For the first time since 2015, Dogecoin is once again gracing the list of top ten crypto assets by market cap.
In less than two days, DOGE has surged 900% from $0.0078 to post a new all-time high of $0.078 — breaking its previous high of $0.0185 by more than four times.
As a result, the veteran meme-coin currently ranks as the seventh-largest crypto asset with a market cap of more than 9 billion, sitting above Chainlink and below Cardano. DOGE last traded for $0.073 at the time of writing.
The sudden DOGE parabola has been attributed to an organized pump carried out by members of the Reddit group r/WallStreetBets — who were found to have engineered the recent short-squeeze that triggered international lockdowns on the trade of video game retailer Gamestop’s shares.
Amid the frenzied rally, crypto data aggregator TheTIE reported that Dogecoin had become the subject of nearly 90,000 tweets, becoming the first altcoin to generate a larger Twitter-volume than Bitcoin.
The spike in DOGE’s social signals was also bolstered by a tweet from Dogecoin’s self-described former CEO, Tesla chief executive Elon Musk. Musk was voted as Dogecoin’s most-desired hypothetical CEO in 2019, four years after Dogecoin founder Jackson Palmer abandoned the project.
— Elon Musk (@elonmusk) January 28, 2021
Despite Dogecoin originating from a meme depicting the Shiba Inu dog species, the project has consistently garnered robust community support — with Dogecoin donating money toward the Jamaican bobsled team’s Sochi Olympics campaign, funding NASCAR driver Josh Wise, and collecting donations to build wells in Kenya during 2014.