The Reddit group WallStreetBets’ drama with major avenue hedge funds has now permeated the cryptocurrency sector with Dogecoin’s worth pumping by 90% in a matter of hours. This surge has contributed to DOGE nearing its previous ATH on the charts.
Dogecoin has been in mainstream media as a result of a number of causes, a few of which embrace viral TikTok movies or tweets from Elon Musk. In actual fact, the aforementioned surge may proceed if Elon Musk decides to affix the celebration as is customary.
WallStreetBets & Dogecoin
WallStreeBets’ title has been popping up everywhere in the mainstream media currently as a bunch of “memers” who’ve all longed the most-shorted inventory GME [GameStop]. This has despatched the inventory costs of GME hurtling, with the identical up by over 880% in a single week, on the time of writing.
What’s fascinating concerning the surge in GME’s inventory is that Melvin Capital, a hedge fund reportedly on the heart of all of the GME shorts, has coated its brief place. Not solely has this contributed to losses within the billions, however this has led to major avenue merchants/hedge funds crying foul too.
With the drama over GME shares unfolding earlier than our eyes, a Twitter person with the display screen title “WSB Chairman” tweeted,
Anyone personal Bitcoin?
— WSB Chairman (@WSBChairman) January 28, 2021
This tweet was met with replies from most of the market’s cryptocurrency fans, a lot of whom have been overlooked of the WSB drama. Accordingly, many began spamming completely different altcoins. Nonetheless, amongst these altcoins, Dogecoin has been the one to rise to the floor and seize probably the most consideration of the lot.
The outcome? Properly, Dogecoin had pumped 85% in 90 minutes, on the time of writing.
A have a look at DOGE’s charts would counsel that maybe, just a few whales caught the scent of what was about to occur and jumped on the bandwagon too. In actual fact, two pseudonymous merchants RookieXBT and CoinMamba posted lengthy positions, properly earlier than the pump really started.
ahhh cryptic forex merchants can generate profits too
good evening pic.twitter.com/n9MonhrS6k
— RookieXBT 🧲 (@RookieXBT) January 28, 2021
What subsequent for Dogecoin?
With Elon Musk already on the WSB bandwagon, it wouldn’t be shocking if he tweets concerning the present Dogecoin pump. If this takes place, then there will probably be no holding Dogecoin again. Ranges to maintain a watch out for embrace – $0.0159 and $0.0183, each price-points that stand on the 78.6% and 100% Fibonacci ranges, respectively.