Dogecoin in top 10 cryptocurrencies for the first time since 2015
For the first time since 2015, the „joke cryptocurrency“ Dogecoin is back in the top-10 by market capitalisation.
This is due to a 900% jump in the last two days, which has lifted DOGE from US$0.0078 to a new record high of US$0.078. This trumped the previous best of US$0.0185 by more than four times.
As a result, the „joking“ cryptocurrency is now the seventh largest coin in terms of Financial Peak review market capitalisation, which currently stands at 9 billion US dollars. DOGE is ranked ahead of Chainlink and behind Cardano. At the time of going to press, the market value is 0.073 US dollars.
The forum had recently hit the headlines
The explosive rise of the DOGE is attributed to coordinated purchases, a so-called „pump“, by members of the Reddit sub-forum r/WallStreetBets. The forum had recently hit the headlines for its members‘ targeted purchases of shares in video game retailer GameStop, which had a significant impact on the stock market.
As new data from crypto market research firm TheTie reveals, nearly 90,000 tweets were made about Dogecoin on social media in the last 24 hours, making the cryptocurrency the first altcoin to achieve a higher tweet volume than Bitcoin.
This hype created on social media was further fuelled by a tweet from Tesla CEO Elon Musk. Musk was voted Dogecoin’s „CEO of choice“ in 2019 after Jackson Palmer, the coin’s original founder, left the project.
– Elon Musk (@elonmusk) January 28, 2021
Dogecoin was originally a joke project that turned a „meme“ depicting the Shiba Inu dog breed into its mascot. Nevertheless, or rather precisely because of this, the project enjoys great popularity in the crypto community, which has already enabled it to achieve some partial successes. For example, its users have raised money for the Jamaican bobsleigh team to finance their participation in the Winter Olympics in Sochi. NASCAR racer Josh Wise has also been sponsored by the DOGE. The project has also enabled the construction of wells in Kenya.