Dogecoin (DOGE) is up 80% in one day and trading volume is up more than 800% as the altcoin sees a boost in advertising with a trusted source.
DOGE / USD 1-day candle chart (Binance). Source: trade view
Dog on $ 1?
Data from Cointelegraph Markets, CoinMarketCap and Tradingview showed that an overnight transformation occurred in the DOGE ecosystem on Jan. 27, with DOGE / USD hitting $ 0.0138.
In a matter of hours on Thursday, the pair increased its spot price over 80% before correcting and was still holding 1 cent of support at the time of writing.
The gains were accompanied by a similar surge in social media interest, with Twitter activity increasing more than 300%. The source, it seems, is the same Reddit group that sparked a dramatic, but highly controversial, upward trend in the share price of US consumer electronics company GameStop.
A parody Twitter account posing as a moderator for r / Wallstreetbets asked:
“Was Doge ever at a dollar?”
As a result, the hashtags #dogecoin and # dogecoininto1dollar began to set a trend among users in the US, pointing to a long-cherished dream among altcoin investors.
BTC / USD, DOGE / USD (blue), $ GME (orange). Source: trade view
Dogecoin Price licks GameStop’s heels
Dogecoin already has something in common with $ GME. Both assets have received tweets from Tesla CEO and the richest man in the world, Elon Musk, in the past few weeks. As Cointelegraph reported, Musk’s ironic approval of DOGE was enough to trigger serious price action.
Gamestonk !! https://t.co/RZtkDzAewJ
– Elon Musk (@elonmusk) January 26, 2021
On Reddit itself, users have tried to include hints to invest in the meme-based altcoin, despite removing dedicated posts from r / Wallstreetbets moderators.
As fear of impact on GameStop’s performance grows, proponents of the cryptocurrency argue that Reddit users joining forces to outperform unprepared institutions are simply playing by the rules of capitalism.
“I know this GameStop stuff is funny, but keep in mind that it hurts real people who own multiple boats,” added Kevin Farzad, member of the Sure Sure musical group.
$ GME rose 200% on Wednesday, with a reversal of around 15% from the peak after the close of trading. Overall, the stock is up 1,600% since Jan. 12.