With Dogecoin‘s price pumping by 90 per cent in a matter of hours, the Reddit group WallStreetBets’ drama with main street hedge funds has now permeated the cryptocurrency market. This rise has led to DOGE approaching the charts with its old ATH.
For a host of factors, some of which include viral TikTok videos or Elon Musk tweets, Dogecoin was in mass media. In fact, if Elon Musk continues to join the party as usual, the aforementioned surge could proceed.
WallStreetBets & Dogecoin
“The name WallStreeBets has recently cropped up as a bunch of “memers” in the mass media who have all longed for the most-shortened stock GME [GameStop]. At the time of publication, this sent the stock prices of GME hurtling, with the same rise of over 880 percent in one week.
What’s noteworthy about the surge in GME stock is that its short stake has been filled by Melvin Money, a hedge fund allegedly at the forefront of all GME shorts. Not only has this lead to billions in defaults, but this has also led to the foul weeping of main street traders/hedge funds.
With the drama over GME stocks unfolding before our eyes, a Twitter user with the screen name “WSB Chairman” tweeted:
Anybody own Bitcoin?
— WSB Chairman (@WSBChairman) January 28, 2021
This tweet was greeted with responses from several of the cryptocurrency enthusiasts on the sector, all of whom have been left out of the WSB chaos. Accordingly, many began to spam numerous altcoins. Dogecoin, though, has been the one of these altcoins to come to the top and catch the lot’s most attention.
Outcome? Ok, at the time of publication, Dogecoin had pumped 85 percent in 90 minutes.
A look at DOGE’s charts would suggest that perhaps, a few whales caught the scent of what was about to happen and jumped on the bandwagon too. In fact, two pseudonymous traders RookieXBT and CoinMamba posted long positions, well before the pump actually began.
ahhh cryptic currency traders can make money too
good night pic.twitter.com/n9MonhrS6k
— RookieXBT 🧲 (@RookieXBT) January 28, 2021
What’s next for Dogecoin?
It wouldn’t be shocking with Elon Musk still on the WSB bandwagon if he were to tweet about the new Dogecoin pump. If this occurs, so the Dogecoin will not be held back. Levels for keeping an eye out include $0.0159 and $0.0183, both price points at the 78.6% and 100% Fibonacci levels, respectively.
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