One Meme To Rule Them All: Dogecoin Outpaces Cryptocurrency, WallStreetBets Communities On Reddit

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 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.

See also: Best Cryptocurrency Apps

Why It Matters: The renewed excitement surrounding cryptocurrencies has been partly fueled by cryptocurrency exchange Coinbase Global Inc. 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 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.

See also: How to Buy Dogecoin (DOGE)

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsBitcoindogecoinmemesRedditwallstreetbets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!