It looks like this week is full of crypto optimism. With the help of social media, a meme-based cryptocurrency spiked nearly 2,000% for the past two days.
Dogecoin, a “joke” cryptocurrency, reached prices around $0.0035 when TikTok user James Galante encouraged them to invest. He said that they could all “get rich” if they push its value to $1 per coin.
Galante’s challenge soon began trending on Twitter.
The meme-based coin’s 24-hour volume surged above $878 million by Wednesday afternoon. Yesterday, it saw a 683% increase in average daily volumes when compared to last year’s prices.
The coin once hit its highest level since October 2018. Because of this, Dogecoin reached a market cap of about $500 million.
Google searches on how to buy dogecoin also broke from a score of 25 to 100 in a few days. The hundred score was the highest possible search popularity score.
It’s Not the Weirdest Thing on Dogecoin
On Twitter, the official Dogecoin account addressed the matter to warn its users from impulsively joining the challenge.
Tesla CEO Elon Musk acknowledged the Dogecoin in 2019. He said that it might be his favorite cryptocurrency after a poll showed that he was its mock CEO.
In 2014, fans went so far as to raise $55,000 to spore a car at NASCAR’s Talladega Superspeedway race. It only took the Reddit community eight days to raise the fund necessary.
Dogecoin was launched in late 2013 by Australian entrepreneur and technologist Jackson Palmer. He began the coin as a parody of alternative cryptocurrencies flooding in the market.
Interest in Dogecoin grew through an active Reddit community and in other social media platforms. At the time, Palmer had only intended to bring traffic into the potential of the crypto market in general.
However, he was quick to learn of its truth: it created an opportunity for scammers and opportunists to gain millions of dollars.