Dogecoin enters the top 10 cryptocurrencies by market capitalization

In the past 24 hours, Dogecoin’s (DOGE) market value surged by almost 470%. The coin climbed to seventh place in the market-cap ranking, according to CoinGecko.

Data: CoinGecko.

DOGE’s price set a new all-time high at $0.078.

According to CoinMarketCap data, the cryptocurrency sits in ninth place by total market value.

#Dogecoin is now the 9th-biggest cryptocurrency by market cap according to @CoinMarketCap.

— Binance (@binance) January 29, 2021

The coin’s pump began after a call to buy DOGE in subreddit r/SatoshiStreetBets on Reddit, which has over 180,000 members. The subreddit calls itself the cryptocurrency analogue of the r/WallStreetBets group, which previously sparked the meteoric rise of GameStop shares despite market expectations.

Data: Reddit.

“We won’t move from our spot until DOGE reaches $1, the time has come!”, says one of the posts in the group.

Elon Musk reacted to the price rise, as noted in r/SatoshiStreetBets.

pic.twitter.com/a6kmk0PEgM

— Elon Musk (@elonmusk) January 28, 2021

Last year, a tweet by the head of Tesla and SpaceX about the prospects of using Dogecoin technology as a global financial system led to a 17% rise in the cryptocurrency.

In December, a series of tweets from Musk about Bitcoin surprised the community, and a new post about DOGE, again boosting the coin’s price. In the header of Musk’s account he was named as former CEO of Dogecoin.

Earlier, he won a lighthearted April Fool’s poll in which users were asked to vote for the most suitable candidate for the position.

Follow ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news and polls.