DOGE Becomes the First Altcoin To Outperform BTC Activity on Twitter
On Jan 29, 2021
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.
Created 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.
What Are the Factors Behind This Rise of the DOGE Price?
The 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.
Anybody own Bitcoin?
— The Chairman (@WSBChairman) January 28, 2021
Another 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.
“DOGE is no longer just a meme coin, it’s a viable financial instrument on its own.”
Launched as a “meme token” in 2013, Dogecoin (DOGE) also got more high-priced when Tesla CEO Elon Musk shared a magazine cover titled “Dogue” on Twitter. After a bunch of Twitter shares, the hashtags #dogecoin and # dogecoininto1dollar began trending among US users, and dogecoin hit the historic record.
The First Time Any Altcoin Outperform Bitcoin
There was an explosion in the number of tweets sent about Dogecoin via Twitter within 24 hours. Crypto data provider The TIE revealed that Dogecoin’s 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.
Dogecoin tweet volume has surpassed Bitcoin over the last 24 hours.
This is the first time we have on record that an altcoin has been tweeted about more than Bitcoin over a 24 hour period.
— The TIE (@TheTIEIO) January 28, 2021
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