The meme-based cryptocurrency has erupted on Twitter over the past 24 hours, reflecting the rapid appreciation of the DOGE price.
Dogecoin (DOGE), a meme coin developed as a prank, has seen an upsurge of Twitter activity in the past 24 hours since attention was paid to the coin by the now-infamous Reddit Community responsible for pumping the share price of GameStop.
Dogecoin’s Twitter volume—the amount of regular tweets over the 30-day average—was up 1.787 trillion on Thursday, according to the crypto data provider The TIE. In total, there were 89,991 DOGE tweets across a 24-hour span.
In reality, the TIE data indicates that it’s the first time every altcoin has exceeded bitcoin in terms of value.
Sell doge for litecoin pic.twitter.com/8Dlcv0omwC
— Master⚡️500k BTC 12k LTC 2021 (@MASTERBTCLTC) January 28, 2021
The TIE highlighted Dogecoin’s price appreciation, Twitter volume and trading volume in the following image:
In addition to witnessing a surge in Twitter traffic, Dogecoin saw a similar rise in trading volume. The price of the digital currency increased 223 per cent over the 24-hour duration.
The DOGE price seems to have spiked thanks to the worldwide focus on R/WallStreetBets, the Reddit collective that successfully captured the Wall Street vendors in a quick tightening by wiping up the shares of GameStop and AMC. While subreddit moderators have tried to delete all attempts to pump the DOGE price, Reddit users on other platforms have left subtle hints to invest in cryptocurrencies.
A Twitter user named ‘WSB Chairman’ (albeit with the disclaimer ‘NOT Affiliated WITH r/WSB’) also left a not-so-subtle hint just after midnight on Thursday:
Has Doge ever been to a dollar?
— WSB Chairman (@WSBChairman) January 28, 2021
At the time of publication, DOGE was trading at $0.024 with a total market capitalisation of just under $3.1 billion. It exceeded the cryptocurrencies of Tezos, Monero and EOS since its most recent increase.
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