Who is laughing now? Retail investors are pumping joke tokens Dogecoin
The market volatility that emerged last week when Redditors from r / wallstreetbets teamed up to buy shares of GameStop (GME), AMC (AMC) and Bed, Bath and Beyond (BBBY) through the Robinhood app swam into the cryptocurrency world about when Dogecoin, a token created in 2013 to mock the growth of altcoins, caught Reddit’s attention. DOGE has a market capitalization of $ 4 billion, making it the 16th largest A cryptocurrency (or cryptocurrency) is a digital asset that … more.
Dave Jevans, CEO of CipherTrace, walked past the Robinhood offices on Willow Road on Jan. 28 and tweeted the following day:
– Dave Jevans (@davejevans) January 29, 2021
The small group of protesters who opposed Robinhood’s halting purchases of volatile stocks while hedge funds struggled to buy enough stocks to cover their short positions informed him that their next goal was Dogecoin, the on the 27th had risen to about 2 ¢ when Dave photographed the protest on the 28th. On the 29th, the token shot up to over 7 ¢ and has now leveled off at around 3 ¢.
As retail investors began turning to cryptocurrency, major crypto exchanges experienced temporary outages. Bitcoin, leveling off after significant growth in the final months of 2020, was trading over $ 39,000 at one point.
One result of the GameStop saga could be to bring cryptocurrencies further into the mainstream as an investment vehicle. On the other hand, Reddit also seems to have a penchant for the old school. On February 1st, silver stocks rose.