Dogecoin price sees a 90% rise

Digital Yuan

TL;DR Breakdown 

  • WallStreetBets creates a frenzy that leads to a rise in Dogecoin price.
  • The asset value could continue to increase if Elon Musk tweets about it.

One Reddit community that has been in the news in recent times is WallStreetBets. The community members made a financial investment that has sent shockwaves into the general financial industry’s spines. Somehow, they have been able to make the value of the most-shorted stock GME [GameStop] rise by over 800%, and they appear ready to replicate the same thing with Dogecoin.

Dogecoin’s value rises by 90%

WallStreetBets members’ decision to go long on GME has resulted in one of recent times’ top financial news. As at the time of writing, the value of the stock has surged to new heights. This has been in the news repeatedly because Melvin Capital, a hedge fund, has covered for the short positions; resulting in losses running into billions of dollars.

While the GME stock was unfurling, a Twitter user named “WSB Chairman” created some frenzy in the crypto Twitter market space when he tweeted, “Anybody own Bitcoin?” Many crypto enthusiasts began replying to the tweet, and in no time, some of them began to spam different altcoins.

However, Dogecoin appears to be riding the spamming wave as its value jumped by 85% in less than two hours. Different crypto traders have now been purchasing the “parody of the crypto world” en masse as of press time. One of them appears to be RookieXBT

What happens next?

Already, Elon Musk had made tweets about the WallStreetBets community, and it wouldn’t be astounding if he were to tweet about Dogecoin. 

If Musk should make a tweet about the asset, the asset’s value could continue its meteoric rise. Angela White, an adult movie star, recently made it known she has been investing in the crypto coin since 2014, which made it rise by almost 125%.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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