Dogecoin’s recent price took 85% proving that the demand for the meme coin remains intact. On 28th January, the altcoin witnessed a significant rise of 980% leading it to take a position among the top ten ranks in the market capitalization. But when the pump declined and traders gained their profits, it was expected that the cryptocurrency will lose its demand.
After the suspension of AMC and GameStop stock purchases, retail traders focused on cheap alternative options like DOGE. The Reddit community of traders namely Wall Street Bets played a huge role in the sudden rise of the meme-coin stock price.
Dogecoin’s Recent Price Action
Interestingly, the DOGE did not go through any major up-gradation since 2015. The altcoin’s 68% rise that took its highest culmination at $0.087 gave the traders the hint of an upcoming price drop. Within 24 hours the price dropped as expected. Experts assumed the demand for the altcoin to decrease eventually. The price roamed near $0.03 between 30th and 31st January as expected. But to a great surprise, Dogecoin price saw a remarkable increase of 85% within three hours.
The influence of multiple telegram groups and social networks are behind the price surge. The Reddit traders’ group Satoshi Street Bets, which consists of almost 213,000 members, is also considered to have an impact on Dogecoin’s price action.
Support for the meme-coin continues to come from different social media groups and influencers including Elon Musk, the CEO and founder of Tesla.
The huge impact of WSB and social media make it possible to sustain the stock price of DOGE to a good position. The rising popularity and the absence of a solid use case for Dogecoin are making the experts curious about Wall Street Bet’s strategies regarding it.
