Dogecoin Fans Make 'DogeCoinTo1Dollar' Trend As Price Spikes Following Coinbase Pro Listing

#DogeCoinTo1Dollar was trending on Twitter on Wednesday as fans of Dogecoin hoped to see its value rise to $1, after its price recovered following a recent crash that hit much of the cryptocurrency market.

According to Twitter, #DogeCoinTo1Dollar was trending in the U.S. after over 18,500 tweets with the hashtag were posted.

Fans of the cryptocurrency, which was started as a joke in 2013, flooded Twitter with memes of the Shiba Inu dog, which the coin is inspired by, and posts that it will reach the moon—a popular mantra among Dogecoin fans about how high they envision its price going.

Doge decided to do his own thing today, see everyone on the moon! #DogeCoinTo1Dollar #DogecoinToTheMoon

— Techno Doge (@DogeTechno) June 1, 2021

#DogeCoinTo1Dollar no one can stop now doge to reach the moon.

— Aman Raj (@Aman2241) June 2, 2021

Who’s a good boy? ☺️ $DOGE #DogeCoinTo1Dollar

— Big Stealth 🅴 (@BigStealth8) June 2, 2021

Others stated that they had no plans to sell their Dogecoin, in what is nicknamed "hodling" in crypto slang.

Not today not tomorrow not next week not next month #DogeCoinTo1Dollar

— Prox (@Pastaloverastro) June 2, 2021

Never sold! And never will!! #DogeCoinTo1Dollar

— Luigi (@zito01) June 2, 2021

The Dogecoin fans' push came as its price spiked 5 percent after Coinbase announced that it would support it on its Pro service. As of around 8:00 a.m. ET, Dogecoin was up 31.14 percent in the past 24 hours to $0.42, according to CoinDesk.

This comes after Dogecoin fell to $0.28 on May 23 as the cryptocurrency market suffered a dip.

A tweet by Dogecoin fan and Tesla and SpaceX CEO Elon Musk may have also contributed to the spike. He responded to a tweet about the Coinbase Pro listing with a Dogecoin meme.

— Elon Musk (@elonmusk) June 1, 2021

Experts have previously told Newsweek that investing in cryptocurrency is highly risky due to its volatility.

This is not the first time that Dogecoin fans have willed its price to rise. Ahead of this year's 4/20 "Weed Day" celebrations, fans got #DogeDay trending as part of a similar push.

One Reddit user wrote at the time: "$1 is inevitable, and we can take a pit stop at the moon, sure, but our lord and savior doge ought not be limited by such small goals."

Dogecoin is yet to surpass its all-time high of $0.72, which it hit in early May. But Dogecoin investors remain hopeful.

Dogecoin investor Jaysn Prolifiq, legally known as Glauber Contessoto, is among those who think the coin has potential. In April, he told Newsweek how the value of the Dogecoin he was holding had hit nearly $2 million. At the time, he said he planned to hold his investment for at least a year to avoid paying short-term capital gains tax.

Back in mid-April, Dogecoin creator and co-founder Billy Markus told Newsweek it was possible that it could hit $1.

He said at the time: "It's an open market, so the current value is simply decided by whatever someone is willing to pay for it at a specific point in time."

Markus went on: "If the world collectively decides they are willing to purchase it for a dollar, then it's worth a dollar. In the world of cryptocurrency valuations, I would say, historically the question is less about 'why?' and more about 'why not?'"

dogecoin cryptocurrency, getty
A visual representation of the digital cryptocurrency Dogecoin is displayed on January 29, 2021 in The Netherlands. Dogecoin fans want the coin's price to hit $1. Yuriko Nakao/Getty Images