DOGE/USD 1-day candle light chart (Binance). Source: Tradingview
DOGE to $1?
Data from Cointelegraph Markets, CoinMarketCap and Tradingview showed a transformation taking place in the DOGE ecosystem over night on Jan. 27, with DOGE/USD hitting $0.0138.
In a matter of hours on Thursday, the set included over 80% to its area rate prior to remedying, still holding 1 cent support at the time of composing.
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 exact same Reddit group that sparked a dramatic but highly questionable bull run in the stock cost of U.S. customer electronic devices firm GameStop.
A parody Twitter account presenting as the mediator for r/Wallstreetbets queried:
” Has Doge ever been to a dollar?”.
Subsequently, the hashtags #dogecoin and #dogecoininto 1dollar began trending among users in the United States, referencing a long-held dream amongst the altcoins investors.
Dogecoin (DOGE) is up 80% in a day and trading volume has surged more than 800% as the altcoin sees a publicity rise with a familiar source.
BTC/USD, DOGE/USD (blue), $GME (orange). Source: Tradingview.
Dogecoin rate licks GameStops heels.
Dogecoin already has something in common with $GME, both properties having actually seen publicity tweets from Tesla CEO and worlds wealthiest male, Elon Musk in current weeks. As Cointelegraph reported, Musks tongue-in-cheek recommendation of DOGE was enough to induce severe rate action.
— Elon Musk (@elonmusk) January 26, 2021.
On Reddit itself, users tried to place tips to buy the meme-based altcoin, in spite of devoted posts being gotten rid of by r/Wallstreetbets moderators..
As the worry of effects installs over GameStops efficiency, on the other hand, cryptocurrency proponents argue that Reddit users integrating forces to outmatch unprepared organizations are just playing by the rules of commercialism.
” I know this GameStop stuff is amusing, however you have to remember this is harming genuine people who own several boats,” Kevin Farzad, a member of music group Sure Sure, added.
$ GME acquired 200% on Wednesday, with after hours trading seeing a reversal of around 15% from the top. In general, the stock is up 1,600% because Jan. 12.
Title: Dogecoin to 1 dollar? Reddit relies on DOGE after GameStop rises 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.
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