On Jan.28, Twitter user “WSB Chairman” asked, “Has Doge ever been to a dollar?” to his 750,000 followers. That was enough to trigger the monster rally, despite Dogecoin having no protocol upgrades or developments since 2015. The 68% retracement that followed the peak at $0.087 resembled Bitcoin’s (BTC) sharp drop after the December 2017 crash, except this time around, instead of 50 days, it took only 24 hours.
Multiple social media influencers and streamers expressed their discontent at buying the top, an indication that the momentary speculative frenzy had passed. After spending most of Jan. 30 and Jan. 31 hovering around $0.03, DOGE managed to produce another 80% pump in less than three hours. It’s almost impossible to find the exact trigger for those events, as there are multiple social networks, including private Telegram groups and trading signal apps.