The crypto market often goes hand in hand with high volatility. Besides, its volume is relatively small which makes it an easy target for experiments. A recent story of Dogecoin, a digital coin that initially started as a joke, is a vivid example of such manipulations. Thus, a group of crypto enthusiasts decided to pump up the value of the altcoin just for fun. As a result, the price of Dogecoin surged by 470% in just 24 hours. At the end of this rally, the cryptocurrency entered the list of top 10 digital assets with the biggest market capitalization. The members of a Reddit group called SatoshiStreetBets were the ones to start the trend. Later, Elon Musk followed the lead. Notably, it is not the first time that SpaceX and Tesla’s CEO has boosted the price of an asset. Last year, his tweet about the possibility of Dogecoin becoming the next most popular cryptocurrency in the future sent the price of the altcoin higher by 17%. The Dogecoin cryptocurrency based on a popular “doge” meme was created in 2013. The crypto community launched this digital token featuring a Shiba Inu dog in response to the mass creation of altcoins, cheaper alternatives to bitcoin.
