Reddit Users Skyrocket Meme Cryptocurrency Dogecoin By 140% After GameStop Success
The value of a cryptocurrency that began as a joke has surged by 140% off the back of Reddit-fuelled stocks.
Dogecoin, which is based on the popular ‘doge’ meme, surged to $0.176 this morning, January 28, according to data from TradingView.
It comes after Reddit users on the SatoshiStreetBets thread called for the volatile currency to hit the value of $1 per coin.
Users are attempting to replicate the success of the GameStop, AMC and Blackberry stocks, which have all soared in value following a campaign that began in the wallstreetbets thread.
People in the thread have even called on Elon Musk to tweet about the cryptocurrency, after the Tesla CEO helped GameStop shares soar by tweeting ‘Gamestonks!!!’ along with a link.
It wouldn’t be the first time the multibillionaire has tweeted about the currency, having written, ’Dogecoin might be my fav cryptocurrency. It’s pretty cool,’ back in April 2019. He later sent the currency soaring by 20% when he tweeted, ‘doge.’
Dogecoin received another boost when WBS Chairman – an account that insists it is not associated with the Reddit thread – tweeted, ‘A lot of you are talking about Dogecoin. What’s that? A meme crypto?’
Overall, the digital currency is said to be worth around $1.72 billion, and it’s on the up.
Reddit stocks have taken centre stage over the past few days after a group from the wallstreetbet thread decided to invest in a load of GameStop stocks to get revenge on hedge funders who were short-selling stocks.
If anyone was ever in doubt over the power these online communities can have, short-sellers have lost an estimated $70 billion since the Reddit users stepped in to rocket the value of the stocks.
The stunt is seen by many people as a huge win for the ‘the people’ against the wealthy elite of Wall Street.
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