As you may have seen in the news, a Reddit community called r/wallstreetbets coordinated a historic short squeeze on the GameStop stock (and a couple of other struggling companies, such as the movie theatre chain AMC and Blackberry). If you don’t know what this all means, don’t worry. What you have to know is that smaller investors basically outwitted huge hedge funds and it’s making huge waves on Wall Street right now.
Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke, by over 800% https://t.co/EFTkDfQukS
— CNBC (@CNBC) January 29, 2021
Now, what’s more interesting for us is that after the recent stock market craziness, it’s now happening in the crypto market as well. Dogecoin (DOGE) soared by more than 800% after Redditors more or less announced that it will be the next GameStop and that they want to pump it up to around $1.
The master of memes himself, Elon Musk, fuelled the hype even more. He tweeted a picture of a fictional magazine called “ Dogue” - in a similar layout and style to the fashion magazine “Vogue”. A lot of people interpreted it as open support for the meme coin.
— Elon Musk (@elonmusk) January 28, 2021
Dogecoin (DOGE) itself is a cryptocurrency which is based on the viral “doge” meme. Founders Billy Markus and Jackson Palmer created Dogecoin in December 2013 and it quickly developed its own lively community. Dogecoin is primarily used as a tipping system, but they are also known for participating in many charity events with the community-owned Dogecoin foundation.
It’s important to note that while Dogecoin (DOGE) passed our internal quality checks, you should be aware that the current market volatility involves more risk than usual. Please be aware of the risks involved.
