Following the recent GameStop/Reddit share fiasco, and the fact that Reddit users were excluded to trade meme stocks after brokerage Robinhood shut down their ability to buy, a windfall seem to have occurred in the cryptocurrency space. Specifically, the “joke” crypto Dogecoin.
The Doge-faced cryptocurrency, originally worth fractions of a cent for most of its existence since 2016, has suddenly risen from US$0.007681 on 27th January to US$0.049 after 28th January in the evening (via Forbes). The reason? It’s the latest target of Redditors and folks from the WallStreetBets subreddit who are responsible for surging stocks in GameStop and AMC, in a move to frustrate hedge fund managers looking to profit of the short-selling of GameStop’s stocks (the ones expecting a decline).
It also had a lot to do with Tesla’s Elon Musk tweeting this Doge-themed meme during that period of time.
— Elon Musk (@elonmusk) January 28, 2021
For more on the GameStop/WallStreetBets subreddit story, head here.