Updated January 29th, 2021 at 19:00 IST
Dogecoin memes flood Twitter after reddit inflated value of cryptocurrency
Dogecoin is a cryptocurrency, much like bitcoin, which is a form of digital money. It enables peer-to-peer transactions across a decentralized network.
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Dogecoin is a cryptocurrency, much like bitcoin, which is a form of digital money. It enables peer-to-peer transactions across a decentralized network. There are only a few cryptocurrency exchanges where people can buy Dogecoin. You should also be careful as there are even fewer when it comes to the reputation of these exchanges. Some of the most reputable names include Bittrex, Changelly, and Kraken.
It was introduced as a joke in the United States and is based on a ‘doge’ meme that gained popularity in 2013. It began as a joke currency on December 6. Soon, it developed its own online community. The Dogecoin brand also has the meme as its logo. While it began as a joke, it went on to sustain a huge online community, which has now been enhanced through the video-sharing social networking service.
Dogecoin meme fest
The peak price of the cryptocurrency in the year 2018 was 2 cents. This was before it crashed like all the other cryptocurrency. However, recently, the price of Dogecoin surged after traders targeted it in an attempt to repeat the share rises in heavily shorted companies like GameStop and AMC. GameStop has been in the news recently over its soaring stock price. However, the tables turned. Making it a fun trend, netizens all across social media are sharing dogecoin memes. While few are sharing images of Walter White from the American Show Breaking Bad, others are busy sharing images of the logo. Let’s have a look.
Read: What Happened With GameStop Stock Prices? Why Did Their Stock Prices Rocket Up?
I held through the dip. Let’s get this $1 #dogecoin #crytocurrency #stonks @elonmusk pic.twitter.com/BApIqDCsA8
— AZEO (@AzeoMusic) January 29, 2021
I really didn’t think 2021 would start with me buying dog-themed cryptocurrency, but here we are.. to the moon doge. #DOGE #Dogecoin pic.twitter.com/GRVxsTPNfG
— steveedwards 🏴 (@StephenLloydd) January 29, 2021
#dogecoin is fun, the internet told me to invest and so far I've made £10 pic.twitter.com/drg27ALbY9
— D.Lightman (@HakswithEthics) January 29, 2021
Good Morning! Woke from a wild night of watching my money make money. It took a dip but the plans to go to the moon are back on. First class tickets to the moon seem to be in order! #DOGE #Dogecoin #dogecointoadollar #dogearmy #ToTheMoon @elonmusk pic.twitter.com/I4CtbfuONA
— SuaveFatty (@SuaveFatty) January 29, 2021
Me checking my #dodgecoin every minute pic.twitter.com/Hn0EDOzkMB
— FiF Wilson 🇬🇭 (@iamfifwilson) January 29, 2021
Actual footage of @RobinhoodApp dealing with $GME $BB $NOK $NAKD and even #dodgecoin right now pic.twitter.com/u4R9GCZZNs
— JayWood 🐌 (@plugish) January 28, 2021
me looking at #dodgecoin pic.twitter.com/xLUtk2NaBI
— a black king with a camera 📸 (@jaygraysensei) January 29, 2021
I have double what I put into #dodgecoin This morning already! #dodgecoin to the moon! pic.twitter.com/0RxZoSz9Nf
— optimistic Piston fan (@1_in_a_willion) January 29, 2021
What exactly happened?
The whole thing started when Melvin Capital, a hedge fund group started shorting GameStop stock around a month ago. The firm did this when the price of the stock was around 15 USD, believing it would go down further as GameStop was suffering heavy losses during COVID lockdown. However, the now popular Reddit community r/WallStreetBets(WSB) had other things on their minds.
Read: Mark Cuban's 11-year-old Son Jake Invests In AMC, Blackberry Amid Reddit's Stock Driving
At the same time, Melvin Capital was shorting GameStop stocks, the Reddit community of WSB started pumping money into the stock. This caused GameStop stock to soar to very high prices. As mentioned above, their stock price is around 347 USD at the time of writing this, a massive jump from what Melvin Capital sold the shorted stocks for. Melin Capital had to borrow somewhere around 3 billion dollar bailout from the government following their losses on the GameStop stock.
Read: Man Dressed As 'Chucky' Doll Scares Maskless People In New York Subways
Also Read: What Happened With Robinhood App? Find Out How Robinhood Ended Up In Multiple Lawsuits
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Published January 29th, 2021 at 19:02 IST
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