Dogecoin finally tumbles after a constant rise in the market. The digital coin that was started off as a joke has surged over 900% in the past week, following the Reddit rally.
Redditors pump meme stocks, Dogecoin skyrockets
The market war ignited by Redditors is not only affecting GameStop. Dogecoin, a digital coin symbolized by a Shiba Inu, also recorded a significant rise in the past week. According to Forbes, Dogecoin skyrocketed around 900% higher from its initial state just a little over 24 hours during the week. While the Wall Street Bets community on Reddit plays a significant part in the surge, Robinhood’s sudden halt on several securities’ shares purchase is causing the shift to Dogecoin’s purchase.
Accordingly, other most sought cryptocurrencies are comparably weak to Dogecoin’s surging record. Forbes noted that Bitcoin recorded just over 6.5% incline as of Saturday afternoon. Meanwhile, Ethereum went just over 9.5% higher.
Elon Musk seems to be up on the rally too. Just a few days ago, Musk tweeted an edited image of “Dogue” magazine, possibly hinting on Dogecoin. Following Tesla’s tweet, Dogecoin spice spiked 50% in only an hour afterwards. This is not the first time Musk has shown his familiarity with Dogecoin. Last year, Musk even mentioned on his personal Twitter that Dogecoin is his “fav cryptocurrency,” which also pumped Dogecoin’s value.
Dogecoin tumbles 46% in a day
Dogecoin is now falling. Bloomberg reported that the digital coin dropped 46% in the last 34 hours. As of Saturday, 4:35 p.m. in New York, Dogecoin’s value was at $0.02582. Quite a steep fall after peaking on Friday at a little over $0.07.
Following the news, people swarmed Reddit and Twitter to beg coin holders to refrain from panic selling. Another Reddit community, SatoshiStreetBets, which claims to be the “crypto version of WallStreetBets,” are also telling people not to switch to other cryptos yet.
Bloomberg pointed out one poster saying, “to those saying hype is over… we just saw proof over the past 3-4 nights of our collective efforts being effective. The moment we lose each other is the moment we fail.” “Doge could potentially be used as well. Never say never,” the poster continued.
Read also: GameStop Trading Halt Puts Robinhood in a Bad Place
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