The price for the popular meme coin, Dogecoin (DOGE), went flying today. The cryptocurrency skyrocketed by almost 90% in just a couple of hours after the ‘Chairman’ of the now popular Wall Street Bets group tweeted about it.

• About a couple of hours ago, the ‘Chairman’ of the popular Wall Street Bets group asked whether or not DOGE has ever been trading at $1.

Has Doge ever been to a dollar?

— WSB Chairman (@WSBChairman) January 28, 2021

•  After the Tweet went live, DOGE’s price went for the skies. The cryptocurrency soared by about 85% in a matter of hours and reached an intraday high at around $0.0145. The price has since corrected, but it appears that there’s still momentum in the market.
• The reason for this excitement is what recently happened with the stock price of GameStop.
• The Wall Street Bets group on Reddit saw more than 2 million people joining it with the common cause of buying GME stock against the trades of Wall Street hedge funds, who have been shorting it.
• Not long after that, the price soared by up to 600%, causing mayhem on Wall Street and even getting one large hedge fund out of its position for what was reported as a massive loss.
• The entire ordeal even saw the CEO of NASDAQ say that they would potentially halt trading in case of increased social media chatter.

“When we evaluate how we would manage through a situation where you see a significant run-up with a stock that is not based on news or fundamentals, we have technology that evaluates social media chatter, and if we see a significant rise in the chatter on social media channels and we also match that up against unusual trading activity – we will potentially halt that stock.”

The giant social media platform Reddit has doubled-down on its blockchain and cryptocurrency involvement with a new partnership with the Ethereum Foundation. As a result, Reddit plans to utilize the Ethereum network to create larger-scale applications like the Community Points introduced last year.

Reddit Doubles-Down On Blockchain

CryptoPotato reported last year that the San Francisco, US-headquartered platform launched Community Points as tokens built on the Ethereum blockchain. Users from two subreddits, namely r/CryptoCurrency and r/FortNiteBR, were able to receive the ERC-20 coins and spend them on various services, such as membership purchases or voting on polls.

Reddit asserted that the points will be a measure of reputation and contribution within each of the communities. Earlier, a platform administrator going by the handle u/jarins reaffirmed the relationship between Reddit and the blockchain space with a fresh partnership with the Ethereum Foundation.

“In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. Our intention is to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum.”

Furthermore, the post explained that the Ethereum choice was rather apparent as Reddit was looking into exploring an open-source and publicly available scaling technology.

An Increasing Commitment To Blockchain

The post highlighted that the most recent initiative with Ethereum is a step to increase the platform’s “commitment to blockchain,” which should help bring “the value and independence of blockchain technology to millions of Redditors.”

Consequently, Reddit has established a designated Crypto Team and is looking for “engineers who want to build the decentralized Internet.”

Aya Miyaguchi, the executive director at the Ethereum Foundation, also commented on the new partnership. She noted that the team behind the second-largest cryptocurrency by market cap continues to “be impressed with Reddit’s vision, and by how it maintains its culture and philosophies, which were key in forming this relationship.”

Additionally, representatives of both parties plan to host an online session to answer users’ questions.