Dogecoin on $ 1? Reddit turns to DOGE after GameStop development

Dogecoin on $ 1? Reddit turns to DOGE after GameStop development
Dogecoin might take a while to get to $ 1, but the stock market certainly doesn’t want to challenge the power of r / Wallstreetbets.

Dogecoin ( DOGE ) is up 80 percent in a day and the trading volume is up more than 800 percent. The altcoin got some publicity again

Data from Cointelegraph Markets , CoinMarketCap and Bitcoin Up indicate that there was a shift in the DOGE ecosystem overnight on Jan. 27, with the DOGE / USD pair hitting $ 0.0138.

Within a few hours, the pair rose over 80 percent on Thursday. Then it went back and was able to hold on to the support of 1 cent until the editorial deadline.

The increases were accompanied by a similar surge in social media interest: Twitter activity increased by more than 300 percent. The source, it seems, is the same Reddit group that sparked a dramatic but highly controversial bull run in the share price of US games company GameStop.

A parody Twitter account posing as a moderator for r / Wallstreetbets asked :

„Has Doge ever been to a dollar?“

As a result, the hashtags #dogecoin and # dogecointo1dollar have become more and more popular among US users. This is a long-cherished dream among altcoin investors.

Dogecoin course does the same with GameStop

Dogecoin already has something in common with $ GME: both have been mentioned in tweets from Tesla CEO and the world’s richest man Elon Musk over the past few weeks. As Cointelegraph reported , it was enough that Musk supported the DOGE-Coin with a wink to trigger serious price movements

On Reddit , users secretly tried to call to invest in the meme altcoin. Corresponding contributions will be removed by the moderators of r / Wallstreetbets.

The fear of the consequences of the GameStop development is increasing. However, cryptocurrency proponents argue that Reddit users who join forces to outsmart unprepared institutions are simply playing by the rules of capitalism.

„I know that this GameStop thing is funny, but you must remember that the real people hurt that several boats have“ added Kevin Farzad, a member of the music group Sure Sure, added .

$ GME was up 200 percent on Wednesday. The stock later fell around 15 percent from its peak. Overall, the stock has risen 1,600 percent since January 12th.