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Is Dogecoin the new GameStop?
Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke
Trading Is So Weird This Week That Even Dogecoin Surged
Commentary: Is Dogecoin the next investment craze after GameStop?
Dogecoin value skyrockets after the GameStop stock rally.
 
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Trading Is So Weird This Week That Even Dogecoin Surged
Dogecoin: GameStop frenzy takes crypto market over $1 trillion as Reddit stock investors switch to bitcoin rival As a year crypto investor "Bitcoin rival" is a.
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After whipping up a market frenzy in stocks for GameStop and BlockBuster, Redditors are on a new mission: to get joke cryptocurrency.
An online community has exploded in popularity as the Dogecoin cryptocurrency has soared in price, becoming reminiscent of the GameStop.
GME is the stock ticker for GameStop. Another post suggested taking doge to $1 a coin. The cryptocurrency has never been at $1.
Dogecoin has been rising in value recently, spiking to new levels in price. But is it the new GameStop because it's fueled by Reddit and the.
Despite reports that Reddit's r/WallStreetBets was part of the reason the group prefers to keep its focus on stocks, with GameStop remaining a.
Hype on Reddit and other social media sites also seems to be propelling Dogecoin to new heights, although in this case it might be more for.
Dogecoin price: How the Reddit GameStop frenzy inflated the value of a meme cryptocurrency – and what it is. Dogecoin was trading at around.
Reddit threads proclaim Dogecoin's value as a new global currency. Musk himself shared a similar sentiment a few days ago.

Reddit frenzy pumps up Dogecoin, a cryptocurrency started as a joke
To learn more or opt-out, read our Cookie Policy. Dogecoin has been rising in value recently. The Redditors beat out the hedge fund companies, who were planning to sell stock at a low value. Not really. But there is a comparison to be made, according to Bloomberg. But because people are buying into Dogecoin, investors have less of an interest in other cryptocurrencies, impacting the entire market. Print Subscriptions. Deseret News homepage. Filed under: U. Is Dogecoin the new GameStop? Reddit Pocket Email Linkedin. An illustration of the Dogecoin meme cryptocurrency. So does this make Dogecoin like GameStop? After all, Dogecoin blows apart the traditional crypto narratives, so it makes the whole thing look like a joke. Next Up In U. What happens now? Could Shiba Inu coin double in value? Loading comments... The Latest. Memphis Grizzlies bow out of series with a lackluster effort in Game 5, but say they will be back By Jay Drew. By Herb Scribner.
The cryptocurrency has long enjoyed a cult-like following among online forums and retail investors appeared to flock towards it in response to trading limitations being placed on certain stocks that were pumped by the equally meme-loving Reddit forum WallStreetBets. Unlike traditional stocks, it is difficult to place trading limits on cryptocurrencies like bitcoin and dogecoin due to their decentralised design. Join thought-provoking conversations, follow other Independent readers and see their replies. Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today. More about bitcoin dogecoin cryptocurrency. Forgotten your password? Want an ad-free experience? Subscribe to Independent Premium. View offers.
Dogecoin, a digital coin originally founded as a joke, skyrocketed Thursday after a Reddit board talked about making it the cryptocurrency equivalent of GameStop. 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. At 12. On Thursday, one poster claimed Doge is the "crypto gme". GME is the stock ticker for GameStop. As the price of dogecoin rocketed, there have been some big dips in the price over the past few hours. Reddit users on the board are encouraging people not to sell and to "keep pushing. Elon Musk, the Tesla founder who previously tweeted about stocks before and sent them rising, has tweeted about dogecoin in the past and indicated in April 2019, that it was his "fav cryptocurrency. On Thursday, he tweeted out a picture of a magazine cover of "Dogue" — a play on popular fashion title "Vogue. The Reddit group WallStreetBets appears to be pushing the narrative of buying GameStop shares in order to create pain for hedge funds that are shorting or betting against the stock. By buying GameStop shares, a so-called short squeeze is created, forcing funds to cover their losses. This pushes the stock higher. Short sellers borrow shares to sell them, in order to buy them back at a lower price in future so that they can pocket the profit. Instead, it appears a group of people are just trying to push the cryptocurrency higher to make money. That's it, that's the post. In 2018, the U. This is when a certain cryptocurrency is hyped online and then more and more people buy. Those who were in early sell when the price goes high, but many will purchase near the top and lose money. Skip Navigation. Markets Pre-Markets U. Key Points. Elon Musk tweeted out a picture of a magazine cover of "Dogue" — a play on popular fashion title "Vogue. In this article. VIDEO 5:23 05:23. CoinShares chairman Danny Masters on bitcoin's recent records and what's driving crypto markets. Satoshi is the name of the mysterious founder, or group of people, who developed bitcoin.
