By Shelly Melancon (Switzerland)
A lot has happened in the cryptocurrency market this week as Bitcoin and Ethereum reached record levels. On Tuesday, Bitcoin reached $63,000 for the first time. In recent times, retail investors have been bullish concerning cryptocurrencies
Redditors Hit The Crptocurrency Market Increasing Dogecoin’s Price
Dogecoin traded for a fraction of a cent. The price of Dogecoin rose by over 500% in a day by the speculations of Redditors, a group that pushed the meme stocks of GameStop to insane heights. By Wednesday, Dogecoin price increased to over $0.049.
Dogecoin’s market capitalization surpassed 300% this week; this margin surpassed Southwest Airlines, the best low-cost carrier airline in the world. By 2:35 a.m. UTC, Dogecoin price pushed up to $0.298 on the Binance exchange as its market capitalization passed $39 billion. Running on its “Doge” internet meme reputation, the joke Dogecoin is now bigger than Litecoin (LTC) and Uniswap combined. Presently, Dogecoin is number eight on CoinMarketCap, which is larger than Ethereum’s performance just a year ago.
Also read:Dogecoin, A Joke Dog-Meme Takes The Cryptocurrency Market By Storm With High Dogecoin Price
Dogecoin was based on a dog meme, which over the past two days has skyrocketed in value for two major reasons. One, Reddit users’ speculation on the dog-themed digital currency spiked the price of Dogecoin among other cryptocurrencies as a high-performing one. On Thursday, Elon Musk, Tesla and SpaceX CEO, shared a dog-themed magazine cover to rally support for Dogecoin.
The recent performance of Dogecoin was a result of a tweet from the king of Meme, Elon Musk. In the tweet, he declared his support for Dogecoin which could likely become the “currency of the internet”. On Reddit, Dogecoin has generated a buzz that a particular group on Reddit are passionate about. Also, the temporary relaxation of the cryptocurrency bans on WallStreetBets Reddit group, the same group that pumped AMC stocks and Gamestop, may have increased Dogecoin’s price.
DOGE is presently 5,000% in 2021, which leaves Bitcoin’s performance over the same period in view in the shadows.
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