Reddit users excited the market: DOGE is also on the rise!

Dogecoin (DOGE) rose 80 percent in one day and its transaction volume jumped more than 800 percent. Altcoin’s reputation is rising again, thanks to a familiar source.

1-day candlestick chart of the DOGE / USD pair (Binance). Source: Tradingview

Will DOGE see $ 1?

DOGE saw $ 0.0138 overnight on Jan.27, according to data from Cointelegraph Markets, CoinMarketCap, and Tradingview.

Altcoin has corrected after gaining 80 percent in just a few hours, but is holding on to $ 0.01 support as of the time of translation release.

The interest shown in social media accompanied the rise in spot prices. Twitter activity increased by more than 300 percent. The source of this surge seems to be the Reddit group, which triggered the highly contested bull market in the shares of US-based consumer electronics company GameStop.

A parody Twitter account claiming to be the moderator of the subreddit Wallstreetbets shared a post as follows:

“Has Doge ever seen $ 1?”

Following this, the hashtags #dogecoin and # dogecoininto1dollar (dogecoin1dollar) began trending among US users, addressing the long-standing dream among altcoin investors.

BTC / USD, DOGE / USD (blue), $ GME (orange). Source: Tradingview

Dogecoin price watched GameStop

Dogecoin shares something in common with GameStop shares: Tesla CEO and Elon Musk, the richest person in the world, recently shared posts about both assets.

On Reddit, users gave suggestions to invest in altcoin arising from internet jokes, but the Wallstreetbets moderators removed these posts.

As concerns about GameStop’s performance are growing, cryptocurrency supporters argue that Reddit users who caught organizations off guard are playing by the rules of capitalism. Put forward.

GME stock fell 15 percent after gaining 200 percent in one day on Wednesday. The stock has gained 1,600 percent overall since January 12th.

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