Dogecoin (DOGE) has become a favorite of retail investors and is now the fastest-growing community on Reddit.
What Happened
According to data from Subreddit Stats, the r / dogecoin community added 152,928 subscribers last week, and there are now almost 1.4 million subscribers. Dogecoin has surged in the past week and hit a record high of $ 0.4377 on Friday, which is surrounded by social media. Encryption. The coin is buzzing. In the last 24 hours, the altcoin has risen 14.7%, and as of press time, its trading price is $ 0.3219.
Elon Musk, CEO of Tesla Inc. (NASDAQ: TSLA), frequently launches this popular meme cryptocurrency. On April 1, Musk tweeted that he planned to send “literal Dogecoin to the real moon.”
At the same time, the r / CryptoCurrency community, which focuses on all cryptocurrencies, added 94,292 new subscribers last week, ranking second among all subreddits. Another popular subreddit, r / WallStreetBets, added 80,307 members.
After Bitcoin (BTC) and Ethereum (ETH), the world’s two largest cryptocurrencies by market capitalization, hit all-time highs, new subscribers were added. Last Wednesday, Bitcoin hit a record high of $ 64,863.10, while Ethereum hit a record high of $ 2,547.56 last Friday, then fell sharply.
Why It Matters
Cryptocurrency exchange Coinbase Global Inc. (NASDAQ: COIN) made its debut on the Nasdaq Stock Exchange last week, which to some extent fueled the new excitement surrounding cryptocurrencies. There is a growing interest in digital currencies on Reddit, which is the importance of the popular WallStreetBets investor forum. Less than 24 hours after allowing cryptocurrency discussion threads to be restricted, the platform reinstated the ban on all cryptocurrency discussions last Thursday. Earlier this year, WallStreetBets helped fuel a trading frenzy in shares of video game retailer GameStop Corp. (NYSE: GME).
A Bloomberg story says that after Wall Street Bets succumbed to the cryptocurrency wave, the ban was reinstated. Cryptocurrency is a topic has been banned from Reddit forums for several years because members did not want the focus to shift to discussions of publicly traded stocks.