Dogecoin (DOGE), a meme coin created as a joke, has increased by nearly 850% in the 24 hours. The popular cryptocurrency has hit an all-time-high record of $ 0.08. The increase in price from $ 0.0122 to $ 0.078 within 24 hours made it the seventh-largest cryptocurrency on the market.\r\n\r\nCreated as a meme, Dogecoin has come close to surpassing Cardano (ADA) and XRP by market cap. Although DOGE was valued at more than $ 10 billion, it then experienced a slight decline. According to CoinMarketCap data, at the time of writing this news, DOGE is trading around $0.03871.\r\nWhat Are the Factors Behind This Rise of the DOGE Price?\r\nThe DOGE price came to the fore with the moves made by the r\/WallStreetBets community on Reddit this week. The r\/WallStreetBets community was the main factor fueling the rise in GameStop (GME) shares, which the whole world has been talking about in recent days. The dramatic price increase on Dogecoin was also started when a Twitter account associated with the r\/WallStreetBets community on Reddit mentioned Dogecoin.\r\n\r\nAnybody own Bitcoin?\r\n\u2014 The Chairman (@WSBChairman) January 28, 2021\r\n\r\n\r\nAnother important factor behind the increase in DOGE could be the DeFi development. The cryptocurrency will soon be used to print stablecoins in partnership with OpenDAO and Ren. RenDOGE, the tokenized version of DOGE, is starting to be traded on the Ethereum network for decentralized finance users. The Dogecoin community will now be able to easily borrow against DOGE holdings and spend their funds in the DeFi ecosystem. With the support of the OpenDAO project, DeFi investors will be able to use their Dogecoins to get DOGEO, a dog-themed stablecoin pegged to the dollar.\r\n\u201cDOGE is no longer just a meme coin, it\u2019s a viable financial instrument on its own.\u201d\r\nLaunched as a \u201cmeme token\u201d in 2013, Dogecoin (DOGE) also got more high-priced when Tesla CEO Elon Musk shared a magazine cover titled \u201cDogue\u201d on Twitter. After a bunch of Twitter shares, the hashtags #dogecoin and # dogecoininto1dollar began trending among US users, and dogecoin hit the historic record.\r\n\r\n\r\nThe First Time Any Altcoin Outperform Bitcoin\r\nThere was an explosion in the number of tweets sent about Dogecoin via Twitter within 24 hours. Crypto data provider The TIE revealed that Dogecoin\u2019s Twitter volume increased by 1.787 percent on Thursday. Over 90 thousand tweets were sent about DOGE in 24 hours. This is the first time any altcoin has surpassed Bitcoin in terms of social media volume.\r\n\r\nDogecoin tweet volume has surpassed Bitcoin over the last 24 hours.\r\n\r\nThis is the first time we have on record that an altcoin has been tweeted about more than Bitcoin over a 24 hour period.\r\n\u2014 The TIE (@TheTIEIO) January 28, 2021\r\n\r\n\r\n#coinsfera #cryptonews #cryptocurrency #buybitcoinistanbul #buybitcoindubai #buybitcoinkosovo #buybitcoinwithcash #sellbitcoinwithcash #buybitcoin #sellbitcoin\r\n\r\nDisclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.