Crypto Dogecoin ‘Joke’ Increases Over 500% in 24 Hours on Reddit-Driven Boon

Crypto Dogecoin ‘Joke’ Increases Over 500% in 24 Hours on Reddit-Driven Boon

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Top line

Redditors hit the crypto market, increasing the Dogecoin cryptocurrency – which was originally created as a joke – by more than 500% in a 24-hour period when they were practically cut off from popular meme stocks like GameStop, drawing the billionaire’s attention Elon Musk in doing this.

Key Facts

Dogecoin, which was traded at just a fraction of a penny for most of its existence, rose from $ 0.007681 at 8 pm on Wednesday to more than $ 0.049 shortly after 7:30 pm on Thursday.

Cryptography is the most recent target of redditors responsible for the surge in stocks like GameStop and AMC in recent days, in moves that have frustrated hedge fund managers who had sold the shares and expected a continued price decline.

Billionaire Elon Musk, who promoted the Redditors and their efforts, tweeted a Vogue-style image of “Dogue” shortly after 5:45 pm on Thursday.

The price jumped more than 50% in just over an hour after Musk tweeted.

Key Background

Redditors were virtually excluded from the ability to trade meme stocks on Thursday after popular brokerage Robinhood ended its buying capacity. The move to cut Redditors has infuriated many, including lawmakers from the two main political parties, who felt that there was a double standard being put in place by not allowing Redditors and retail traders to bet on the market while hedge funds can. Robinhood CEO Vlad Tenev said on Thursday afternoon that the broker had made “the right decision” because of a liquidity problem, but said “limited purchases” of the eight restricted securities would resume on Friday .

Tangent

This is not the first time that Musk caused a spike in Dogecoin with one of his tweets. A July tweet with a “doge” average increased encryption by 20%.

Amazing fact

Major crypts like Bitcoin and Ethereum have risen less than 10% on the day since 7:30 pm Thursday.

Further Reading

‘Let’s all get rich’ – young TikTok traders want to send Bitcoin Rival Dogecoin ‘Joke’ to the moon (Forbes)

‘It’s Doge Time’: Dogecoin Surges as Reddit Traders press to make it the Crypto GameStop (Forbes)

Robinhood to restart ‘limited’ stock trading for Meme GameStop, AMC As Reddit Rally Unravels (Forbes)

The freeze on Robinhood’s deal unites Cruz’s political enemies with Warren – and they are all angry (Forbes)

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