A couple of hours ago, the Chairman of the WallStreetBets group asked about Dogecoin on Twitter. Moments later, the price of the digital token DOGE soared over 85% despite the unfavorable price trends that envelope top cryptocurrencies in the market, especially Bitcoin (BTC) and Ethereum (ETH).
Dogecoin (DOGE) Went Flying after Wall Street Bets Chairman’s Tweet
The price of the popular meme coin, Dogecoin (DOGE), went flying today. The price of the digital currency surged by relatively 90% in just a few hours after the Chairman of the famous Wall Street Bets group tweeted about the cryptocurrency.
A few hours ago, WSB Chairman asked whether or not DOGE has ever traded at $1.
Wall Street Bets group Chairman tweeted, “Has Doge ever been to a dollar?”
Has Doge ever been to a dollar?
— WSB Chairman (@WSBChairman) January 28, 2021
After the tweet was posted, the price of DOGE in the market skyrocketed. The digital currency surged by about 85% in a matter of hours and reached an intraday high at around $0.0145.
Although the price has since retraced, the momentum is still in the market. At the time of filing this report, DOGE is trading at $0.01137, with about a 40% price uptrend in the last 24 hours.
What’s the Reason for the Excitement?
The reason for the excitement is what recently happened with the stock price of GameStop.
The Wall Street Bets group on Reddit saw more than 2 million people joining it with the common cause of buying GME stock against the trades of Wall Street hedge funds, who have been shorting it.
Not long after that, the price soared by up to 600%, causing mayhem on Wall Street and even getting one large hedge fund out of its position for what was reported as a massive loss.
The entire ordeal even saw the CEO of NASDAQ say that they would potentially halt trading in case of increased social media chatter.
“When we evaluate how we would manage through a situation where you see a significant run-up with a stock that is not based on news or fundamentals, we have technology that evaluates social media chatter, and if we see a significant rise in the chatter on social media channels and we also match that up against unusual trading activity – we will potentially halt that stock.”