after gamestop's short squeeze, reddit turns to doge. 600%+ today

[bitmover]

https://cointelegraph.com/news/dogecoin-to-1-dollar-reddit-turns-to-doge-after-gamestop-surges-1-600-in-2-weeks

Dogecoin may have a long way to go to hit $1, but the stock market may not be in the mood to doubt the power of r/Wallstreetbets.
...
Dogecoin price licks GameStop's heels

Dogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world's richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk's tongue-in-cheek endorsement of DOGE was enough to induce serious price action.

It is interesting to see small investors competing against institutional whales and making some money.

This reddit community is becoming powerful

[1715199247]

1715199247

[1715199247]

1715199247

[1715199247]

1715199247

[1715199247]

1715199247

[1715199247]

1715199247

[Lorence.xD]

Many people will be getting a big paycheck when this short squeeze keeps on happening, I do not mind that hedge fund manager commit suicide because they are losing a lot of money, they do not deserve to live anyway. The increase in Doge is a big thing for the long term Doge hodlers, I hope that they get their profits cause the people deserve it, the system is back firing and this suit and tie people are panicking.

[hatshepsut93]

I doubt it was the work of WSB, it was probably the crypto traders, just like when Elon tweeted about Doge. Just like in 2017 Bitcoin allowed alts to soar, now other shorted stocks and things that just get mentioned by influential pages, get launched to the moon because traders expect a pump, turning it into a self-fulfilling prophecy.

I'm definitely going to buy some DOGE after it will crash, it seems like the ultimate pump coin - it's very prone to pumps whenever someone famous mentions it, so buying it when it's down is not such a bad idea.

[sunsilk]

I was just looking at the coinmarketcap and Dogecoin's pump is very noticeable. From top 30+, it's about to replace XRP on its rank. A few hours ago, it was just $0.02. Now it has risen to $0.07.

I'm definitely going to buy some DOGE after it will crash, it seems like the ultimate pump coin - it's very prone to pumps whenever someone famous mentions it, so buying it when it's down is not such a bad idea.

Yeah, it never changes to be unpredictable and good in pumps. You buy when it dumps and just wait for another cycle and batch of a pump like it's doing today.

[OROBTC]

https://cointelegraph.com/news/dogecoin-to-1-dollar-reddit-turns-to-doge-after-gamestop-surges-1-600-in-2-weeks

Dogecoin may have a long way to go to hit $1, but the stock market may not be in the mood to doubt the power of r/Wallstreetbets.
...
Dogecoin price licks GameStop's heels

Dogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world's richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk's tongue-in-cheek endorsement of DOGE was enough to induce serious price action.

It is interesting to see small investors competing against institutional whales and making some money.

This reddit community is becoming powerful

Yes, it will be quite a show watching how r/WallStreetBets and other groups will affect various financial markets.  If WSB gets thrown off Reddit and/or WSB Chairman off of Twitter, the members will migrate to other sites.  And they may be extra-aggressive in going after those who pushed them off...

WSB identified GME as being shorted some 130% of its total shares (that is, the hedge funds borrowed more shares than actually existed).  And since GME was not a company with a very high market capitalization, it was relatively easy for WSB to buy enough shares to seriously damage that unwise hedge fund.

hatshepsut93 observes that it may not have been WSB behind DOGE's huge move today, up over 700% today.  But, even if not, it was likely a similar group of small investors who found an opportunity to move a fairly thinly-traded crypto.  I would think that we can expect to see more of this kind of guerrilla-group activity in the future.

There has been talk of doing a short squeeze on silver, there have been many longstanding rumors that various Wall Street banks (and others) have been heavily short silver for years.

This could get interesting...  If silver rockets, then what about gold?

[iamsheikhadil]

I doubt it was the work of WSB, it was probably the crypto traders, just like when Elon tweeted about Doge. Just like in 2017 Bitcoin allowed alts to soar, now other shorted stocks and things that just get mentioned by influential pages, get launched to the moon because traders expect a pump, turning it into a self-fulfilling prophecy.

