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Market Musings

DOGE Price Surges By 83% in a Single Day… But Why?

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Published on:
January 28, 2021

DOGE has risen by a staggering 83% over the past 24 hours.

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so gains. very moon. wow.

 

Following on from the GameStop saga — which saw prices hit a staggering $380 yesterday as retail investors taught short-selling hedge funds a lesson — it appears that attention is turning to Dogecoin.

 

DOGE has risen by a staggering 83% over the past 24 hours, with a parody account called Wall Street Bets Chairman (no link to the Reddit group of the same name) writing on Twitter: “Has DOGE ever been to a dollar?”

 

Despite the dramatic surge seen on Thursday, the altcoin remains a long way off hitting $1. At the time of writing, it’s trading at a much more modest $0.01434.

 

This isn’t the first time that DOGE has gone through the roof after capturing the interest of the internet. Last summer, the #DogecoinTikTokChallenge went viral, and the social network’s young users were encouraged to invest $25 in the joke coin.

 

“Once the stock hits $1, you’ll have $10,000. Tell everyone you know,” one video said.

 

This is obviously barking mad — and although it may seem harmless on the face of it, such sudden rises mean that there’s a real risk that people could end up losing money, especially if they buy DOGE at the height of the current peak.

 

DOGE is now a whisker away from setting a new all-time high, surpassing the record of $0.01877 that was set all the way back in January 2018.

 

In a surreal turn of events, DOGE has now managed to achieve parity with the Russian ruble.

 

One man who has been instrumental in past DOGE spikes has been Elon Musk, who has tweeted about this altcoin on occasion in recent years.

 

DOGE surged by 20% on the strength of this short missive sent in December, which to date has been liked 210,000 times: “One word: Doge.”

 

In a tongue-in-cheek update to his bio at the time, Musk even described himself as Dogecoin’s “former CEO.”

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I'm just your average dog... Only decentralized; also... I'm not your average dog.

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