Wallstreetbets lets the fun currency explode
No time right now?
After Gamestop, the Reddit traders have chosen a new price target that they have driven up with a concerted action: Dogecoin. Elon Musk is also keeping an eye on Doge.
In the past few days, a dispute between – mostly young – private traders and sometimes huge hedge funds has broken out on the stock markets. The dimensions can best be illustrated by the case of the shares of the game retailer Gamestop. Here, an action initiated mainly by the Reddit group r / wallstreetbets caused an explosion in the price – hedge funds that had bet on a fall in the share price have meanwhile lost billions. Now the Reddit traders have apparently moved on: to the crypto currency Dogecoin.
Contents
Dogecoin: Price of the fun currency jumps up
The fun currency, which was once founded as a parody of Bitcoin, surprisingly grew to a market capitalization of two billion US dollars at the height of the last crypto hype in early 2018. For comparison: on Friday, Dogecoin market capitalization exploded according to Coinmarketcap meanwhile to ten billion dollars. A Dogecoin / Doge was worth just under $ 0.08 in the morning. The price is currently hovering around the $ 0.045 mark. As recently as Thursday morning, a Dogecoin / Doge was worth $ 0.007.
Then apparently the currently notorious traders of the Reddit group r / wallstreetbets (WSB) had massively stocked up on the crypto currency, as BTC-Echo writes. The reason for this is likely to be, among other things, tweets from the Twitter user WSB Chairman, apparently one of the unofficial bosses of the group with around 300,000 followers. First, WSB chairman turned to his followers with the question of whether Dogecoin was a meme cryptocurrency. Then he followed up on a Tiktok challenge with the question of whether Dogecoin was already worth a dollar.
Has Doge ever been to a dollar?
– WSB Chairman (@WSBChairman) January 28, 2021
Tiktok Challenge drove Dogecoin course in the summer
During the summer, a user of the short video service called for the hashtag #DogecoinTikTokChallange to buy Doge. Anyone can get rich with the currency if it makes it to a rate of one dollar. The video went viral and was endorsed by millions of Tiktok users. Doge’s trading volume then increased 1,500 percent. At that time the price climbed briefly to $ 0.0045. Elon Musk had already sided with Dogecoin in March 2020. At that time he tweeted: “Dogs rock – they have the best coin”. Then followed shortly before Christmas another tweet: “Just one word: Doge”.
RT this video makes it go viral go invest $ 25 everyone get rich 😠#dogecoin pic.twitter.com/GJsON7u1xy
– David.D (@_dfazo_) July 8, 2020
Also interesting: Elon Musk is driving the Bitcoin price up, getting crypto exchanges into trouble
