CoinShares chief strategy officer Meltem Demirors says the recent eruption of Dogecoin (DOGE) is a sign that crypto-mania is just going on.
In a new long twitter thread, Demirors analyzes the reasons why Dogecoin, which pumped more than 400% in just two weeks, attributes the revival of the WallStreetBets (WSB) subredit and the members’ reaction to the press around the crypto of the group. policy.
Explain Demirors,
‘On Wednesday, before the COIN (Coinbase) listing, the WSB moderators changed their ban on cryptocurrency discussion to talk about three cryptocurrencies – Bitcoin, Ethereum and … you guessed it … DOGE. As you can imagine, the WSB community has gone wild …
Not 24 hours later, the mods reversed the decision and announced that they would ban all crypto chats on the forum indefinitely. According to some reports, the ban was a reaction to this Bloomberg Business article claiming that WSB mods have succumbed to pressure. If we’ve learned one thing about the good people of r / wsb, they do not like to be told what to do. So is it a revenge pump? ‘
Demirors do not want to know for sure whether the above event led exactly to the astonishing rise of Doge, but she points out that the asset has a larger 24-hour trading volume than SPY, an ETF aimed at tracking performance . of the S&P 500.
‘All I know is this: SPY, the most owned and traded ETF, traded about $ 25 billion in yesterday’s session.
DOGE, the popular meme coin (sorry Dentacoin), has traded around $ 70 billion in the last 24 hours.
Turn your brain over to it. This is ******* CRAZY TOWN. ”
The CSO tells its 160,000 followers that the pump is probably not related to any fundamental features that Dogecoin possesses, since its most recent development was posted on Github a full two months ago.
“Watch the DOGE repo on GitHub …
Sometimes things challenge expectations. We are definitely in a very interesting market cycle right now. The trend is your friend. Put away your galaxy IQ. It’s not helpful where we’re headed. ‘
Demirors claim that DOGE’s wild rally is a sign that crypto-mania is just scratching the surface.
“The people have talked, and the people want DOGE. The power of memes moves markets. You love it very much.
It’s going to break people’s brains, and we’re just getting started. ‘
At the time of writing, DOGE has risen 13% over the past 24 hours.
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