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 of dogecoin is 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

Bitcoin Market Slides, 1.1 Million Noobs Panic Sell

Bitcoin market slides as a result of growing fear in the market The noob traders, as always, panic sell in the face of plunging prices Bitcoin's value fell off on the weekend

crypto market

NFT Artists Can Sell their Services on Freelance Site

The talented NFT artists can now work as freelancers on this crypto-focused site and sell their services to those who are interested The NFT craze isn't over New players are

crypto market

Ethereum Classic (ETC) Gains 300% in One Week

Ethereum Classic (ETC) has surged 300% in price over a single week as investors flock to buy the 'wrong ethereum' This week has been an interesting one in the crypto market

crypto market

Cardano Surges to Reach $2

Cardano has reached an all-time high in the recent wave of altcoin season The currency is bringing some strong returns for its investors Cardano blockchain's native currency

Let's Chat
Facebook
Twitter
Instagram
Pinterest