The price of Dogecoin took a sharp spike becoming one of the top ten cryptocurrencies recently. DOGE price action is exceptionally dependent on the activity of social media. It has not gone through any major developments or upgrades since the year of 2015. The altcoin has been the first example of showing how cryptocurrencies can profit from content creation. The remarkable success of the crypto asset is based on the power of social media and memes.
Recent Price Rise Of DOGE
Dogecoin made a huge increase in its price especially after the recent suspension in GME and AMC stock purchase. Regulators took the step to ban irreverent traders from buying the mentioned stocks this Thursday. The reason behind GME’s incredible surge in price was the Wall Street Bates community.
DOGE drew the attention of Redditors as soon as the GME market got suspended. The price rise of Dogecoin took the internet by storm. In terms of Twitter’s mention value per day, it became the first cryptocurrency to outdo Bitcoin.
Value Of Social Media In DOGE
Joshua Frank, CEO of The Tie, commented that the meme coin is dependent on social media support. As huge support for the cryptocurrency surges, customers start purchasing the stocks.
The emergence of the meme coin is considered to be completely driven by social media hype. The meme economy and engineering take a major role in its price action. Analyzing the last 24 hours of its price action, it is assumed to take a steeper rise. The meme coin saw an all-time-high price after it crossed the $0.08 mark.
The bull rally in the altcoin’s price is certainly surprising as it becomes one of the most significant profit gains in the altcoin market. The meme coin is one of the very few altcoins which has gone above the price records of 2018.