Dogecoin’s market capitalisation rose by more than 200% in the last 24 hours.
The coin, trading under the ticker DOGE, hit an all-time high at $0.028. At the time of writing, the asset was trading at $0.0219.
Four-hour DOGE/USDT chart on Binance from TradingView.
On the backdrop of the rapid price rise, Dogecoin’s market capitalization reached $2.74 billion. The asset took 17th place in CoinGecko’s ranking, overtaking EOS, Monero, Tezos and TRON.
Data: CoinGecko.
The rally was preceded by calls to buy Dogecoin on the social network Reddit. On the preceding day, the retail-trader community in the Reddit group r/WallStreetBets on Reddit triggered a GameStop stock pump.
The other likely driver of the asset’s rise was the integration of the coin with the Flare platform.
Flare will be integrating Doge prior to network launch. This will allow dogecoin to be used on Flare trustlessly with scalable EVM based smart contracts. #UnlockingValue #dogecoin https://t.co/qoDmmzP6Tg
— Flare (@FlareNetworks) January 28, 2021
Flare Networks is developing a full Turing-complete protocol that uses the Federated Byzantine Agreement consensus mechanism, used, for example, by the Stellar project. This protocol enables the Ethereum Virtual Machine to be integrated into private and public networks, adding smart-contract functionality.
In July last year, Elon Musk tweeted about the prospect of using Dogecoin technology as a global financial system. Shortly after, the coin rose 17%.
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