Technology

The unexpected reason why Dogecoin increased 373%


In just 24 hours, a group of Reddit people helped Dogecoin’s crypto value skyrocket. Dogecoin is currently priced at $ 0.0469.

Virtual currency Dogecoin – Litecoin-based digital currency, inspired by the famous “Doge” meme – has in recent years been outperforming Bitcoin and Ethereum.

Recently, a Reddit forum called SatoshiStreetBets urged people to buy Dogecoin with the ambition of pushing up the value of this coin.

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Dogecoin’s value soared thanks to Reddit. Image: New York Post.

According to the CNN Business, Dogecoin has soared to 373% in the past 24 hours. At one point, it rose to 613%. A Dogecoin currently has a price $ 0.0469 and holding a record.

At 1am (local time), data from Coinmarket said Dogecoin’s market cap has increased by roughly 7.17 billion USD. Its total market capitalization is 8.2 billion USDmaking it the ninth largest cryptocurrency.

A post on the forum proposes to push the value of a Dogecoin up 1 USD. According to the CNBC, cryptocurrency never reached this level. As of 2013, Dogecoin was only transactional 0.000232 USD.

This is a memorable turning point in the revolt of retail investors around the world. For hours, the SatoshiStreetBets forum was filled with memes and images of shiba inu – the dog that inspired Dogecoin.

One user urged people to link together to hoard Dogecoin waiting for the day when the coin reached its peak. Others urged investors in India and Europe to support Dogecoin’s value for hours.

Even Elon Musk participates in this movement. On January 28, he tweeted a cover photo of Vogue’s magazine. However, the title says “Dogue” instead of “Vogue”.

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The photo was posted on Twitter by Elon Musk. Image: U Today.

The CEO of Tesla once expressed Dogecoin as his favorite coin. In December 2020, he went viral: “Just one word: Doge”. A few months ago, Musk also tweeted another image of Dogecoin, causing the coin’s value to increase 14%.

Dogecoin’s drive to increase value began after a popular Reddit forum, WallStreetBets, attempted to push up Gamestop’s stock value.

Specifically, many short sellers borrowed securities from Gamestop and sold them. Taking advantage of the company’s shares fell, they bought them back at a lower price to benefit from the difference.

The actions of short sellers do not get Elon Musk’s approval. He issued a statement if the value of Gamestop’s shares increased 1000 USDHe would attach the company’s logo to the rocket and launch it into space.

Immediately after sharing from Musk, WallStreetBets forum together brought the value of Gamestop shares up at a “dizzying” speed. As a result of this movement, short sellers are sitting on fire because they have to buy shares at a higher price.

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Crypto investors believe they can change Dogecoin. Photo: UNILAD.

The story of the WallStreetBets forum probably inspired the action this time by SatoshiStreetBets. They believe that amateur investors can still make a difference if they work together.

“We are the ones that determine the value of Dogecoin,” said a member of the forum.

It is not uncommon for cryptocurrencies to be valued by a community.

Although Dogecoin is skyrocketing, there have been some times when the price of this coin has dropped. However, users on the Reddit forum still encourage people not to sell and “keep pushing.”

In 2018, the US Commodity Futures Trading Commission (CFTC) issued a warning bell about “pumping up prices” plans. Accordingly, many people refused to sell cryptocurrencies on the grounds of waiting for money to peak. As a result, they again suffer losses because the currency depreciates.

According to the Zing / CNN

How much money has humanity poured into Bitcoin?

If you convert the capitalization of Bitcoin to a $ 1 note, it will equal 91 Burj Khalifa buildings stacked.

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