What is more interesting about the new high levels is that its rally seems to be connected with WallStreetBets, a Reddit group that has caused unrest after pumping GameStop shares and other stocks in aim to bankrupt hedge funds shorting the stocks in question.
GameStop’s shares rose more than 400% in the past week and at one point, up nearly 700% year-to-date. However, GameStop shares took a tumble after Robinhood and other brokerage firms limited trading the stocks.
Dogecoin rally
Dogecoin nearly doubled its record-high of 4 cents to trade at $0.07797, according to CoinMarketCap data.
The digital asset has lost 28% of its value as it trades at $0.05411 at the time of writing.
[caption id="attachment_26325" align="alignnone" width="887"]
Dogecoin reaches a new all-time high of nearly 8 cents. | Source: CoinMarketCap[/caption]
Dogecoin reaches a new all-time high of nearly 8 cents. | Source: CoinMarketCap
A Twitter account named WSB Chairman asked if Doge has “ever been to a dollar,” suggesting that it could be time to take Dogecoin to that price level.
The Twitter account, however, distances itself from the WallStreetBets Reddit forum. “Not associated with r/WSB,” the account description reads.
A joke that gained attention
The story of Dogecoin is quite interesting in that it does not come across as a serious cryptocurrency like Bitcoin or Ethereum.
It is a funny concept that gained attention and as more people read or write about it, it gains a bigger fan base which drives its price higher.
Perhaps one of its biggest fans is tech mogul and the richest person on earth: Elon Musk.
Musk recently tweeted that “One word: DOGE,” and the cryptocurrency’s price shot up. Hours earlier today, Musk changed his Twitter bio to “bitcoin” and the digital asset rallied more than 13% within hours after the ‘endorsement.’
Dogecoin is partly driven by social media
Members in a Reddit forum called SatoshiStreetBets are urging each other to buy the cryptocurrency and take its price to “the moon.”
The page was filled with memes of a Shiba Inu, the dog breed at the center of Dogecoin cryptocurrency.
Musk who has previously stated that DOGE “might be his favorite cryptocurrency,” tweeted an image of a dog featured on the cover of a magazine named “DOGUE.”
TRX pump
The WallStreetsBet subreddit seemed to have pumped Tron, the cryptocurrency founded by Justin Sun.Sun, known for his aggressive marketing tactics, tweeted that he would be buying $1 million worth of GameStop shares. He added that the Asian and Tron communities are behind the forum.
A member of the forum shared a screenshot of Sun's tweet and wrote, "Justin Sun (Asian billionaire) has our back and is joining in.
Tron seems to have benefited from the mention on the Reddit forum and is trading at $0.03358, nearly 13% up in the last 24 hours.
After getting some "love" from the forum, Sun said that he will be spending $10 million on GameStop shares.
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