Dogecoin rises as Reddit traders push to make it the crypto game

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Topline

The value of Dogecoin, a cryptocurrency originally invented as a joke, surged on Thursday as traders on Reddit target it in an attempt to reflect the mind-boggling share increases in heavily bypassed companies like GameStop, BlockBuster. and AMC.

Dogecoin value rises as some Redditors attempt to emulate r / WallStreetBets (Photo by Yuriko … [+] Nakao / Getty Images)

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Highlights

At the time of writing, Dogecoin is up 56% in the past 24 hours and has seen a 1421% increase in transaction volume according to crypto data firm CoinMarketCap.

Reddit users on the r / CryptoCurrency and r / SatoshiStreetBets threads referred to r / WallStreetBets’ efforts to oust Wall Street stores from heavily sold stocks and urged people to buy Dogecoin.

Many are doing this enthusiastically and a thread, titled “Dogecoin is the Next GME / Bitcoin” (GME is GameStop Corp.), stated that getting Dogecoin at $ 1 a coin (it’s currently around 0.01 $) would be “an incredible achievement” and “completely change the crypto market… Dogecoin on the moon. ”

Other encouraging articles read “it’s doge time”, “we need $ 1 doge” and “Doge = the crypto gme”.

Key context

Thousands of home traders, many of whom use the Reddit forums to educate their trading, are stacking resources in a number of heavily sold and unappreciated stocks in an attempt to drive out and penalize the mainstays of Wall Street. These companies even include bankrupt Blockbuster, GameStop, BlackBerry, and AMC. The erratic and unpredictable markets have worried officials and White House press secretary Jan Psaki said the Treasury Department is “monitoring” trading. “It’s a good reminder though that the stock market isn’t the only measure of the health of the economy,” Psaki said.

Large number

24,900. This is the number of members of the r / SatoshiStreetBets subdirectory. Satoshi Nakamoto is the pseudonymous creator of Bitcoin.

Surprising fact

A single three-word tweet from Elon Musk in December pushed Dogecoin up 20%. One earlier Tweeter de Musk, representing the currency consuming the global financial system, saw it rise by 14%.

To monitor

Regulators and tech companies are monitoring the situation with traders. The Discord chat app banned the r / WallStreetBets forum for hate speech, and the Reddit forum temporarily went invite-only on Wednesday. Forbes contacted Reddit for comment.