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Reddit Investors Jump on Joke Cryptocurrency, Pumping Billions into Market
Some believe that Elon Musk was also subtly pumping the coin.
The power of the social media-driven retail investor is very real, and you can tell that by just how spooked the institutional pundits are acting.
CNBC has been on a nonstop tour de Schadenfreude as the old guard financiers melt down over Reddit users and Twitter trolls gaming the system that was created by Wall Street years ago. They watched The Big Short, figured out the best way to reverse-win that game, and went for … in a big way.
Now, as GameStop stock is bankrupting hedge funds on Wall Street, Reddit has turned to pumping a little known “meme coin”…and it’s working.
Dogecoin, a digital coin originally founded as a joke, skyrocketed Thursday after a Reddit board talked about making it the cryptocurrency equivalent of GameStop.
The price of dogecoin stood at $0.057410 at 10 a.m. ET Friday, according to Coingecko, up around 150% on the day. It had eased from $0.070755 late Thursday when it had seen a surge of 800% in just 24 hours. The virtual currency had earlier hit an intraday high of $0.072330.
Dogecoin was created in 2013 based on the popular “doge” meme at the time which involved a Shiba Inu dog. The logo of dogecoin is a Shiba Inu. It was initially started as a joke but has since found a community.
Some believed that Tesla founder Elon Musk may have been pushing the coin as well, albeit very subtly.
— Elon Musk (@elonmusk) January 28, 2021
Musk had previously expressed concern about the halting of trading on the Robinhood app, as well as tweeting some encouragement to those sticking it to the hedge funds.
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