Dogecoin made history in the crypto market down a few days ago after the meme digital asset touched a region that has never been seen before. The digital asset, which looked to have the backing of WallStreetBets, made a massive bull run to register a profit of nothing less than 800% in days.
While the group focused on another coin, such as Bitcoin and the likes, the digital asset saw a huge bearish run to register a loss in the same week. While the entire market started to lament about the decline run, the digital asset has registered another powered surge in the market.
Dogecoin made this surge after a recent beer run
Going by records, the digital asset is once again trading in the region of $0.045, after it saw a bullish run, which moved it from its previous price of $0.027. Notably, the digital asset traded around that price region for the better part of the day until the surge happened. The digital asset has also seen a small price correction, which has moved close to the $0.036 price mark.
Many analysts and experts have attributed the recent surge to various factors in the market, but one of them is the group’s effect that has rocked the market with their activity. The group in question trended a #DogecoinArmy hashtag in major countries globally, including the United States of America, the United Kingdom, and Pakistan.
The recent hashtag is coming days after the same group in Reddit has been involved in the powered surge, which saw the digital asset record its highest price surge ever. The first big surge of the digital asset saw the meme coin make a huge movement around January 28 as it moved from its small price of $0.01 to around the $0.04 price mark.
WallStreetBets group were involved in the pumping up of XRP
Analysts have seen this recent price surge as another activity from the WallStreetsBets group. A previous one saw the group gather around, which saw GameStop rally. Some days ago, the same group was involved in the heavy surge that XRP witnessed after a tweet went viral from the group, which told the group members to pump up the digital asset.
In the GameStop rally, the group bought coin after coin as they made sure the stock price went way over the top, which saw various investors in the market pool their funds into the same stock. It remains to know what else would happen regarding Dogecoin since the digital asset is making this surge after coming back from a 39.74% decline run.
Dogecoin was initially created to be a meme coin. Still, over the years, the digital asset has seen major investors hold a share of the digital asset as its market cap has jumped over $9.3 million. Presently, Dogecoin is ranked 14th according to market cap, with the coin just entering the top 20 some days ago when it made the first surge. However, most investors are still averse to the crypto. They have shown their displeasure towards the developer, Billy Markus, even though Markus has mentioned that he is no longer a coin holder.