Headlines read that the Dogecoin price plunged after a Reddit-driven rally but it has little to do with the bigger picture. The truth is that a group of DOGE enthusiasts managed to boost the price 8 times in just one day using social media as a platform. Understandingly, the artificial price pumping was followed by a notable decline, that's not the big news neither it can be regarded as something special. What really matters is that the price is still higher than it was before the Redditors sent DOGE to the moon. In this article, we will see what did happen and how you can dip your toes into the DOGE trading.
Dogecoin & Social Media: A Love Story
Reddit and Dogecoin are old close friends. Though Reddit had its own RedditCoin for a while, it won't be an exaggeration to call DOGE a true Reddit coin. Reddit was behind many Dogecoin-related events that took place offline. Probably the best-known case is the fundraising that allowed driver Josh Wise to participate in the Aarons 499 Sprint Series Cup Race in 2014. Additionally, the Reddit users familiar with cryptocurrencies at times tip each other in DOGE.
The other social media platforms are not stepping aside. After the significant short-term downfall of the crypto market in March of 2020, Dogecoin fans took over TikTok to promote somewhat of a challenge prompting the TikTok audience to buy DOGE in order to boost its price. And... it worked! The result was not as good as the effort made by SatoshiWallBets, however, it was one of the strongest boosts of Dogecoin at the time.
January 2021 Events
The events of January 28, 2021, will be remembered as something special in the history of the crypto community. For a few days, Dogecoin has gained more than 800% and was breaking all possible records. According to Cointelegraph and other media sources, a crazy rally of Doge was boosted by the enthusiasm of social media users, in particular, the Reddit group SatoshiStreetBets. The initial goal of the core members was to repeat the success of the WallStreetBets subreddit that managed to boost the GameStop stock price by roughly 1000% in less than a week via the organized actions and social media. We can see that for Dogecoin, such an activity played out very well, too. That wasn't the first time when the DOGE price was growing as a result of the social media backed actions, however, the crypto history hasn't seen anything of such a scale before.
The coin has also gained the most tweets on cryptocurrency during 24 hours not to mention that Elon Musk's tweets endorsed price actions. The most popular tweet that sent the DOGE price to the moon was the picture of a "Dogue" magazine cover. The magazine name is stylized as Vogue. The cover features a dog (BTW, not Shiba Inu) and an array of writings in the Doge memes style.
The erratic demand in the coin puts the Dogecoin blockchain under a huge load. For example, many DOGE exchanges were off here and there. Binance CEO reported withdrawal suspensions and openings several times throughout the day. The exchange name even got into the global trends on Twitter. That's how the DOGE enthusiasts (don't forget that Elon Musk is one of them) showed how resonant their simple actions can be.
Another important announcement! Crypto hype is always an opportunity for scammers as people involved in crypto get too emotional + there is no strong experience in solving cryptocurrency-related crimes. The ongoing Dogecoin sensation didn't become an exception: fraudsters already claim they hold DOGE giveaways. Don’t believe false Dogecoin giveaways spreading on the web and do not transfer coins to unknown addresses! It’s better to buy Dogecoin using a trusted platform.
Where to Buy Dogecoin?
The Freewallet Buy option works perfectly with thousands of purchases made daily. Our platform is more than a wallet as you can buy crypto through a Freewallet account. You can buy DOGE in our web wallet or Multi-coin Crypto Wallet. The feature is available in more than 50 countries. Please check if your country is on the list. Dogecoin can be bought via credit card so even if you don't have any crypto coins, you might start your crypto journey here. Please make sure to choose MoonPay as the payment provider.
How to Buy Dogecoin?
Buying Dogecoin and other coins on Freewallet is easy. What's especially good is that buying coins on our platform is instant and safe. You won't have to deal with p2p risks while exchanging your currencies. However, first, it is important to get a DOGE address. Happily, Freewallet supports DOGE so you can get a Freewallet Dogecoin address effortlessly. Dogecoin wallet is available in the form of a web wallet and mobile applications (both for iOS and Android). You can download it from the Apple Store or Google Play Market. Make sure to enable 2-factor authentication before you start using it because this step will increase your account's security tremendously.
Freewallet made a Dogecoin purchase super easy and we'll make sure of it right now. Proceed to a Buy With a Card tab in the menu at the top of the Freewallet website. In the Buy section, you should choose the currency, specify the amount you are going to buy, fill in the DOGE address (your Dogecoin address), and click on the Continue button. It will redirect you to a partner platform (in the case of Dogecoin the only option is Moonpay, don't forget to choose this option when filling in the payment info) where you will finalize the transaction. Please note that Moonpay might request some personal data in order to execute a transaction. It won't take a long time. Buying other currencies with Freewallet is equally easy. If you wish to make a deeper dive into the crypto universe you don't have to limit yourself to Dogecoin.
As you can see, the crypto community is getting stronger! Who could predict that the crypto enthusiasts will be able to boost the market prices by hundreds of percent just via the Reddit viral campaign? Of course, some might argue that the influence of Elon Musk was the prime driver but let's not forget that he is one of us, a cryptocurrency fan. Freewallet is glad to be on board of this huge event providing safe options to buy Dogecoins while some of the exchanges couldn't stand the high pressure of traders. Let's stay together and see what happens next! Stay tuned!
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