Dogecoin is still a hot topic in the crypto community. Despite the crypto market correction, the meme cryptocurrency was able to increase in price again. Last but not least, user activity on social media platforms such as Twitter affects the DOGE price significantly. Big drivers of the meme coin are personalities such as Tesla CEO, Elon Musk, or an owner of the Dallas Mavericks, Mark Cuban. In a sense, Musk is an initiator of the current Dogecoin rally. With his tweet on February 7th ‘Who let the Doge out’, a real rush for the coin began.
Now the chocolate bar brands Snickers and Milky Way join the ranks of Dogecoin supporters.
Dogecoin to the Moon! Or Rather to the Milky Way?
The Dogecoin community is initiating its own holiday (Doge Day) in honor of the popular meme coin. Thus, the associated hashtags #DogeDay and #DogeDay420 were able to occupy leading positions in international Twitter trends. Yesterday, Dogecoin holders bought DOGE in large quantities and thus let the price skyrocket.
Social media teams of Snickers and Milky Way, both brands of Mars Incorporated have gained momentum. In its tweet, Snickers showed almost 410,000 followers a Dogecoin edition of its chocolate bar:
The wide-reaching promotion of the chocolate bar manufacturers gave the DOGE rate a further push, which helped the coin surpass a 40 cents mark.
Social Media Promotion Has Done the Trick
The last few weeks are likely to go down in history of the meme cryptocurrency as the most successful so far. In the last 30 days, the price was able to record an increase of around 580%.
DOGE enthusiasts hope that Doge Day would drive the rate to a magic mark of one US dollar. The current course of the rally should make this goal achievable. The more feedback the community generates, the more the rate benefits. Another viral tweet from Elon Musk, for example, could cause the next all-time high.
Conclusion: Dogecoin Hype Continues
It remains to be seen whether Dogecoin will be able to establish itself as a useful asset in investors’ portfolios. Some DOGE enthusiasts like Mark Cuban assume that the meme coin will gradually become less volatile. At the moment, however, the price is still heavily dependent on the hype around it. DOGE will continue to keep the crypto community on its toes.
What do you guys think about the current Dogecoin hype? Feel free to share your thoughts in the comments!