Dogecoin Soars 900% As GameStop Crowd Diversifies Its Portfolio With Cryptocurrency
The stock craze that started with the /r/WallStreetBets subreddit and GameStop continues spreading, and the half-meme half-cryptocurrency Dogecoin, named after the beloved Doge, has become the target of a big pump. And as Robinhood and other brokerages imposed restrictions on buying shares of GameStop and other popular stock on Thursday, more of the frustrated crowd tapped into the cryptocurrency, sending to a record high, with Dogecoin price increasing tenfold compared to just two days earlier.
Inspired by the immense surge in the price of GameStop and several other stocks triggered by the trading subreddit WallStreetBets, crypto-oriented communities like /r/SatoshiStreetBets and /r/Dogecoin set its eyes on Dogecoin, a coin created in 2013 after a humorous tweet about a cryptocurrency based on Doge was turned into reality.
Elon Musk, who tweeted about GameStop in the previous days, pitched in by tweeting the cover of "Dogue," possibly hyping the coin even more.
— Elon Musk (@elonmusk) January 28, 2021
As posts multiplied and went viral both on Reddit and Twitter, the price of the currency that fluctuated between $0.002 and $0.003 for the most part of the last year spiked to $0.07 on January 28th, gaining over 900 percent in one day.
Meanwhile users on Reddit and Twitter have been celebrating the one-day success with Doge memes, encouraging each other to not sell just yet.
Back in July 2020, traders on TikTok pumped the price of Dogecoin to Dogecoin Challege, with the price of the currency growing 100% between July 5th and 9th before slumping back days later. And it appears that those left carrying the bag back in July got their another chance.
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