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At the time of writing, DOGE is in the 10th position with a market cap of $7 billion.
It is a wild world on Reddit and Twitter as Dogecoin (DOGE) was targeted as the cryptocurrency befitting to be pumped as the shares of American video game retailer GameStop Corp (NYSE: GME) has been over the past days. As reported by CNBC, a frenzy on the Reddit chatroom dubbed ‘SatoshiStreetBets’ aimed to make Dogecoin the cryptocurrency equivalent of GameStop by pumping the price through mass retail buy-ups.
According to data culled from crypto data aggregator CoinMarketCap, the efforts of these chatters paid off as the price of Dogecoin is currently up 345% in the past 24 hours to $0.055. The price rose as much as 800%, a feat never before seen for the altcoin that was created as a joke back in 2013.
The rise in the price of Dogecoin pushed its market capitalization to about $8 billion making it rank as the 7th largest cryptocurrency. It attained this milestone after outpacing numerous top-ranked coins including Chainlink (LINK), Litecoin (LTC), Bitcoin Cash (BCH), and Stellar (XLM) to mention a few. At the time of writing, DOGE is in the 10th position with a market cap of $7 billion.
Pump and Dump Dragging DOGE Back to its Place
The eclectic surge in the price of DOGE is apparently a ‘pump and dump’ move that appears to have its fundamentals flawed. Modeled to follow the run in the shares of GameStop which occurred for a couple of days before main brokerage firms including Robinhood app began limiting or stopping the trade of the GME shares.
The backers of the DOGE bull run may have a different agenda as many appear to be taking profits too early. The coin is now dropping in both its price and market valuation, a redirection that is resulting in a loss to those who bought the coin at its peak in anticipation of a further pump-just as we saw in GameStop shares.
Attempts to push DOGE to hit $1 have been tried more than once but all usually end up as a pump and dump scheme, keeping the coin’s value as what it was created to mimic, a joke. Amid its imminent price retraction, DOGE is now placed as the 12th largest cryptocurrency by market cap but the steep decline in price may push it back if it continues.
Dogecoin (DOGE) Outshines Bitcoin Over Number of Tweets Recorded
Dogecoin has surpassed Bitcoin and ranks as the only cryptocurrency to outshine Bitcoin over a 24-hour period for the most number of tweets recorded. According to a tweet from data analytics platform The Tie, the altcoin has set the “new record for the most tweets on a cryptocurrency over a 24 hour period, besting the previous records set by Bitcoin on January 2nd, 2021 and December 22nd, 2017’
This indicates that Dogecoin has stirred more conversations than Bitcoin over the past day and for what it’s worth, it is not a bad media hype for the Elon Musk-backed cryptocurrency.