Dogecoin (DOGE) may have a long way to go to reach $1. However, the stock market might not be in the mood of doubting the power of r/Wallstreetbets. Dogecoin has gained over 40% in a day and its trading volume has spiked by over 800% as the altcoin sees its publicity surge with a familiar source.
Can DOGE Reach $1?
Data from CoinMarketCap and Tradingview showed a transformation happening in the DOGE ecosystem overnight on January 27. The bullish explosion saw DOGE/USD hit $0.0138.
Within a few hours on Thursday, DOGE added a staggering 80% to its spot price before it corrected. At the time of writing, the crypto is still holding above the 1 cent support.
These gains accompanied a similar rise in interest in social media, with Twitter activity up by over 300%. The source of all this traffic appears to be the same Reddit group that initiated a massive but highly controversial bull run that happened for the U.S. consumer electronics firm GameStop stock price.
A parody Twitter account that poses as the moderator for r/Wallstreetbets queried:
“Has Doge ever been to a dollar?”
The hashtags #dogecoin and #dogecoininto1dollar subsequently started trending among users in the United States. They were all referencing a long-held dream among the altcoin’s investors.
DOGE Follows GameStop’s Lead
Dogecoin already has something quite in common with $GME; Both of these assets have seen publicity tweets from Tesla CEO who is also the world’s richest man, Elon Musk recently. Based on previous reports, Musk’s Musk’s tongue-in-cheek endorsement of DOGE was enough to induce some significant price action.
Gamestonk!! https://t.co/RZtkDzAewJ
— Elon Musk (@elonmusk) January 26, 2021
On Reddit, users tried to insert hints and suggestions to invest in the meme-based altcoin. Nevertheless, dedicated posts were removed by r/Wallstreetbets moderators.
In the meantime, as the fear of various repercussions mounts over GameStop’s performance, crypto proponents say that Reddit users combining efforts to outpace unprepared institutions are just playing by the rules of capitalism. One member of the music group Sure Sure, Kevin Farzad, said:
“I know this GameStop stuff is funny, but you have to remember this is hurting real people who own multiple boats.”
$GME gained 200% on January 27 with the after-hours trading experiencing a reversal of almost 15% from the top. In general, the stock is up by around 1,600% since January 12.
