The price of Dogecoin, initially created as a joke, went up 56% in a day.
Related: DogeCoin Grew by 25% After Elon Musk Tweet
This growth followed Reddit's discussions on making the cryptocurrency equivalent of GameStop. The latter is an American high street shop that sells games, consoles, and other electronics.At the moment, the DogeCoin trades at $0.43. Many users find it would be “an incredible achievement” if the price reaches $1. They assume it will fully change the crypto market.
In different Reddit forums, traders started to express their complaints about Wall Street leaders, such as Blockbuster, GameStop, BlackBerry, and AMC. Recently Treasury Department announced “monitoring” the trading.One of the famous crypto forums on Reddit is SatoshiStreetBets. Similar to WallStreetBets, due to which GameStop's increase happened, SatoshiStreetBets aims to advance cryptocurrencies.
In December, Elon Musk tweeted about the coin. He just wrote "one word: Doge" and that made the price of Dogecoin go up 20%.