Investors had pumped Dogecoin‘s price by 1,000%, imitating the GameStop saga. However, money quickly left the stock to XRP and Stellar.
Meanwhile, retail investors high-tailed it out of GameStop right after regulators stepped in to hinder the bleeding from hedge fund pockets, over in crypto, another bubble emerged just overnight.
The currency concerned was Dogecoin, and the group of retail investors looking to pump, and it seems, also dump the project – was a WallStreetBets copycat subreddit named SatoshiStreetBets.
Last Thursday, the community that boasted 86,500 users started discussing imitating the explosion in GameStop stock’s price on Dogecoin.
The coin that started the day at $0.007 had reached highs of $0.035 as the Redditor took to exchanges to push up the price and aided the project to go viral.
In just 24 hours, the trading volume went from a fiat $230M to $17.5B, driving the project’s market cap north of $9B, according to a data company named Nomics. Dogecoin became a trending topic on Twitter globally, beating out the news of an American actress Cicely Tyson’s death.
However, no sooner had the price shot up and then everyone was glad about the price surge, money had started flowing out of Dogecoin into other projects, an analyst from Twitter, Luke Martin, stated.
He then noticed that money seemed to be siphoned away from DOGE into XRP, which has seen a 20% rise in the number of hours. The price by the start of the day on Friday had collapsed down to 0.008 to roughly where it had started 24 hours before. However, some were not very happy about it.
While the boom has been short-lived, asset prices in all crypto have turned green, with Ripple up to 7.6%, and Stellar surged to a whopping 23%. Bitcoin and Ethereum have ticked up but didn’t seem to get caught up in the DOGE hysteria.
So remember, anything that fiat can do, crypto can do better.
Wall Street bounces back as investors split over retail market moves. It’s been a topsy turvy week for Wall Street. Yesterday the markets recorded their most significant losses in months, but today things are back in the green.
The Dow, S&P, and Nasdaq have all closed up as US joblessness figures dropped lower than 900,000 for the first time in weeks and the US economy geared up for a recovery. However, while it was happening, the investors that had pushed up GameStop were at it again.
Shares of AMC soared in late trading after a regular-session slide, as did the shares of BlackBerry, Express, Bed Bath & Beyond, and Nokia.
Meanwhile, many opinion pieces have been pointed out that the story is about inequality: wealthy people have continued to get richer off the back of distressed companies, and others are mad.
Hedge fund billionaire Leon Cooperman has told everyone how unfair it was that new retail investors were disrupting the order of things.
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