Over the past 24 – 48 hours, Dogecoin’s value skyrocketed nearly 400 percent.
Buy Dogecoin (DOGE) using Bitcoin.
On the heels of the GME uprising which caught fire in the Reddit WallStreetBets community, a similar group dedicated to cryptocurrencies on the platform called SatoshiStreetBets rallied people to buy Dogecoin to boost its value. At one point, value climbed up over 600 percent. Currently, it sits at just over five cents per coin, a record for Dogecoin. Calls continue to attract new buyers to push the altcoin’s value ever higher.
Even Elon Musk tweeted out ‘One word: DOGE’. Yesterday, the outspoken Tesla CEO posted a magazine cover titled ‘Dogue’ and he updated his Twitter bio to include ‘Former CEO of Dogecoin’.
Stoking the frenzy even further, Robinhood, the trading app at the center of the GameStop controversy, implemented restrictions on trading cryptocurrencies as well. CNBC reported that the popular trading app’s users complained that instant deposits for cryptocurrencies were disabled as of the morning of January 29. Robinhood confirmed restrictions were put into place.
This week’s cocktail of drama and controversy elevated Dogecoin’s market cap, putting it in 10th place for cryptocurrencies by market cap. With investors clamoring to drive it to $1 per coin, the question is where will this ride go?
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