Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks

Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks

Dogecoin (DOGE) is up 80% in a day and trading volume has spiked more than 800% as the altcoin sees a publicity surge with a familiar source.

Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks
DOGE/USD 1-day candle chart (Binance). Source: Tradingview

DOGE to $1?

Data from Cointelegraph Markets, CoinMarketCap and Tradingview showed a transformation taking place in the DOGE ecosystem overnight on Jan. 27, with DOGE/USD hitting $0.0138.

In a matter of hours on Thursday, the pair added over 80% to its spot price before correcting, still holding 1 cent support at the time of writing.

The gains accompanied a similar surge in interest on social media, with Twitter activity up by more than 300%. The source, it appears, is the same Reddit group that sparked a dramatic but highly controversial bull run in the stock price of U.S. consumer electronics firm GameStop.

A parody Twitter account posing as the moderator for r/Wallstreetbets queried:

“Has Doge ever been to a dollar?” 

Subsequently, the hashtags #dogecoin and #dogecoininto1dollar began trending among users in the United States, referencing a long-held dream among the altcoin’s investors.

Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks
BTC/USD, DOGE/USD (blue), $GME (orange). Source: Tradingview

Dogecoin price licks GameStop’s heels

Dogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world’s richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk’s tongue-in-cheek endorsement of DOGE was enough to induce serious price action.

Gamestonk!! https://t.co/RZtkDzAewJ

— Elon Musk (@elonmusk) January 26, 2021

On Reddit itself, users attempted to insert hints to invest in the meme-based altcoin, despite dedicated posts being removed by r/Wallstreetbets moderators. 

As the fear of repercussions mounts over GameStop’s performance, meanwhile, cryptocurrency proponents argue that Reddit users combining forces to outpace unprepared institutions are simply playing by the rules of capitalism.

“I know this GameStop stuff is funny, but you have to remember this is hurting real people who own multiple boats,” Kevin Farzad, a member of music group Sure Sure, added.

$GME gained 200% on Wednesday, with after hours trading seeing a reversal of around 15% from the top. Overall, the stock is up 1,600% since Jan. 12.

Title: Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks
Sourced From: cointelegraph.com/news/dogecoin-to-1-dollar-reddit-turns-to-doge-after-gamestop-surges-1-600-in-2-weeks
Published Date: Thu, 28 Jan 2021 08:42:06 +0000

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

John Diaz

John Diaz– Stocks Market I am John Diaz and I’m passionate about business and finance news with over 11 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind topmagazinewire.com with a vision to broaden the company’s readership throughout 2019. I am an editor and reporter of “Stocks Market” category.

Leave a Reply

Your email address will not be published. Required fields are marked *

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami