On the night of January 28, the Dogecoin (Doge) token showed a sharp rise. Within two hours, the cryptocurrency rate rose by more than 90%, from $ 0.0078 to $ 0.0145. After that, it adjusted and at the time of writing the asset is worth $ 0.011, according to coinmarketcap.com., Writes RBC Crypto.
A possible reason for the growth was the activity of Twitter users. Minutes before Dogecoin’s price soared, user WSB Chairman asked 386,000 subscribers who held Bitcoin. Users began to discuss cryptocurrencies, naming various altcoins. This message got 15 thousand likes and 2.5 thousand shares.
The WSB Chairman then noted that his followers are talking the most about Dogecoin. After that, the rapid growth of its course began.
A lot of you are talking about Dogecoin. What’s that? A meme crypto?
— WSB Chairman (@WSBChairman) January 28, 2021
WSB Chairman, according to his Twitter posts, is one of the active participants in the recent “pump” of shares of various companies, including the network of video game stores Gamestop. Over the past month, their quotes have grown more than 11 times. One of the reasons for this dynamic was the hype on social networks, especially on the Reddit platform.
Its users in the WallStreetBets thread began to select the shares of the companies for which the most massive short positions were opened and actively buy them. However, the WSB Chairman emphasized in his account that he is not directly related to this discussion on Reddit.
A similar story with the Doge token happened in July. Then its price increased by 140% during the day. This happened after users of the popular TikTok application began to urge each other to buy a coin as part of a challenge.
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