Dogecoin (DOGE), a meme currency created as a joke, saw a wave of activity on Twitter in the past 24 hours after attention was launched on the currency by the now infamous Reddit group responsible for inflating GameStop’s stock price.
Dogecoin’s Twitter volume – the number of daily tweets versus the 30-day average – soared 1,787% on Thursday, according to cryptographic data provider The TIE. In total, there were 89,991 tweets about DOGE in a 24-hour period.
In fact, The TIE data suggests that this is the first time that an altcoin has overtaken Bitcoin in terms of volume.
Dogecoin’s tweet volume has exceeded Bitcoin in the past 24 hours.
This is the first time that we have recorded that an altcoin has been tweeted about more than Bitcoin in a 24-hour period.
– TIE (@TheTIEIO) January 28, 2021
The TIE highlighted the Dogecoin price appreciation, the volume of Twitter and the volume of trading in the following image:
In addition to seeing a spike in Twitter activity, Dogecoin experienced a similar increase in turnover. The price of the digital currency rose 223% in the 24-hour period.
The DOGE price seems to have skyrocketed due to worldwide attention on r / WallStreetBets, the Reddit group that has successfully caught Wall Street sellers swallowing GameStop and AMC shares. Although subreddit moderators have tried to remove all attempts to raise the price of DOGE, Reddit users on other channels have left subtle tips for investing in cryptocurrency.
A Twitter account called “WSB Chairman” (albeit with the warning “NOT ASSOCIATED WITH r / WSB”) also left a not-so-subtle hint just after midnight on Thursday:
Doge ever won a dollar?
– WSB President (@WSBChairman) January 28, 2021
At the time of this writing, DOGE was valued at $ 0.024 for a total market capitalization of just under $ 3.1 billion. It surpassed the cryptocurrencies Tezos, Monero and EOS after its most recent peak.