Dogecoin, a digital coin originally created as a joke, has soared more than 800% after a Reddit group asked retail investors to buy the cryptocurrency. Dogecoin’s price stood at $0.070755 at the time of writing, up more than 800% from the previous 24 hours, according to Coingecko.
That’s not far from a 24-hour high of $0.072330 the previous day. Dogecoin was created in 2013 based on the popular “doge” meme, the image of the Shiba Inu dog. Dogecoin’s logo is Shiba Inu. It originally started as a joke but has since found a community.
SatoshiStreetBets Reddit Group Behind Dogecoin Rising
In recent days, the revival of Dogecoin has come down to the enthusiasm of a Reddit group called SatoshiStreetBets. Like the WallStreetBets group, which is behind the GameStop rally, SatoshiStreetBets wants to raise cryptocurrency. Satoshi is the name of the mysterious founder, or group of people, who published the bitcoin white paper. Dogecoin has added about $7.17 billion to its market cap, or total value, in 24 hours, according to data from Coinmarket.
Dogecoin Market Cap reaches over $9.6 billion
Dogecoin’s total market cap stands at $9.6 billion, making it the ninth largest cryptocurrency. On Thursday, one poster claimed Doge was a “crypto game.” GME is GameStop’s stock ticker. As the price of Dogecoin soared, there have been some major drops in price over the last few hours. Reddit users on board encourage people not to sell and “keep pushing”. Tesla founder Elon Musk, who has previously tweeted about the stock earlier and sent it up, has tweeted about Dogecoin in the past and indicated in April 2022 that it was his “favorite cryptocurrency”.