In the past 24 hours after attention was cast on the coin by the now-infamous Reddit community. Being accountable for boosting the stock value of GameStop, Dogecoin (DOGE), a meme coin developed as a joke, is seeing a massive surge in Twitter activity.
r/WallStreetBets strikes again? The Internet is going crazy for $DOGE right now, as evidenced by the latest surge in its price, trade volume and Twitter activity. https://t.co/6dEI1KoirC — Cointelegraph (@Cointelegraph) January 28, 2021
The Twitter amount of Dogecoin, the number of daily tweets against the 30-day scale, soared 1,787 percent on Thursday, as per the TIE crypto data provider. In sum, over a 24-hour span, there were 89,991 tweets regarding DOGE.
In reality, the TIE’s data indicates that it is the first time any altcoin has exceeded Bitcoin in total trade.
Dogecoin tweet volume has surpassed Bitcoin over the last 24 hours. This is the first time we have on record that an altcoin has been tweeted about more than Bitcoin over a 24 hour period. — The TIE (@TheTIEIO) January 28, 2021
Dogecoin saw a similar rise in trading volume, in conjunction to witnessing a spike in Twitter activity. Over the 24-hour duration, the price of the digital currency increased 223%.
Due to worldwide exposure to r/WallStreetBets, the Reddit collective that successfully caught Wall Street sellers in a short squeeze by eating up shares of GameStop and AMC, the DOGE price appears to have escalated. While the moderators of the subreddit have sought to suppress any efforts to pump the DOGE price, Reddit users have left slight clues on other networks to trade in the cryptocurrency.
A Twitter account labeled “WSB Chairman” further posted a not-so-subtle clue shortly past midnight on Thursday (albeit with the disclaimer “NOT ASSOCIATED WITH r/WSB”):
Has Doge ever been to a dollar?— WSB Chairman (@WSBChairman) January 28, 2021
DOGE was priced at $0.024 at the time of publication, with a total market capitalization of only about $3.1 billion. Further to its new rise, it has exceeded Tezos, Monero, and EOS cryptocurrencies.
Source: Cointelegraph | Image: freepik