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Reddit’s SatoshiStreetBets Community Pushes DogeCoin (DOGE) 800% Up

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by Bhushan Akolkar · 3 min read
Reddit’s SatoshiStreetBets Community Pushes DogeCoin (DOGE) 800% Up
Photo: Depositphotos

DogeCoin registers a massive rally making a momentary entry in the list of top-ten crypto by market cap toppling Litecoin (LTC) for a very short time. In a wild rally, the crypto price jumped vertically upwards registering 800% in just 24 hours.

It’s crazy what’s happening at Wall Street and now at Satoshi Street. Pulling off a GameStop-like frenzy rally, the Reddit community members of SatoshiStreetBets has pushed mem coin DOGE to the moon. DogeCoin (DOGE), the Shiba Imu joke cryptocurrency, jumped over more than 800% earlier today hitting a high of $0.074.

With this move, DogeCoin (DOGE) also entered the list of top-ten cryptocurrencies by market cap. At today’s peak, DogeCoin’s market cap surged past $9.5 billion leaving behind Litecoin (LTC). At press time, DOGE is trading 323% up at a price of $0.047 with a market cap of $5.9 billion. The DogeCoin rally is one of the most-profound crypto spikes ever in just 24-hours.

Apart from its price, the DogeCoin (DOGE) has hit multiple milestones at the same time. DOGE’s Twitter search volume had skyrocketed to a whopping 1800% on Thursday with nearly 90,000 tweets of the meme cryptocurrency in a single day. Crypto data provider The TIE notes that this is the first time ever that crypto has surpassed the Bitcoin search volumes.

Robinhood Blocks DogeCoin (DOGE) Trading

Popular stocks and crypto trading app Robinhood is receiving a solid backlash from its customers. On Thursday, Robinhood first limited and later blocked trading of GameStop Corporation (NYSE: GME) stock and then decided to allow its limited buying. Well, it didn’t stop there.

Amid the soaring DOGE prices, Robinhood also arrived at the sudden decision of blocking DOGE trading. However, it didn’t stop DOGE fans from taking it to the moon. DOGE coin has also remained as one of the all-time favorites of business tycoon Elon Musk. Tesla CEO has spoken about DogeCoin several times on his Twitter handle in the past. However, yesterday’s rally has been unprecedented and phenomenal.

another interesting development with DOGE is that it is now available on the Ethereum blockchain network for DeFi users. Earlier this week, DeFi project RenJS announced the renDOGE version, an ERC-20 version of DOGE in partnership with OpenDAO. The official announcement reads:

“If you’re a Dogecoin investor and long on the project, you can effectively take out a loan on your $DOGE, all made possible by OpenDAO. Once OpenDAO’s audits are complete, users will soon be able to put their $renDOGE to work as collateral to mint a dollar-pegged stablecoin ($DOGEO). With another first for RenVM, Dogecoin is no longer a meme coin; it is now a viable financial instrument in its own right, thanks to RenVM and OpenDAO.”

Much more news from the crypto world can be found here.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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