/https://specials-images.forbesimg.com/imageserve/6012afcfb3c66bbb252c3580/0x0.jpg?cropX1=0&cropX2=9355&cropY1=0&cropY2=6240 "Dogecoin Rises as Reddit Traders Try to Make It the Crypto GameStop")
Top line
The value of Dogecoin, a cryptocurrency that was originally invented as a joke, rose on Thursday when Reddit traders targeted it in an effort to reflect the rising stock increases in heavily shortened companies such as GameStop, BlockBuster and AMC.
Dogecoin value rises as some Redditors try to mimic r / WallStreetBets (Photo by Yuriko … [+]
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Key facts
At the time of writing, Dogecoin has risen 56% over the past 24 hours and, according to crypto-data firm CoinMarketCap, is experiencing a 1.421% increase in trading volume.
Reddit users on the r / CryptoCurrency and r / SatoshiStreetBets discussions referred to the efforts of r / WallStreetBets to squeeze Wall Street out of heavily discounted stocks and encourage people to buy in Dogecoin.
Many do it enthusiastically, and one thread, titled ‘Dogecoin is the next GME / Bitcoin’ (GME is GameStop Corp.), said that Dogecoin would earn $ 1 per coin (it is currently about $ 0.01) would be a be incredible achievement and ‘completely’ change the crypto market … Dogecoin to the moon. ”
Other encouraging reports said: “this is doge time,” “we need doge up to $ 1,” and “Doge = the crypto gme”.
Important background
Thousands of home traders, many using Reddit forums to inform their trades, are accumulating resources in a number of stocks that are very short-circuiting and not holding, to drive out and punish the Wall Street pillars. Such meme ventures include the bankrupt Blockbuster, GameStop, BlackBerry and AMC. The volatile and unpredictable markets worried officials and White House press secretary Jan Psaki said the treasury department was “monitoring” the trade. “It’s a good reminder that the stock market is not the only measure of the health of the economy,” Psaki said.
Large number
24,900. This is how many members have the subreddit of r / SatoshiStreetBets. Satoshi Nakamoto is the pseudonym creator of bitcoin.
Surprising fact
A single three-word tweet from Elon Musk in December boosted Dogecoin by 20%. An earlier tweet of Musk, which represents the currency consumed by the global financial system, rose 14%.
What to pay attention to
Regulators and technology companies are monitoring the situation with retailers. The chat app Discord banned the r / WallStreetBets forum for hate speech and the Reddit forum temporarily only invited on Wednesday. Forbes issued Reddit for comment.
Further reading
Not just GameStop: here are the memo shares WallStreetBets traders pump up during this ‘extremely volatile’ Reddit rally (Forbes)
‘Let’s All Get Rich’ – TikTok Teen Traders Want to ‘Joke’ Bitcoin Rival Dogecoin to the Moon (Forbes)