Dogecoin hits new market cap record

Dogecoin's rally continues as the company is back on the list of top ten crypto assets in terms of pure market cap.

This has not happened since 2015 and the originator of this unexpected growth spur is none other than the WallStreetBets subreddit.

The reddit forum has also been in the news for managing to drive up the shares of video game retailer GameStop, which was about to be culled by short-sellers last week but ended up increasing the value of its stock by 2000% instead, thanks to the community of Redditors.

After a query appeared on r/WallStreetBets, asking whether Dogecoin can reach $1 in net value, the trading rally begun, pushing Doge's price up 900% to $0.078, clearly a fraction of its target of $1, but a reassurance that the value of the coin may reach its goal.

Dogecoin's market cap has been the talking point of many tweets recently. It has hit a $7.36bn market cap, and it's de facto the first alt coin to generate as much buzz, not least thanks to the subreddit commitment to the currency.

Dogecoin has been enjoying backing not just by Redditors but also Elon Musk, Tesla's CEO, who has vowed his support for the currency repeatedly, and has tweeted about it repeatedly to encourage people to invest more.

Many fellow investors and personalities have vouched for Dogecoin, but the currency has a very long way to go.

If Dogecoin does indeed reach $1, that will be good news for investors as well as casino players who have opted for gaming portals such as 1xBit, Bitcasino and FortuneJack to name a few. These casinos are all very happy to accept your Doge.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.