Dogecoin Surges As Reddit Merchants Push To Make It The Crypto GameStop

Top line

Dogecoin, a cryptocurrency originally invented as a hoax, rose in value Thursday as Reddit traders aimed to reflect the overwhelming surge in stakes in sharply shortened companies like GameStop, BlockBuster, and AMC.

Dogecoin value rises as some redditors try to emulate r / WallStreetBets (photo by Yuriko) … [+] Nakao / Getty Images)

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Key factors

At the time of writing, Dogecoin is up 56% in the past 24 hours and saw its trading volume increase 1,421%, according to crypto data company CoinMarketCap.

Reddit users in the r / CryptoCurrency and r / SatoshiStreetBets discussions cited r / WallStreetBets’ efforts to get Wall Street stores out of sharply discounted stocks and urged people to buy into Dogecoin.

Many are doing this with gusto, and a thread titled “Dogecoin is the next GME / Bitcoin” (GME is GameStop Corp.) said it would be “an incredible feat” and “complete” to bring Dogecoin to $ 1 per coin (currently it’s around $ 0.01) Change the crypto market … Dogecoin to the moon. ”

Other encouraging posts said “It’s Doge time”, “We need Doge on $ 1” and “Doge = the crypto gme”.

Key background

Thousands of home traders, many of whom use Reddit forums to inform their trades, are piling resources into a series of severely truncated and unpopular stocks to drive out and penalize Wall Street’s mainstays. These meme companies include the bankrupt Blockbuster, GameStop, BlackBerry, and AMC. The unpredictable and unpredictable markets have worried officials, and White House press secretary Jan Psaki said the finance department was “monitoring” the trade. “It’s a good reminder, however, that the stock market isn’t the only measure of the health of the economy,” said Psaki.

Big number

24,900. This is the number of members the subreddit r / SatoshiStreetBets has. Satoshi Nakamoto is the pseudonymous creator of Bitcoin.

Surprising fact

A single three-word tweet from Elon Musk in December drove Dogecoin up 20%. A previous tweet from Musk, which represents the currency the global financial system consumes, saw a 14% increase.

What to look for

Regulators and technology companies are monitoring the situation with dealers. The Discord chat app banned the r / WallStreetBets forum for hate speech, and the Reddit forum was temporarily open by invitation only on Wednesday. Forbes has reached out to Reddit for a comment.

further reading

Not Just GameStop: Here are the meme stocks WallStreetBets traders pump up during this ‘extremely unpredictable’ Reddit (Forbes) rally

“Let’s All Get Rich” – Teen TikTok Traders Want To Send “Joke” Bitcoin Rival Dogecoin To The Moon (Forbes)

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