Meme-based cryptocurrency Dogecoin (DOGE) is now the 7th-biggest cryptocurrency in the world, fueled by an unprecedented campaign by a Reddit group.
As of 4:10 AM UTC today, DOGE grew by 837% over the past 24 hours, with $26.8 billion in trading volume across major exchanges, according to CoinMarketCap. The cryptocurrency, which is based on a famous meme of a Shiba Inu dog, is currently worth about $0.08 on Binance, an all-time high by leaps and bounds, after being worth as low as $0.0025 as of early January.
The Reddit-based trading community known as WallStreetBets, which discusses stock and options trading, is widely believed to be behind the sudden rise of Dogecoin. A Twitter account named WSB Chairman, which denied associations with the Reddit group, nonetheless tweeted, “A lot of you are talking about Dogecoin. What’s that? A meme crypto?” and “Has Doge ever been to a dollar?” In response, members of Reddit group SatoshiStreetBets were egging on the DOGE action.
The WallStreetBets Reddit community has recently focused on GameStop, driving its share price up nearly 900% in five days. The group's actions, including sudden price hikes for AMC Entertainment Holdings and First Majestic Silver Corp., have led to major losses to some short-selling hedge funds and potential regulatory scrutiny.
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