The meme-based crypto token is observed soaring tremendously
- DOGE token has surged by more than 800% in 24 hours
- The total market cap of the token has reached near $7 billion
- The reason behind the surge is unclear, but there are several believes in the market
- The rally of the token seems to be invoking the altcoin FOMO
DOGE token, a meme-based cryptocurrency, has shocked many by soaring tremendously by 800% to the price level of $0.082. With the surge, the token has achieved a new all-time high record. Many in the crypto sphere believe that the recent tweet by the DOGE lover Elon Musk is the reason behind the surge. On the other hand, some in the market claim that the surge is caused by the Reddit trading forum r/wallstreetbets. With the rise in the token, the token’s market capitalization has reached to near $7 billion.
The reason behind the bark of DOGE tokens
The reason why the DOGE has surged so tremendously is yet not unclear. There many believe in the industry behind the surge. Following a publication from the crypto news outlet Coindesk, it is found that the reason causing the surge, is the Reddit forum r/wallstreetbets. The forum members are gaining attention from the community. According to a tweet, DOGE is set to create a new record over 24 hours, defeating Bitcoin’s previous marks. However, such volatile action is not unusual for a cryptocurrency.
🚀🚨😮 Dogecoin has set a new record for the most tweets on a cryptocurrency over a 24 hour period, besting the previous records set by Bitcoin on January 2nd 2021 and December 22nd 2017 pic.twitter.com/VIXiEY57ma
The TIE (@TheTIEIO) January 29, 2021
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There are also beliefs that last month’s few tweets by the Tesla CEO Elon Musk have helped the token fly. Before the surge also Musk tweeted a picture of a dog posing on the cover of a magazine.
Dogecoin’s rally seems to invoke the altcoin FOMO
Due to the token’s establishment, DOGE token’s journey to acceptance in the crypto industry has always been a roller coaster. The Token is a replica of the leading crypto token. According to NebraskanGooner, an analyst in the crypto sphere, the token attracts many people like random participants who are afraid of missing out (FOMO). In simple terms, these participants look around for any other token to pump and dump, as when they enter the DOGE coin boat, the boat will already have reached somewhere deep in the ocean.
The reaction of other tokens to the Dogecoin rally
Following the spike in the price level of the DOGE tokens, it is observed that some other tokens have also performed tremendously. Tokens like XLM were noted, gaining more than 30%. Among major currencies, Ethereum (ETH), was observed stable above the price level of $1,200, but later stepped near the price level of $1,400.
