop, driving its share price up nearly 900% in five days to around $347 on Wednesday.
Amid signs of potential regulatory scrutiny over its actions, the message board has since been taken private by its moderators leaving followers searching for information on other social media sites.
The U.S. Securities Exchange Commisison (SEC) released a notice on Wednesday not directly acknowledging the group’s activity, but stating it is “reviewing” the “ongoing market volatility.”
DOGE’s latest price spike is reminiscent of a sharp rise last summer as videos on TikTok encouraged users to invest in the cryptocurrency.
And, on Jan. 3, adult star Angela White tweeted she had been a HODler of DOGE, prompting many of her 1.3 million followers to push the price up as much as 203%.