Dogecoin surges 800% as another Reddit board, SatoshiStreetBets, sets its sights on cryptocurrency
First, it was GameStop stock. After the Reddit board, WallStreetBets succeeded in driving up the GameStop stock by over 1000 percent, now another Reddit board, SatoshiStreetBets wants to the same to cryptocurrency. Dogecoin, a cryptocurrency that started as a joke, is now up by over 800 percent after SatoshiStreetBets piled on the obscure cryptocurrency. The board currently has over 100,000 members.
So, what’s going here? After WallStreetbets was able to send shares of GameStop soaring, the crypto community decided they want in on the action. A board called SatoshiStreetBets started to talk up dogecoin – with calls for it to go to $1, a level it has never hit before. The result was that people bought and sent the obscure coin higher by 800%.
The story of Dogecoin is an interesting one. It all started in December 2013, when bitcoin was still in its nascent phase and few had any illusions that it would ever hit $1000 let alone $40,000. Dogecoin was based on the popular “doge” meme at the time. It was initially started as a joke represented by a Shiba Inu dog as its logo, literally taken from the “Doge” meme. Now Dogecoin has since found a community of its own.
In less than 24 hours, Dogecoin has surpassed Litecoin in market cap, hitting $8.5 billion after rising 800% today, and hitting an all-time high of $0.082 before settling down to $0.0667, on a volume that overtook both bitcoin and Ethereum on Binance, with some $3.4 billion doge coins traded.
Elon Musk later added fuel to the fire after he tweeted this around 5:47 pm ET. Musk’s tweet is a picture of a whippet, which some believe was a to DOGE’s surge.
— Elon Musk (@elonmusk) January 28, 2021
Meanwhile, here is how the group describes itself:
“Like 4chan found a GPU rig – the crypto version of WallStreetBets. Post your gains, losses, coin discussions and memes.”