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. 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?

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.

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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.

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