Top line
The value of Dogecoin, a cryptocurrency originally invented as a joke, rose on Thursday as Reddit traders targeted it in an attempt to reflect the impressive share of growth in companies with strong shortcomings such as GameStop, BlockBuster and AMC.
Dogecoin value increases as some Redditors try to mimic r / WallStreetBets (Photo by Yuriko … [+]
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Key facts
At the time of writing, Dogecoin has grown 56% in the last 24 hours and recorded an increase in trading volume of 1,421%, according to cryptographic data company CoinMarketCap.
Reddit users in the r / CryptoCurrency and r / SatoshiStreetBets discussions referred to r / WallStreetBets’ efforts to remove Wall Street stores from very short-circuited stocks and urged people to buy Dogecoin.
Many do this enthusiastically and a single thread, titled “Dogecoin is the next GME / Bitcoin” (GME is GameStop Corp.), said that getting Dogecoin at $ 1 per coin (currently is around $ 0.01) it would be “an incredible achievement” and “completely” change the cryptographic market … Dogecoin per month. ”
Other encouraging posts said “it’s doge time”, “we need doge at $ 1” and “doge = crypto gme”.
Key background
Thousands of home traders, many who use Reddit forums to inform their trading, are accumulating resources in a series of heavily shortened and disliked stocks, in an attempt to drive away and penalize Wall Street pylons. Such meme companies include the bankruptcy of Blockbuster, GameStop, BlackBerry and AMC. Irregular and unpredictable markets worried officials, and White House Press Secretary Jan Psaki said the Treasury Department was “monitoring” the transaction. “However, it is a good reminder that the stock market is not the only measure of the health of the economy,” Psaki said.
Big number
24,900. This is the number of members of the r / SatoshiStreetBets subreddit. Satoshi Nakamoto is the creator of the pseudonym bitcoin.
Surprising fact
A single three-word tweet from Elon Musk in December sent Dogecoin up 20%. An earlier one tweet from Musk, describing the currency that consumes the global financial system, saw it rise by 14%.
What to watch
Regulators and technology companies monitor the situation with traders. The Discord chat application banned the r / WallStreetBets forum for hate speech, and the Reddit forum was temporarily invited only on Wednesday. Forbes contacted Reddit for comments.
Additional readings
Not just GameStop: here are stocks of WallStreetBets memes Traders pump during this “extremely erratic” Reddit rally (Forbes)
“Let’s all get rich” – TikTok teen traders want to send Bitcoin Rival Dogecoin “joke” to the moon (Forbes)