Dogecoin (DOGE) has emerged as a darling for retail investors and is now the fastest growing community on Reddit.
What happened: The r / dogecoin community added 152,928 subscribers last week and now has a total of almost 1.4 million subscribers, according to Subreddit Stats.
Dogecoin rose last week, hitting a high of $ 0.4377 on Friday, lifted by the social media buzz surrounding the cryptocurrency. The altcoin has risen 14.7% over the past 24 hours and is trading at $ 0.3219 at the time of going to press.
The popular meme cryptocurrency recently shed a tear Tesla Ing (NASDAQ: TSLA) CEO Elon Musk pumps it regularly. Musk tweeted on April 1 that he plans to send “a literal Dogecoin to the literal moon”.
Meanwhile, the r / CryptoCurrency community, which focuses on all cryptocurrencies, added 94,292 new subscribers last week, the second highest of all subreddits. Another popular subreddit, r / WallStreetBets, had an addition of 80,307 members.
The addition of new subscribers comes after the world’s two largest cryptocurrencies by market capitalization – Bitcoin (BTC) and Ethereum (ETH) – reached new highs of all time. Bitcoin reached an unprecedented level of $ 64,863.10 last Wednesday and Ethereum hit a high of $ 2,547.56 on Friday before retreating significantly.
Why it matters: The renewed excitement surrounding cryptocurrencies is partly fueled by the exchange of cryptocurrencies Coinbase Global Inc. (NASDAQ: COIN) made its debut on the Nasdaq Stock Exchange last week.
The growing interest in digital currencies on Reddit is significant, as the popular investor forum WallStreetBets once again imposed a ban on all cryptocurrency discussions on the platform last Thursday, less than 24 hours after a crypto discussion thread with restrictions was allowed. WallStreetBets helped stimulate the retail frenzy of video game retailers GameStop Corp’s (NYSE: GME)’s share earlier this year.
The ban was reinstated after a story by Bloomberg said WallStreetBets had bowed before the crypto wave. Cryptocurrency as a topic has been banned on the Reddit forum for several years, as members do not want the focus to deviate from the discussion on listed stocks.
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