/https://specials-images.forbesimg.com/imageserve/6012afcfb3c66bbb252c3580/0x0.jpg?cropX1=0&cropX2=9355&cropY1=0&cropY2=6240 "Dogecoin emerges as Reddit traders push to make it the cryptographic gameStop")
Top line
The value of Dogecoin, a cryptocurrency originally invented as a joke, skyrocketed on Thursday, while Reddit investors aimed at it in an attempt to mirror mind-blowing stock rises in heavily sold companies like GameStop, BlockBuster and AMC.
Dogecoin’s value is increasing as some Redditors try to emulate r / WallStreetBets (Photo by Yuriko … [+]
Getty Images
Key Facts
As of this writing, Dogecoin has risen 56% in the past 24 hours and has experienced a 1,421% increase in turnover, according to data encryption company CoinMarketCap.
Reddit users in the r / CryptoCurrency and r / SatoshiStreetBets discussions referred to r / WallStreetBets’ efforts to take Wall Street stores away from heavily shorted stocks and encouraged people to buy on Dogecoin.
Many are doing this with enthusiasm and a topic, entitled “Dogecoin is the next GME / Bitcoin” (GME is GameStop Corp.), said that getting $ 1 per coin (currently around $ 0.01) would be ” an incredible achievement “and” completely change the crypto market … Dogecoin to the moon. ”
Other encouraging posts said “it’s time for the doge”, “we need doge for $ 1” and “Doge = the crypto gme”.
Key Background
Thousands of home traders, many using Reddit forums to inform their trades, are accumulating resources in a series of heavily shorted and held stocks in an attempt to expel and penalize the pillars of Wall Street. These meme companies include the failed Blockbuster, GameStop, BlackBerry and AMC. Erratic and unpredictable markets are worrying authorities, and White House press secretary Jan Psaki said the Treasury Department is “monitoring” the negotiations. “It is a good reminder that the stock market is not the only measure of the health of the economy,” said Psaki.
great number
24,900. This is the number of members that the subreddit r / SatoshiStreetBets has. Satoshi Nakamoto is the pseudonym creator of bitcoin.
Amazing fact
A single three-word tweet from Elon Musk in December sent Dogecoin soaring 20%. A previous tweet Musk, representing the currency that consumes the global financial system, increased 14%.
What to watch
Regulators and technology companies are monitoring the situation with traders. The Discord chat app banned the r / WallStreetBets forum for hate speech and the Reddit forum was temporarily open to guests only on Wednesday. Forbes contacted Reddit for comment.
Further Reading
Not just GameStop: here are the WallStreetBets meme stocks that traders are pumping during this “Extremely erratic” Reddit Rally (Forbes)
‘Let’s all get rich’ – young TikTok traders want to send Bitcoin Rival Dogecoin ‘Joke’ to the moon (Forbes)