Dogecoin (DOGE), which is not a popular cryptocurrency or even set out with a joke sharing, has gained 850 percent in the last 24 hours. Dogecoin, which was reported to have experienced an 850 percent increase in value over the action of the WallStreetBets group responsible for the rise of GameStop shares, suddenly became a world-high agenda.
The popular cryptocurrency was the 7th largest currency on the market, according to CoinMarketCap data. DOGE’s market capitalization exceeded Chainlink (LINK), reaching $9 billion 394 million.
The WallStreetBets group had taken action against ‘short position’ stock sellers through GameStop shares. Short position is the case of selling with the expectation that the relevant share value will decrease.
What is Dogecoin?
Dogecoin was released by Billy Markus and Jackson Palmer in 2013. While the whole world takes cryptocurrencies seriously, the founders of Dogecoin created this cryptocurrency to break this seriousness and make it a little fun.
Dogecoin’s emblem appears as shiba inu, a Japanese breed of dogs. The emergence of such an altcoin in the cryptocurrency world has led many users to Dogecoin. In addition, Dogecoin has no supply limit. Which means there’s an infinite amount of Dogecoin. That’s why Dogecoin’s value won’t increase like Bitcoin unless there’s manipulation.