Dogecoin dives after rally, sparking outcry from Reddit Holdouts

Photographer: Yuriko Nakao / Getty Images

Dogecoin, a Shiba Inu-themed digital coin started as a joke that became the latest obsession with retail traders at the end of this week, almost plunged in half on Saturday, sparking a wave of pleading messages on Reddit and Twitter. coin holders don’t panic sell.

The digital coin has fallen 46% in the past 24 hours and was at $ 0.02582 as of 4:35 p.m. in New York on Saturday, according to CoinMarketCap data. The plunge came after a meteoric wave of seven times Friday, when the coin hit above $ 0.07.

Reddit feed users SatoshiStreetBets – which describes itself as the “crypto version of WallStreetBets” – implores others to hold onto Dogecoin and not switch to other cryptos.

“For those who say the hype is over… we have just seen proof over the past 3-4 nights of the effectiveness of our collective efforts. The moment we get lost is the moment we fail ”. the poster said. “Look at the way the money is printed. Doge could also be used. Never say never.”

Dogecoin has become the latest obsession with retail traders in part because Tesla Inc. founder Elon Musk posted an image on Twitter of a “Mastiff” magazine cover with a whippet in a red outfit. Although no further explanation was given, many believed it was a reference to Dogecoin.

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In December, Musk’s tweet – “One Word: Doge” – was also picked up by some to refer to the play.