Dogecoin is up over 85 percent. That suggests that Wall Street Bets’s crypto wing isn’t dropping the DOGE just yet.
After Dogecoin ( DOGE ) moved into the center of attention on January 28th with a plus of 980 percent, it briefly made it into the top 10 by market capitalization for the first time since 2015
As the massive surge lost momentum and traders were quick to cash out their winnings, it seemed like investors were now dropping the meme cryptocurrency and looking for something else to invest in.
The surge first began when the exchanges prevented private traders from buying more GameStop and AMC shares on Jan. 28 . Calls from the Reddit discussion group r / Wallstreetbets ensured that investors turned to silver and a selection of “cheap” cryptocurrencies.
On January 28, the Twitter user “WSB Chairman” asked his 750,000 followers: “Has Doge ever been on a dollar?”. That was enough to trigger the monster rally . Even though Dogecoin has not had any protocol upgrades or developments since 2015.
The retracement of 68 percent after the high at $ 0.087 was similar to the sharp decline in Bitcoin ( BTC ) after the crash in December 2017. Only in this case, it took just 24 hours instead of 50 days.
Several social media influencers and streamers expressed dissatisfaction with buying at the top
That was an indication that the brief frenzy of speculation was over. After hovering around $ 0.03 on Jan. 30 and January 31, DOGE was able to see another 80 percent increase in less than three hours.
It is almost impossible to pinpoint the exact trigger for this development, as there are several social networks. Including private Telegram groups and trading signal apps.
The subreddit r / SatoshiStreetBets currently has 213,000 active users and after the outbreak of DOGE, a meme post from user Woke_AF_Populist quickly climbed to the top of the list with the most upvotes.