Dogecoin became a god in one battle, and its market value rose to 9th place

Dogecoin (DOGE) was born out of a joke by its founder (who once said that Dogecoin was created for fun). Who would have thought that this joke project would become the 9th largest project in the cryptocurrency market capitalization rankings, with a market value of nearly $8.4 billion.

As of press time, the price of Dogecoin has risen by more than 800% in the past 24 hours, reaching a high of over $0.07, with a market value exceeding $8 billion and a 24-hour trading volume exceeding $20 billion.

Dogecoin's "road to godhood" began with a Twitter discussion on January 28. On January 28, the Twitter debate over GameStop's stock price suddenly turned to the field of cryptocurrency, and Dogecoin became the subject of discussion. A Twitter KOL (with 700,000 followers) with the ID account WSB Chairman (who has stated that he has no connection with the Reddit community r/WSB) posted information related to Bitcoin and Dogecoin, causing Dogecoin to instantly surge by more than 80%.

According to crypto data provider The TIE, the Twitter volume for Dogecoin (daily tweet count compared to the 30-day average) surged 1,787% on Thursday. In total, there were 89,991 tweets about Dogecoin in 24 hours.

In fact, data from The TIE shows that this is the first time any altcoin has surpassed Bitcoin in terms of daily tweet volume.

US stocks and Musk jointly promote Dogecoin to become a god

DOGE’s price has surged due to global attention on r/WallStreetBets, a Reddit retail investor group that successfully “bloodbathed” Wall Street shorts in a short period of time by snapping up shares of GameStop and AMC. Although the moderators of the subreddit have tried to cancel any attempts to increase the price of Dogecoin, Reddit users on other channels have left some subtle hints to invest in the cryptocurrency.

In addition to the attention to Dogecoin caused by the US stock market war, SpaceX founder Elon Musk once again pushed Dogecoin on Twitter today. Musk posted a picture hinting at Dogecoin, which brought more attention to Dogecoin, and a large number of discussions about Dogecoin appeared under this tweet.