Dogecoin Price Surges 150% After Redditors Encouragement To Buy

See also: How to Buy Dogecoin

Dogecoin (DOGE) price has seen a 155.90% spike in the last 24 hours, according to the Coinmarketcap data.

What Happened: The price of Dogecoin, the digital currency created “as a joke,” has grown 155.90% over the last 24 hours and is currently traded at $0.01928 at press time. Its current market capitalization is $2,451,372,653.

See also: Today’s Dogecoin Price

Reddit users, or redditors, in a / SatoshiStreetBets thread, have been encouraging traders to get the cryptocurrency up to $1, and this seems to have led to the current surge.

#Dogecoin, a cryptocurrency originally started as a joke is up 72%. Reddit is at it again. Here are some screenshots from a Reddit board called "SatoshiStreetBets" (Satoshi = mysterious founder of bitcoin). Posts encouraging ppl to send Dogecoin to $1. Currently just over $0.01 pic.twitter.com/9Nj5bPjOwc

— Arjun Kharpal (@ArjunKharpal) January 28, 2021

Users wrote messages like “NEED $1 Doge,” Let's make DOGIECOIN a thing,” and shared how much they bought in the thread.

Why It Matters: Dogecoin has previously experienced sudden price spikes. 

On Jan.2, the price went up by 125% after an adult film star tweeted in support of holding the cryptocurrency.

Before that, it saw price spikes around 20% every time Tesla Inc TSLA’s CEO Elon Musk tweeted about it.

Image: everpedia.org