https://cointelegraph.com/news/dogecoin-to-1-dollar-reddit-turns-to-doge-after-gamestop-surges-1-600-in-2-weeks Dogecoin may have a long way to go to hit $1, but the stock market may not be in the mood to doubt the power of r/Wallstreetbets.
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Dogecoin price licks GameStop's heels
Dogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world's richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk's tongue-in-cheek endorsement of DOGE was enough to induce serious price action.
It is interesting to see small investors competing against institutional whales and making some money.
This reddit community is becoming powerful
Yes, it will be quite a show watching how r/WallStreetBets and other groups will affect various financial markets. If WSB gets thrown off Reddit and/or WSB Chairman off of Twitter, the members will migrate to other sites. And they may be extra-aggressive in going after those who pushed them off...
WSB identified GME as being shorted some 130% of its total shares (that is, the hedge funds borrowed more shares than actually existed). And since GME was not a company with a very high market capitalization, it was relatively easy for WSB to buy enough shares to seriously damage that unwise hedge fund.
hatshepsut93 observes that it may not have been WSB behind DOGE's huge move today, up over 700% today. But, even if not, it was likely a similar group of small investors who found an opportunity to move a fairly thinly-traded crypto. I would think that we can expect to see more of this kind of guerrilla-group activity in the future.
There has been talk of doing a short squeeze on
silver, there have been many longstanding rumors that various Wall Street banks (and others) have been heavily short silver for years.
This could get interesting... If silver rockets, then what about
gold?
