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Dogecoin had quite an interesting day as its price pumped and dumped after the “Chairman of WallStreetBets” subreddit started asking about it. This triggered a large portion of the community to step into the DOGE market and try to do the same as with GameStop.

Dogecoin (DOGE) is a cryptocurrency created as a tribute to the popular “Doge” internet meme. The cryptocurrency was created as a Litecoin hard fork in December 2013 by Billy Markus and Jackson Palmer. Dogecoin’s creators envisaged the project as a fun, light-hearted cryptocurrency that would have an appeal beyond the crypto audience due to its nature (it being based on a meme). CEO of Tesla Elon Musk often posts tweets that talk about Dogecoin, in which he stated that DOGE is his favourite coin.

Dogecoin’s overall outlook is seemingly dependent on the market “hype,” which we could see now as well as last year during the “TikTok pump.” Its supporters and investors often think of DOGE as a meme coin, and therefore are not interested in its utility. However, the recent events may have proven that Dogecoin could be overlooked and that it might have quite a bit of potential.

At the time of writing, DOGE is trading for $0.0125, representing a price increase of 23.11% when compared to the previous month’s value. Dogecoin is currently the 28th largest cryptocurrency, boasting a market value of $1.587 billion.

Early Thursday morning, (UTC timezone) Dogecoin (DOGE) has surged by over 100% in just a couple of hours, hitting $0.0149 before pulling back. Its price is currently up 49.33% on the day, outperforming BTC‘s 2.93% gain and ETH‘s 3.90% gain. DOGE has been forming a triangle pattern ever since the start of 2021. However, the recent upswing made it abruptly leave the pattern as one of the more influential r/WallStreetBets users started asking about DOGE.

DOGE’s recent move was called by many a classic pump and dump price action, but the current consolidation price level might say otherwise. The zone above the $0.0111 mark might be a solid place to recover and recalibrate.

DOGE’s RSI on the daily time-frame quickly jumped to the overbought territory, with its current value sitting at 71.30.

DOGE’s hourly time-frame shows us how exactly the cryptocurrency skyrocketed, and what happened afterwards (the consolidation phase). However, due to the size of the upswing compared to the previous volatility (or lack thereof), we cannot conclude much from this time-frame alone.

The post Dogecoin skyrockets as r/WallStreetBets subreddit steps in appeared first on Invezz.

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