DOGE is witnessing a surge in the market at the moment. Dogecoin has reached $1, and things seem better for the power of r/Wallstreetbets.
A news publication on cointelegraph claimed that Dogecoin (DOGE) is rising close to 80% in just 24 hours. Market analysts were taken aback at the speed of the DOGE trading volume as it touched 800% effortlessly.
The altcoin is seeing a massive surge in trading volume in markets globally. From the data gathered from Cointelegraph Markets, Tradingview, and CoinMarketCap highlighted the transformation that is happening in the DOGE ecosystem on January 27th.
The DOGE/USD was at $0.0138. In just a few hours, the pair was able to go more than 80% before correcting. As of now, it is holding 1 cent support. Young And Investing is a crypto YouTuber who had this to tweet on Reddit, turning to DOGE after GameStop surging 1,600%.
— Young And Investing (@QuintenFrancois) January 28, 2021
GME surge in the market hasn’t gone unnoticed, with Twitter activity more than 300%. Based on how things are going, fingers point at the same Reddit group, which helped surged the bull run of GameStop’s stock price, the gaming retailer.
Hashtags of #dogecoin and #dogecoininto1dollar started making rounds in America. This is perhaps in reference to the dream of most investors in the United States of America. Both Dogecoin and $GME have caught the attention of famous individuals like Elon Musk.
Elon Musk has endorsed both of them, and his words have proved to be worth millions of dollars for the altcoin. Musk endorsed DOGE last year in 2020, and it saw prices skyrocketing. Likewise, Musk endorsed GME last week, and things saw it surging up high.
Analysts are, however, afraid of any repercussions that can happen due to GameStop’s performance. Cryptocurrency proponents say that the Redditors coming together for outpacing unprepared institutions are doing the same as capitalism.
Kevin Farzad, a member of the music group Sure Sure, said that he feels GameStop stuff is weird because it can hurt and damage real people owning several boats. While $GME gained 200% last week, in a few hours of trading, it saw a reverse of 15% from the top.
Since January 12th this year, 2021, the stock is 1,600%, which is a good sign of things to come.