When it comes to investing, throwing caution to the wind is not generally considered the optimum tactic. The subreddit, which has grown its membership to almost six million, has been investing en masse in shares of GameStop , the US video game retailer. The boom has made some Redditors huge amounts of money, while costing hedge fund managers billions. The entire investment industry is in turmoil , and big names like Elon Musk and Alexandria Ocasio-Cortez have waded into the debate. The knock-on effect has seen shares in the likes of BlackBerry and AMC rise in value , as well as one of the more niche cryptocurrencies in existence — Dogecoin is back. Dogecoin is a cryptocurrency based on the meme of a surprised-looking Shiba Inu that gained popularity in 2013. The cryptocurrency was invented by software engineers Billy Markus and Jackson Palmer in December that year. Their aim was to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. However, its existence is also something of a joke. Its price rocketed by more than 900 per cent, to an all-time high of around 6. It currently sits at around five cents. The rise is linked to the GameStop phenomenon, and Reddit and Musk can once again be held largely responsible. Its interference led people to instead pump money into crypto. Bitcoin saw its value increase by around 18 per cent on Thursday, and other coins followed suit. But it is Dogecoin that has benefitted the most, thanks to both its meme-ability and Musk once again promoting it on social media. Investing in any type of cryptocurrency is a significant gamble, but that is even more true of a meme coin like Dogecoin. Much like Bitcoin, its price has been extremely volatile. Contact us Sign up for newsletters. By Alex Finnis Reporter. January 29, 2021 11:14 am Updated 11:15 am. Get financial advice and industry news, to you help manage your money. Email address is invalid Thank you for subscribing! Sorry, there was a problem with your subscription.
And the past week has complicated this further. For many cryptocurrency investors, the value of Bitcoin is based on the fact it is artificially scarce. And unlike national currencies such as the Australian dollar, the rate of release for new Bitcoin is slowing down over time. Launched in 2013, there are now 100 billion Dogecoin in existence, with as many as five billion new coins minted each year. But how can a currency with a seemingly unlimited supply have any value at all? But Dogecoin is much more interesting when seen through a cultural lens. Now, Dogecoin has outlasted almost all the early derivative altcoins and has a thriving community of investors. In 2014, Dogecoin holders sponsored the Jamaican Bobsled Team. Musk himself shared a similar sentiment a few days ago. Speaking on the app Clubhouse, he said:. Dogecoin was made as a joke to make fun of cryptocurrencies, but fate loves irony. The most ironic outcome would be that Dogecoin becomes the currency of Earth in the future. The reality is few cryptocurrency users hold it as a serious investment or to use in regular transactions. Instead, to own Dogecoin is to participate in a culture. This swarm behaviour was unlike anything seen before — and it frightened global financial markets. Some people participate in financial markets as a form of consumption — meaning for entertainment, leisure and to experience community — just as much as they do for investment. Almost by definition, the demand for a memecoin will fluctuate as wildly as internet culture itself does, turning cultural bubbles into financial bubbles. By inspecting Dogecoin closely, we can learn a lot about the interplay of technology, culture and economics. Customers talk against a backboard with signs of cryptocurrency during 2020 Taipei International Finance Expo in Taipei, Taiwan, November 27, 2020. Moreover, cryptocurrencies are extraordinarily diverse. Some are built for small payments or to be resilient holders of value. Others protect financial privacy or act as an internal token to manage smart contracts, supply chains or electricity networks. Under the hood, Bitcoin and Dogecoin look almost exactly the same. Their code differs in only a few parameters. But their economic functions are almost entirely opposite. If none of what happened with GameStop made sense to you, listen to financial veterans break down how different players powered the surge and which listed company could see copycat attacks in CNA's Heart of the Matter podcast:. This commentary first appeared on The Conversation. Skip Navigation Jump to Main. Stay on top of major news and announcements made through the workday. Invalid email address It looks like the email address you entered is not valid. This service is not intended for persons residing in the EU.