- Enthusiasm from users in a crypto-themed Reddit group helped Dogecoin soar by 800% this week.
- It all started when Satoshi Street Bets tried to piggyback off the recent GameStop trading frenzy.
- Insider compiled a list of the top 10 US states where Dogecoin popularity is surging.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
The meme-based cryptocurrency Dogecoin has seen an explosion in price, after a group of Redditors tried making it the cryptocurrency equivalent of GameStop.
A subreddit called SatoshiStreetBets, much like the Wall Street Bets gang that pushed up GameStop shares among others, helped the token gain 800% within 24 hours.
Billionaire Elon Musk’s tweets have also powered it higher as he has clearly showed his love for Dogecoin. Musk delivered a slew of endorsements for the digital asset, including a photoshopped Lion King meme of himself holding up a Dogecoin logo of a Shiba Inu dog. He also tweeted “Dogecoin is the people’s crypto” and “No highs, no lows, only Doge.”
The coin isn’t as well known as Bitcoin or Ethereum, but it has seen short bursts of popularity in the last couple of years, with the latest Reddit frenzy pushing it to its highest price ever.
Its current price is around $0.045, but is still 300% higher than when the “Dogecoin movement” began in 2013.
Here’s a look at the top 10 states where the recent surge in Dogecoin popularity is occurring, according to cryptocurrency site bitreporter.com.
Read More: Investors are flocking to trade Dogecoin and other hot digital tokens on Voyager, a platform with no Robinhood-style restrictions. Its CEO says Bitcoin will hit $100,000 this year – and shares 3 other cryptocurrencies to watch.
Tracking over a million tweets using trends software, an interest-map was created based on geotagged Twitter data in the last week, hashtags, and direct keyword phrases about buying Dogecoin.
Some hashtags and keywords that were tracked include: #dogecoin, #doge, #buydoge, #buydogecoin, “buy doge,” “buy dogecoin.”
3. New Jersey