Print   Close

Dogecoin, the meme-based cryptocurrency, rises by 80 per cent after Gamestop frenzy on Reddit

India Today Tech     January 29, 2021

Dogecoin, a digital currency, based on a meme has spiked up to 80 per cent while also seeing an exponential increase in trading volume over 800 percent. Dogecoin hit $0.0138 on January 28 days after the Gamestop frenzy on Reddit that caused Gamestop's share to soar by nearly 2,000 per cent, since the beginning of the year. Dogecoin has seen a resurgence, credits to Reddit and a tweet from from the now famous Wall Street Bets. The "chairman" of WallStreetBets Thursday on Twitter wrote, "Has Doge ever been to a dollar?" Hours later million of people joined the subreddit Satoshi Street Bets and wrote about "taking doge to the moon," encouraging users to not sell the Dogecoin till its value reaches a dollar.

The subreddit r/SatoshiStreetBets refers to itself as the "Crypto version of WallStreetBets," the group on Reddit that caused Gamestop, the struggling electronic retailer to soar by nearly 2,000 per cent. The Redditors pushed the price of the stock, somewhat beating Wall Street hedge funds at their own game.

However, reports speculate that there is no shorting aspect to Redditors pushing dogecoin on the platform like it was for Gamestop. However, people are trying to push the cryptocurrency higher to make money. One of the early posts on SatoshiStreetBets read: "Let's make DOGECOIN a thing. That's it, that's the post."

Dogecoin was created by software engineers Billy Markus and Jackson Palmer. Dogecoin was created in 2013 as a joke but later found a community. The digital currency's logo is based on the popular "doge" meme at the time which involved a Shiba Inu dog. The logo of dogecoin is a Shiba Inu.

Tesla CEO Elon Musk on Thursday tweeted out a picture of a magazine cover of "Dogue" a play on the popular fashion title "Vogue." People on Twitter and Reddit interpreted Musk's tweet as support behind the doge rally.

Musk's tweets seem to affect his followers or people in general. Similar, was the case when he urged his followers on Twitter to "Use Signal," after which millions flocked to the messaging platform.

He has also said that a future Mars economy could be based on cryptocurrency, such as bitcoin. Last month, Musk had tweeted "One word: Doge," to his 40 million followers. He had also written "Mars economy will run on crypto," in a reply to a tweet.

URL for this article :
@ Copyright 2019 India Today Group.