2 November 2024
Reddit Group Pumps Dogecoin By Over 800 Percent
A coin originally founded as a joke known as Dogecoin has raised by 800% after a group on Reddit asked retail investors to buy the cryptocurrency. Currently, the Dogecoin is trading at $0.070755 which is up by 800% from 24 hours before, as per Coingecko.
Dogecoin was launched in 2013 based on the popular “doge” meme, a picture of Shiba Inu dog. The Dogecoin logo has Shiba Inu. In the beginning, it was started as a joke but has since found a community.
From the past few days, there was no growth or activity seen from the Reddit group called SatoshiStreetBets.
Similar to the group WallStreetBets that was behind the GameStop rally, SatoshiStreetBets is looking to pump up cryptocurrencies. As per Coinmarket cap, Dogecoin had added about $7.17 billion to its market capitalization or total value, in 24 hours.
Dogecoin became the ninth-largest cryptocurrency with a total market cap of $9.6 billion. Yesterday, one poster stated that it is the “crypto gme.”
Though the price of Dogecoin soared there have been some big dips in the price over the past few hours. The users on Reddit are encouraging people to not to sell the coin and “keep pushing.”
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