Dogecoin to the moon | Crypto Dogecoin Surges Over 500% In 24 Hours In Reddit
Dogecoin, in the circulation of a cent for most of its existence, rose from $ 0.007681 at 8 p.m. Wednesday to over $ 0.049 after 7:30 pm. Thursday.
Crypto is the latest target for Redditors who have been responsible for skyrocketing stocks like GameStop and AMC over the past days in moves that have frustrated hedge fund managers who have been selling stocks and expecting prices to continue falling.
Billionaire Elon Musk, who has promoted the Redditors and their efforts, tweeted a Vogue-style “Dogue” photo after 5:45 PM. Thursday.
Price jumped more than 50% in just over an hour after Musk tweeted.
This isn’t the first time Musk has caused Dogecoin to spike with one of his tweets. July tweet with “Doji” sent 20% cryptocurrency.
Redditors have hit the crypto market, sending the cryptocurrency Dogecoin – which was originally created as a joke – by more than 500% in a 24-hour period as they were largely isolated from popular meme stocks like GameStop, drawing the attention of billionaire Elon. Musk to do this.
Redditors were largely excluded from the ability to trade meme stocks on Thursday after popular brokerage firm Robinhood shut down its ability to buy. The move to cut off Redditors angered many, including lawmakers from both major political parties, who felt there was a double standard set by not allowing Redditors and retailers to bet on the market while hedge funds could.
Robinhood CEO Vlad Tenev said Thursday afternoon that the brokerage firm had made the “right decision” due to the liquidity problem, but said that “limited purchases” of the eight securities it had listed would resume on Friday.