CryptocurrencyDogecoin just won't quit.
Dogecoin, which was initially created as a joke, is in record numbers, after 7 years of its release it’s skyrocketing.
The reasons? Well, after cryptocurrencies have been going up in value the last months, DOGE went up discreetly, but then something completely unrelated happened:
An amateur investor, Keith Patrick Gill, believed that the company Gamestop, was undervaluated in the stock market, even when their business model was outdated, he believed that they were doing thing in the right direction.
He published the findings on YouTube and Reddit, at the Wallstreetbets subreddit. Furthermore, it was discovered that Gamestop was heavily shorted in the stock market, beyond logic at this point, and this shorts where susceptible to a short squeeze.
And rightfully so, redditers joined together to buy GME stock, and the price started to increase, short options started to close, increasing the price even further and making the retail investors from Reddit win a lot of money.
At some point the “money for all” party ended, and this group of people had plenty of cash and the realization that they were strong enough to move markets acting together, so they were looking to repeat the strategy.
They invested in other companies that were heavily shorted, but also went to the crypto world, and here is where Dogecoin enter the scene. It was chosen by this collective to invest in it. Other celebrities like Elon Musk joined the party and promoted the Dogecoin.
But all this was a over a week ago, and the DOGE decreased in value after that, until now which is in a new high record, so it seems that it is not a one night stand.
Will its new fame last? Has it any future? We don’t know, but something it’s for sure, the DOGE is not quitting any time soon.
MUCH WOW. #Dogecoin #Cryptocurrency #Gamestop #Crypto #Wallstreetbets18
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