‘Joke’ Crypto Dogecoin rises more than 500% in 24 hours in Reddit-driven bean

‘Joke’ Crypto Dogecoin rises more than 500% in 24 hours in Reddit-driven bean

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Top line

Redditors hit the crypto market by boosting the cryptocurrency Dogecoin – originally created as a joke – by more than 500% in a 24-hour period, where they were largely cut off from popular meme stocks like GameStop , and attracted the attention of billionaire Elon Musk. by doing so.

Key facts

Dogecoin, which traded most of its existence at just a fraction of a cent, rose from 20:00 to Wednesday at 20:00 to more than $ 0.049 by Thursday at 19:30.

The crypto is the latest target from Redditors, which in recent days has been responsible for the rise of stocks such as GameStop and AMC, which has frustrated hedge fund managers who have cut the stock short and would expect a continued price drop.

Billionaire Elon Musk, who promoted the Redditors and their efforts, tweeted an image of ‘Dogue’ in the style of Vogue magazine just after 5.45pm on Thursday.

The price rose by more than 50% in a little over an hour after Musk tweeted.

Important background

Redditors were largely excluded on Thursday from the ability to trade meme shares after popular broker Robinhood closed their buying ability. The move to cut off Redditors has angered many, including lawmakers from both major political parties, who have argued that a double standard should be set by not allowing Redditors and retailers to bet on the market while hedge funds can do so. not. Robin Ten chief executive Vlad Tenev said on Thursday afternoon that the brokerage had made “the right decision” due to a liquidity problem, but said “limited purchase” of the eight securities it was restricting would resume on Friday.

Tangent

This is not the first time Musk has caused a Dogecoin peak with one of his tweets. A July tweet with a ‘doge’ means the crypto has increased by 20%.

Surprising fact

Major cryptocurrencies, such as Bitcoin and Ethereum, were both less than 10% on the day from 7.30pm on Thursday.

Further reading

‘Let’s All Get Rich’ – TikTok Teen Traders Want to ‘Joke’ Bitcoin Rival Dogecoin to the Moon (Forbes)

‘It’s Doge Time’: Dogecoin Rises as Reddit Traders Make Crypto GameStop (Forbes)

Robinhood will restart ‘Limited’ Trading in Meme Stocks GameStop, AMC as Reddit Rally Unravels (Forbes).

Robinhood’s Trading Freeze Unites Political Enemies From Cruz To Warren – And They Are All Angry (Forbes)

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