Media
Dogecoin may have a long way to go to hit $ 1, but the stock market may not be in the mood to doubt the power of r / Wallstreetbets.
Dogecoin (DOGE) is up 80% in one day and trading volume has soared more than 800% as the altcoin records an increase in publicity with a known source.
$ 1 DOGE?
Data from Cointelegraph Markets, CoinMarketCap and Tradeview showed a transformation in the DOGE ecosystem overnight on January 27; the DOGE / USD pair reached $ 0.0138.
Within hours on Thursday, the pair added more than 80% of its spot price before correcting, and is still holding a 1 cent support at press time.
The gains accompanied a similar spike in interest in social media, with Twitter activity increasing by more than 300%. The source, apparently, is the same Reddit group that sparked a dramatic but highly controversial bull move on the price of shares of US consumer electronics company GameStop.
A parodic Twitter account posing as the r / Wallstreetbets moderator asked:
"Has Doge ever been for a dollar?"
Subsequently, the hashtags #dogecoin and # dogecoininto1dollar began to be a trend among users in the United States, referring to a long-cherished dream among altcoin investors.
Dogecoin price licks GameStop's heels
Dogecoin already has something in common with $ GME: Both assets have recorded advertising tweets from Tesla CEO and the world's richest man, Elon Musk, in recent weeks. As Cointelegraph reported, Musk's ironic support for DOGE was enough to induce some serious price action.
On Reddit itself, users tried to insert innuendo to invest in meme-based altcoin, even though the dedicated posts were removed by r / Wallstreetbets moderators. As fear of repercussions mounts over GameStop's performance, meanwhile, cryptocurrency advocates argue that Reddit users combining their forces to outperform unprepared institutions are simply playing by the rules of capitalism.
"I know this GameStop thing is fun, but you have to remember that this is hurting real people who own multiple boats," added Kevin Farzad, member of the Sure Sure music group.
$ GME gained 200% on Wednesday, and subsequent trading saw a pullback of around 15% from the high. In total, the stock is up 1,600% since Jan.12
The text on this page is based on the original post and does not claim the copyright of the owner in any way. Everything written here is a free interpretation of the original post.