Dogecoin is Up by 80% in a Few Hours - AutoTrading Strategies

Trading News

Read The Latest News & Analysis

Dogecoin is Up by 80% in a Few Hours

Dogecoin Is Up
Share on:

The price of dogecoin is up by 80% in a few hours. The interest of investors is surging in DOGE after a social media frenzy.

The power of social sentiment is evident from the surging price of DOGE. The $1 milestone seems too far away but you can never be sure about the price movements in the crypto market.

What is Dogecoin?

Dogecoin is a cryptocurrency in circulation since 2013. It has been created as a free and instant payment system by two software engineers. There are more than 127 Billion Dogecoin in circulation already.

Rise to Fame:

The coin first rose to fame in the last month when Elon Musk, the CEO of Tesla and the world’s second-richest man, mentioned it on Twitter.

Subsequently, the topic became a trend on Twitter. At that time the price of dogecoin immediately rose by 20%. The cycle seems like repeating itself.

This time around the cause for the pump was a tweet by a parody account @WSBChairman who is posing to be the moderator of Reddit group Wallstreetbets.


Dogecoin’s mention on Twitter increased following the tweet and the price jumped up by 80%, which is significantly greater than the last time. #dogecoin is trending on the second number in the United States at the time of this writing. Many crypto enthusiasts are appreciating the development of DOGE from ‘meme coin to dream coin’.

The pump is a reminder of the fact that social sentiments have a far greater impact on the value of crypto-asset than any other asset class. This manipulation is a con of the crypto market. Moreover, financial regulators criticise digital currency for its eruptive moves.

The Reddit group, Wallstreetbets, has been previously responsible for the jump of Gamestop stock price by 1,600%.

Note: Follow our blog for detailed guides on the cryptocurrency market.

Recent News

crypto market

Citizens Can Now Buy DOGE From 1,800 ATMs in the US

Dogecoin ATMs are operating in 45 out of 50 states of the US There are more than 1,800 ATMs allowing users to buy DOGE The popular meme coin crypto is now up for purchase in

crypto market

Bitcoin is Rising Again After Falling to Lowest In 20 Days

Bitcoin is rising again after having the biggest plunge in price in 20 days The start of the month saw a more than 8% increase in bitcoin price The fresh gains come as

crypto market

Google Finance Adds ‘Crypto’ Tab Featuring BTC, ETH, and LTC

Google finance has added the 'crypto' tab in its financegooglecom domain It is a mark of crypto's inclusion in mainstream finance  The crypto tab in the 'compare market'

crypto market

Institutions Buy The Dip As Bitcoin Crashes Below $45K

Bitcoin crashes below $45K as institutions continue to buy the dip The largest weekly cryptocurrency pullback since march is ongoing in the market BTC slipped to $44,279 at

Let's Chat
Facebook
Twitter
Instagram
Pinterest