Dogecoin, the cryptocurrency including the celebrated “doge” Shiba-Inu meme, broadly began as somewhat of a meme itself. Never terribly successful, yet reliably in the crypto zeitgeist, the coin has stood out as truly newsworthy this week as the ever-growing community of day traders on Reddit and Twitter chose to zero in their endeavors on keeping the Dogecoin alive as its worth plunged by almost half on Saturday.
Retail traders posted online trying to stab confidence in the coin and asked cynics not to sell in the following frenzy. As of Friday, the coin had surged multiple times its value to $0.07 yet was stopped as commercial centers, such as Robinhood stopped account deposits for cryptocurrency purchasing because of “remarkable economic situations.” This didn’t end purchasing utilizing funds previously deposited, however. The coin is down around half over the most recent 24 hours, floating around $0.038 as of composing.
Clients on the subreddit SatoshiStreetBets are among the community asking traders not to panic sell. The Reddit page is self-described as “crypto rendition of WallStreetBets,” the subreddit behind the GameStop stock surge and fluctuations this week.
The rallying mantra of the subreddit does for sure appear to reflect that of WSB, as one client was cited saying, “The second we lose each other is the second we fall flat.” Other posts and answers consider this a “battle” and endeavor to impart trust in the coin by publicizing its genuine usefulness and procuring potential.
Many readers may be wondering, where is Elon Musk in the entirety of this? There was his notorious “Gamestonks” tweet a week ago, and obviously, he was unable to remain his hand here either. Musk’s tweet commitments incorporated a cover page of “Dogue” magazine and a straightforward message back in December, “Single word: Doge.”
Many accepting this as a push to put resources into Dogecoin and might have been a contributing factor to the huge spike before the end of the week. Like other late underdogs in the stock market, Dogecoin’s future is unpredictable.