The Reddit crypto frenzy is heating up. Dogecoin is a cryptocurrency that began as a prank. On Thursday, Dogecoin, a digital currency. That as a joke exploded after a Reddit board. Discussed making it a cryptocurrency equal to GameStop. reddit crypto
According to Coingecko, it was up about 150% a day. It declined from $ 0.070755 at the end of Thursday when it saw an 800% increase in 24 hours. Previous earnings had reached a high on the day of $ 0.072330.
Dogecoin in 2013 based on the then-popular “doge” meme that involved Shiba Inu dog. The dogecoin logo is Shiba Inu. It is a joke but has gained publicity.
Reddit group called SatoshiStreetBets. As part of the WallStreetBets team. Which was behind the GameStop conference, SatoshiStreetBets is looking to raise crypto money. Satoshi is the name of a mysterious founder, or group of people, who developed bitcoin.
Dogecoin had added about
$ 7.17 billion to its market value or total amount. In 24 hours, according to data from Coin market cap. Its market value stands at $ 8.2 billion, making it the ninth-largest cryptocurrency. Some posts have suggested taking a doge on the $ 1 coin. The cryptocurrency has never been at one dollar. In 2013, when it started, it traded for about $ 0.000232. As the price of dogecoin rises, there has been a sharp decline in prices over the past few hours. reddit crypto
Elon Musk, the founder of Tesla who had tweeted about stocks. Before and sent them up. Wrote on Twitter about dogecoin in the past and revealed it in April 2019. That is his favorite “cryptocurrency”.
On Thursday, he posted on Twitter a picture of the cover of “Dogue” magazine – a game entitled “Vogue”. Many users on Twitter and Reddit have taken. That was a sign that Musk was throwing his support after the dog meeting.
The situation with dogecoin seems to be different from GameStop, but. By purchasing shares of GameStop, a so-called short-term. Consolidation, forcing money to pay for their losses. This raises the stock high.
Short-sellers borrow shares to sell them so that they can buy them. Again at a lower price in the future so that they can pocket profits. But there is no such strong shortage from hedge funds playing with dogecoin. One of the original posts on SatoshiStreetBets reads: “Let’s make DOGECOIN something.
Such activity is not new to the cryptocurrency market and has been going on for several years. In 2018, the U.S. The Commodity Futures Trading Commission (CFTC) warned against. “Pumping and dumping”. This is where a particular cryptocurrency online and more people buy. Those who were earlier sold when the price went up, but many will buy closer to the top and lose money.
Reddit Forum Discussions Change From Meme Stock To Cryptocurrencies
The discussion of Reddit’s cryptocurrency major forum surpassed. Activity on WallStreetBets’s “meme stock” forum this month. Showing how many day traders have shifted their focus from the equity market. To digital currencies in pursuit of quick profits and less fun.
Data from the Quiver Quantitative research group. This shows that most comments on the r / Cryptocurrency. Social media platforms increased 82 percent from May 1 to May 21. With 36,000 daily comments on Friday at the end of the bitcoin and other digital weekends funds. reddit crypto
WallStreetBets became famous earlier this year. When commentators encouraged short-term. Tightening of GameStop and a handful of other top stocks. Resulting in huge losses on hedge funds that had been betting on the stock. The chief executive of Reddit has to a congressional hearing in the wake of the uprising.
Millions of Reddit users started following r / WallStreetBets at the time. But comments dropped by 97 percent from a record in late January of more than 430,000 posts a day. According to Quiver data.
Cryptocurrency chat is not allowed on r / WallStreetBets. The moderators blocked posts about cryptocurrencies. “Any other useless securities that may in scams or pumping and disposal programs”.
He’s trying to get rich with digital finance before more institutional players enter the market mass, after learning how to build systems that make the market less expensive for a stranger on Reddit. He says at lunch at a store near his home, before the start of his working day, “I really enjoyed doing it independently – not having to work for ten years as a young bank analyst for 100 hours. “That’s something I can do for myself, but for myself. “
His ambitions would not
have come true in highly regulated and liquid markets such as stocks where deep professionals and their high-frequency technologies raised barriers to entry for minors. Tweed, who has co-founded his one-man-band like Pine Financial, wants to make money by splitting in the middle of the bid and asking quotes for Bitcoin perpetual futures – which comes out of crypto variations on speculative wagers – whenever it looks profitable.
Due to the reliable execution of trading opportunities that help restore growth over time, Tweed says 100% annual profits can be reasonably expected, refusing to disclose exact figures. The exchange official where Tweed works have confirmed that he is an unstoppable competitive market maker.
He is a temporary player in the industry, who now sees hundreds of billions of dollars changing hands every day. Chicago’s trading firms such as Jump Trading and Tower Research have been on the rise for the past few years, and reorganizations from the likes of Goldman Sachs, Susquehanna International Group, and Jane Street are becoming increasingly common.
The discussion on Cryptocurrency “is slowly rising,” said James Kardatzke, founder of Quiver.
Stocks like GameStop and AMC it were more. Silenced in recent months, the development of cryptocurrency has been very fast and rapid. In recent weeks, Tesla founder Elon Musk has publicly backed and co-opted bitcoin and raised dogecoin’s comic currency; bitcoin’s carbon footprint has attracted attention, and the Chinese government has demonstrated its determination to curb the use of cryptocurrency. reddit crypto
How Can Bitcoin Be Money If It Is Too Important To Use?
During a brief crash earlier this year, the number and tone of Reddit comments had an impact on daily trading on Game Stop, according to a recent study. The same “social media and gamified” business model of trading were also evident in crypto assets, says another study author Brian Lucey, a professor at Trinity Business School in Dublin. They have a different view of the danger and return. ”
“Investors still love meme stock,” said Steve Sosnick, chief strategist at Interactive Brokers. Crypto was a pure demonstration of meme trading. It took a lot of smoke in the stock and speculation option. reddit crypto