In a day, Dogecoin (DOGE) is up 80% and trading volume has spiked more than 800% as the altcoin sees a rise in publicity with a familiar source.
Data from Cointelegraph Markets revealed a transformation taking place overnight on January 27 in the DOGE ecosystem, with $0.0138 being hit by DOGE/USD. Before correcting, the pair added over 80 percent to its spot price in a couple of hours on Thursday, still keeping 1 cent support at the time of publishing.
The gains followed by a similar rise in social media interest, with Twitter’s activity rising by more than 300 percent. The source, it seems, is the same Reddit community that triggered a dramatic yet extremely controversial bull run in the U.S. consumer electronics company GameStop’s stock price.
A Twitter parody account posing as the r/Wallstreetbets moderator queried: “Has Doge ever been to a dollar?”
As cointelegraph.com reported, the hashtags #dogecoin and #dogecoininto1dollar subsequently began trending among users in the United States, relating to a long-held hope among the investors in altcoin.
Users tried to add hints to invest in the meme-based altcoin on Reddit itself, despite the removal of devoted posts by moderators of r/Wallstreetbets.
Meanwhile, as the risk of repercussions mounts over the results of GameStop, cryptocurrency proponents argue that Reddit users simply play by the principles of capitalism by merging powers to outpace unprepared institutions.