The hashtag “PayMeInDogecoin” has started trending on microblogging platform Twitter in the U.S. as DOGE supporters have rallied to push the cryptocurrency’s price higher. The hashtag reportedly hit a tweet volume of 32,700 as the community helped promoted the cryptocurrency.
As first reported by Benzinga, the hashtag indicates the support of those who invested in the Shiba Inu-themed cryptocurrency. Their tweets helped push the “PayMeInDoge” and “PayMeInDoge” hashtags to the top tending spots on Twitter.
Supporters of the leading cryptocurrency Bitcoin responded to the hashtag with a “PayMeInBitcoin” trend of their own which did get to the top trend spots in the United States after seeing its tweet volume hit 28,000.
The trending hashtag appears to be the latest attempt to pump the cryptocurrency’s price to $1. One of the initial pushes trying to get DOGE to $1 started after a parody account on Twitter going by WSB Chairman asked whether the price of DOGE had ever hit $1. The tweet quickly gained attention as some of its followers associated the account with the popular WallStreetsBets subreddit.
After that tweet, hashtags associated with getting DOGE to trade at $1 started trending. It’s worth noting DOGE has in the past seen similar pumps, including one seen after Elon Musk, a co-founder of PayPal and current CEO of Tesla and SpaceX, promoted the meme-based cryptocurrency.
In July of last year, a viral video on TikTok from a user asking others to buy the cryptocurrency so everyone could “get rich” on the platform saw retail investors pile on the cryptocurrency again. Each was investing $25 to, at the time, buy 10,640 DOGE, in a bid to pump the cryptocurrency’s price to $1 and have over $10,000 as a result.
The cryptocurrency hit a $0.74 all-time high last month as interest for it peaked at about the same time Musk hosted “Saturday Night Live” and said the cryptocurrency is a “hustle.” DOGE dropped to about $0.18 earlier this month, but the recent trending hashtags helped it get to $0.26 at press time.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
As CryptoGlobe reported Glauber Contessoto, a Dogecoin investor famous for investing his $250,000 life savings in the meme-inspired cryptocurrency in early February to become a millionaire, says he will keep HODLing onto his DOGE even after losing the millionaire status he acquired.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash