Dogecoin's 85% Rise Shows Wall Street Bits "It's Not Over Yet"

Dogecoin's price rose by more than 85%, indicating that the cryptocurrency suite on Wall Street Bits may have decided that it has not finished (DOGE) yet. p>

After gaining the spotlight with a 980% injection on January 28, DOGE briefly entered the 10th place in market value for the first time since 2015. . Once the huge pump lost momentum and traders quickly reaped profits, it seemed like investors would skip the meme-based digital currency and find something else to invest in.

The pump got started when exchanges prevented retail traders from buying more GameStop and AMC shares on January 28th. With the support of the r / Wallstreetbets Reddit discussion group, the army of investors turned their attention to silver and a selection of inexpensive digital currencies.

According to the Queen Telegraph, on January 28, Twitter user WSB Chairman asked, Has Dogecoin reached $ 1 before? For his 750 followers. That was enough to trigger a massive impulse, although there have been no updates or protocol developments for Dogecoin since 2015.

the 68% retracement that followed the peak at $ 0.087 resembles the sharp fall of Bitcoin (BTC) after the December 2017 crash, except this time, instead of 50 days, it took The command is only 24 hours.

Several influencers and social media broadcasters have expressed their dissatisfaction with the buying on the rally, a sign that the intraday speculative frenzy is over. After spending most of January 30 and January 31 around $ 0.03, DOGE managed another 80% pumping wave in less than three hours.

It is almost impossible to find the exact motive for these events, as there are multiple social networks, including private Telegram groups and trading apps.

Reddit r / SatoshiStreetBets currently has 213,000 active users and after the rise of DOGE, a meme post by user Woke_AF_Populist quickly climbed to its most voted list.

There seems to be endless support from Dogecoin's fan base, including Tesla CEO and founder Elon Musk. Certainly, the lack of a concrete use case for meme-based currency raises the question of whether r / WallStreetBets members will leap from traditional markets and embrace the generally unregulated spirit of the cryptocurrency sector.

regardless of the outcome, from now on, the measure of social activity will become a criterion rather than any alternative indicator.