Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors – Altcoins Bitcoin News

The infamous meme token dogecoin has been skyrocketing in value rising more than 325.21% during the last 24 hours. After remaining below a U.S. cent for years, the humorous crypto asset is now exchanging hands for $0.05 per unit. The reason behind the big dogecoin price spike is similar to the recent Gamestop/Wallstreetbets story as a Reddit group called Satoshistreetbets has been behind the recent pump.

In April 2019, the Tesla founder Elon Musk said dogecoin (DOGE) was his “fav cryptocurrency.” In June 2020, day traders from Tiktok decided to encourage people to buy dogecoin in order to get the price per unit up to a dollar. The dollar price per DOGE never came to fruition, but the crypto asset saw some significant gains from the pump. Then during the first week of January 2021, news.Bitcoin.com reported on dogecoin gathering well over 500% gains during the year.

Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors

Now the K-9 crypto asset is making headlines again as the price has been surging during the last 24 hours. DOGE is currently swapping for 5 U.S. cents after trading below a penny for quite some time. The digital asset has a whopping $4.83 billion in global trade volume today and the asset is well above the all-time high (ATH) it captured in 2017.

Dogecoin Price Skyrockets 325%, Crypto Fueled by Elon Tweets and Redditors

Weekly stats show dogecoin is up over 585% and during the last 30 days DOGE is up over 1,150%. Against bitcoin (BTC), dogecoin has gained a colossal 871% against the leading crypto asset. Moreover, during the last 12 months, dogecoin has jumped in value by over 2,270%.

Rumor has it the dogecoin (DOGE) pump was started by the Redditors from r/satoshistreetbets who have been following the recent action spurred by the Gamestop/Wallstreetbets fiasco.

One particular thread talks about holding dogecoin in order to get the price per unit to $10. The Reddit post which is on the front page has over 11,000 upvotes has a lot of participants…

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