In this photo depiction, the visual representation of digital cryptocurrency, bitcoin, littoin, dogcoin, Ethereum, and Ripple is organized.
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Guangzhou, China – Dogcoin, a digital coin that was originally founded as a joke, has risen more than 800% after a Reddit board talked of making it a cryptocurrency equivalent to GameStop.
According to Konginko, DogCoin was priced at $ 0.070755 around 12.01 am Singapore, up more than 800% from 24 hours earlier. This was not far from its 24-hour high of $ 0.072330 a day.
Dogecoin was created in 2013 based on the popular “Doge” meme featuring a Shiba Inu dog. Dogecoin’s logo is a sheeba inu. It was initially started as a joke, but has since found a community.
Although it has overtaken large cryptocurrencies such as Bitcoin and Ether in recent years, its resurgence in the last few days has been lessened by the enthusiasm of a Reddit group called SatoshiStreetBets. Like the group WolvetusBats behind the GameCop rally, SatoshiChatSets is looking to pump cryptocurrency.
Satoshi is the name of the mysterious founder or group of people who developed bitcoin.
As of Singapore time, at 12.03 am, Dogcoin added about $ 7.17 billion to its market capitalization or total value, which was done in 24 hours. It had a total market cap of $ 8.2 billion, the ninth largest cryptocurrency.
On Thursday, a poster claimed that Doge is a “crypto game”. GME is the stock ticker for GameStop.
Another post suggested Doge to take $ 1 a coin. Cryptocurrency has never been at $ 1. In 2013, when it debuted, it was trading around $ 0.000232.
As the price of dogecoin has been, there has been some major fall in the price in the last few hours. Reddit users on board are encouraging people not to sell and “push”.
Tesla founder Elon Musk, who had previously tweeted about the stock and sent it to grow, had tweeted about Dogcoin in the past and hinted in April 2019 that it was his “fav cryptocurrency.”
On Thursday, she tweeted a photo of a magazine cover of “Dog” – the popular fashion title “Vogue.” Many users on Twitter and Reddit have taken this to mean that Musk was giving his support behind Doge’s rally.
A Reddit user wrote: “Mr. Musk with us .. to the moon.”
The situation with Dogecoin seems to be different for GameStop, however.
The Reddit group WallStreetBets appears to be moving the narrative to buy GameStop’s shares to create pain for hedge funds that are shorting or betting against the stock. By purchasing GameStop’s shares, a so-called short squeeze is created, forcing the fund to cover its losses. This increases the stock more.
Short sellers borrowed shares to sell them, so that they could be bought back at a lower price in the future so that they could make a profit.
But there is no such shortcoming in playing with DogCoin from hedge funds. Instead, it appears that a group of people are trying to push cryptocurrency more just to make money. One of SatoshiStreetBets early posts read: “Let’s make DOGECOIN a thing. That’s it, this post.”
Such activity is not new in the cryptocurrency space and has been going on for many years.
In 2018, the US Commodity Futures Trading Commission (CFTC) sounded the alarm over “pump-and-dump” schemes. This is when a certain cryptocurrency is hypnotized online and then more and more people buy. Those who were in early sales when the price was high, but many would buy near the top and lose money.