Dogecoin (DOGE) has emerged as retail investors’ darling and is now the fastest-growing community on Reddit.
What Happened: The r/dogecoin community added 152,928 subscribers over the last week and now has a total of almost 1.4 million subscribers, according to Subreddit Stats.
Dogecoin has rallied over the past week and hit an all-time high of $0.4377 on Friday, lifted by the social media buzz around the cryptocurrency. The altcoin has risen 14.7% in the past 24 hours and is trading at $0.3219 at press time.
The popular meme cryptocurrency has been on a tear recently with Tesla Inc (NASDAQ:TSLA) CEO Elon Musk pumping it frequently. On April 1, Musk tweeted he planned to send “a literal Dogecoin to the literal moon.”
Meanwhile, the r/CryptoCurrency community, which is focused on all cryptocurrencies, added 94,292 new subscribers during the past week, the second-highest of all subreddits. Another popular subreddit, r/WallStreetBets, saw 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) — hit new all-time highs. Bitcoin touched a never-before-seen level of $64,863.10 last Wednesday and Ethereum hit an all-time high on Friday of $2,547.56, before retreating significantly.
Why It Matters: The renewed excitement surrounding cryptocurrencies has been partly fueled by cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) making its high-flying debut on the Nasdaq stock exchange last week.
The rising interest in digital currencies on Reddit is significant as popular investor forum WallStreetBets on the platform reinstated a ban on all cryptocurrency discussion last Thursday, less than 24 hours after allowing a crypto discussion thread with restrictions. WallStreetBets had helped drive the trading frenzy in videogame retailer GameStop Corp.’s (NYSE:GME) stock earlier this year.
The ban was reinstated after a story by Bloomberg said that WallStreetBets had bowed to the crypto wave. Cryptocurrency as a topic was banned on the Reddit forum for several years as members did not want the focus to deviate from the discussion about publicly traded stocks.
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