Dogecoin ranks among top 10 crypto assets for first time since 2015

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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.

Dogecoin ranks among top 10 crypto assets for first time since 2015
DOGE/USD chart since 2013: CoinGecko

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.

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.