I'm definitely going to buy some DOGE after it will crash, it seems like the ultimate pump coin - it's very prone to pumps whenever someone famous mentions it, so buying it when it's down is not such a bad idea.

Same...I had around 5000 dogecoins which was around $50 a few days ago and I regret I gambled it away because now if I had it, I would have been $350 or even more! I guess there are lots of regrets many people would have with this who sold their doge but many who hold it will enjoy the profit! I'll also buy doge if it goes dip again

[mu_enrico]

This reddit community is becoming powerful

Do you mean Reddit pump group?

I'm afraid the one who benefited the most is the group admin and individual small investors here are just the pawn. It's nice if you are the admin, bought a large bag of some coins/shares, and tell people to pump it.

Remember trading is just a zero-sum game, thus there will be losers. Hopefully, the losers aren't the average hard-working guys.

[kolesozw]

https://cointelegraph.com/news/dogecoin-to-1-dollar-reddit-turns-to-doge-after-gamestop-surges-1-600-in-2-weeks

Dogecoin may have a long way to go to hit $1, but the stock market may not be in the mood to doubt the power of r/Wallstreetbets.
...
Dogecoin price licks GameStop's heels

Dogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world's richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk's tongue-in-cheek endorsement of DOGE was enough to induce serious price action.

It is interesting to see small investors competing against institutional whales and making some money.

This reddit community is becoming powerful

The perfect reason and moment to dust my DOGE wallets here and there. I've managed to collect 12K DOGE that wasn't worth the effort up to two days ago. Now I ended up with a hefty bonus

Thank you Reddit community

[aysg76]

First Elon Musk then Reddit community. They both are helping people to gain profits on Dodge.

[adaseb]

This reddit community is becoming powerful

Do you mean Reddit pump group?

I'm afraid the one who benefited the most is the group admin and individual small investors here are just the pawn. It's nice if you are the admin, bought a large bag of some coins/shares, and tell people to pump it.

Remember trading is just a zero-sum game, thus there will be losers. Hopefully, the losers aren't the average hard-working guys.

Wallstreetbets prohibits any type of pumping of a stock by any member. You have to include some due diligence and research if you want to get a stock noticed, and if you are a new user with a low rank, most likely nobody will even read your post to begin with.

In the past there were some people who somehow managed to get away with it and they got permanently banned. However GME was talked about for months and months, you could of bought it at any price pretty much and made money. Most people probably cashed out when it hit $20 however, since going from $10-11 to $20 in a short while had over 100% gains and people took profits. Nobody assumed it would ever hit $450 in their lifetime.

[AicecreaME]

"Buy the rumor, sell the news"

This is a very risky one, just like what happened on XRP. Their aidrop created a hype that made people buy and hold XRP until the snapshot, and after that, it all went down because of the issues about XRP, and I think it is so fishy about DOGE as well. The safest way to engage such risk is to buy only about 30% of your funds on it, and see what's gonna happen next, if it'll pump or dump, it's 40:50 chance ratio in my opinion.

[Prettyjing3]

If DOGE rises to $1, its value will occupy more than half of the current crypto market, surpassing Bitcoin, so the answer is no.

[adaseb]

"Buy the rumor, sell the news"

This is a very risky one, just like what happened on XRP. Their aidrop created a hype that made people buy and hold XRP until the snapshot, and after that, it all went down because of the issues about XRP, and I think it is so fishy about DOGE as well. The safest way to engage such risk is to buy only about 30% of your funds on it, and see what's gonna happen next, if it'll pump or dump, it's 40:50 chance ratio in my opinion.

This is nothing like buy the rumor, sell the news. Buy the rumor, sell the news is more like Apple releasing some "new" product. The stock price rallies ahead of the event, product comes out, people are amazed, but the stock crashes anyways.

This has to do with supply and demand. Dogecoin is a low volume crypto. It was #30-40 on the coin market cap. Barely anyone invested in it. However when all of a sudden you got hundreds of thousands of people buying it within hours, its what causes a price surge like this to happen. When was the last time that some crypto went 800% in a matter of hours, can't think of any. The WSB army consist of people with very deep pockets and they can all easily put in around 4 figures worth of Doge. Multiple that buy hundreds of thousands of users and you got a huge price surge.

[poodle63]

First Elon Musk then Reddit community. They both are helping people to gain profits on Dodge.

Well, at the cost of the newcomers who bought late. This kind of artificial pump always not good in the long run however, I think most of reddit users understand and conscious of their decision to pump doge. same thing like GME where they even willing to lose money.
But I'm all in when it comes to crypto exposure and I'm pretty sure that this gonna make the word crypto mainstream in the ears of many people.

[orions.belt19]

This reddit community is becoming powerful

Do you mean Reddit pump group?

I'm afraid the one who benefited the most is the group admin and individual small investors here are just the pawn. It's nice if you are the admin, bought a large bag of some coins/shares, and tell people to pump it.

Remember trading is just a zero-sum game, thus there will be losers. Hopefully, the losers aren't the average hard-working guys.

I've read that there are some WSB gainers out there who can now finally their student loans, debts etc. Its true that some members of that subreddit are definitely just average joes and I do hope that they were already able to secure some profit out of it because I've been seeing in the news that users of the Robinhood app are restricting transactions. They are now trying to "limit the buys" but Congress has said to be looking into this and will conduct investigations.

This pump on Dogecoin just shows the power of internet and the masses. Institutions may start to try to control you, its not the same when it comes to decentralized crypto. Time and time again, institutions win. This has always been the outcome and the average joes like us come out as the bad guy. But not with crypto. This is the very essence of decentralization and this GameStop and Dogecoin fiasco has proven out capability.

[mu_enrico]

I've read that there are some WSB gainers out there who can now finally their student loans, debts etc. Its true that some members of that subreddit are definitely just average joes and I do hope that they were already able to secure some profit out of it

Well, at the cost of the newcomers who bought late. This kind of artificial pump always not good in the long run however, I think most of reddit users understand and conscious of their decision to pump doge. same thing like GME where they even willing to lose money.

In the end, the victims of a successful pump are always the newbies who come late. It doesn't matter if it's $GME or crypto. People should listen to the "Wolf of Wallstreet" Jordan Belfort: https://www.youtube.com/watch?v=0E5Xt6n9zWI

Anyway, if it's crypto and doge, in particular, we know that this is just a game, so I don't have a serious concern about the average mums and dads become the victim.

People playing P&D is not my problem, and they are free to do that. But I don't like the sound as if some hero organizing massive wealth transfer between the rich and the poor. At the end of the day, it's always been motivated by self-interest.

[AngelaT34534]

DOGE‘s highest increase today is nearly ten times. The influence of celebrities on the Bitcoin market was discussed in the forum a few days ago. It seems that big companies and celebrities have the greatest influence on cryptocurrency.

[NeuroticFish]

I stopped holding DOGE many years ago. But I am immensely happy for DOGE community and I hope that this will hold. DOGE and its community deserves it.
However, the DOGE price movements are crazy today (70-260-125-170), I'm curious where will this end up (or heading to).
For now... TO THE MOON! 

[figmentofmyass]

I doubt it was the work of WSB, it was probably the crypto traders, just like when Elon tweeted about Doge.

after the gamestop pump, i don't think we can right off WSB that easily. this dogecoin move was significantly bigger, in % terms, than any other that ever came before. i'm sure altcoin traders are riding the wave, but that alone suggests something bigger is at play this time.

i'm not sure it's over either.

[Mauser]

It is interesting to see small investors competing against institutional whales and making some money.

This reddit community is becoming powerful

I don't know if all the small investors are actually making money. I read a few post of people who bought gamestop stocks at around $300-$400  and who don't want to sell to any price below $1000. Eventually the short seller will have closed out their positions and then it's likely only the smaller investors still invested as the bigger companies would likely take their profits of a few hundred percent and just move on. So once the smaller investors want to sell we need new buyers for them.