With the support of Elon Musk, the Reddit group, which flew the value of the stocks of Gamestop, this time flew “Dogecoin”, an altcoin. Altcoin, which valued up to 900 percent in 24 hours, turned Bitcoin stock markets upside down. What will be the next target of the Reddit group is a matter of curiosity for now.
In a news we shared with you yesterday, we talked about the unprecedented gain in value of Gamestop, which is traded on the US stock markets. Behind this rise were both Elon Musk and a group of Reddit users. Those Reddit users turned Bitcoin exchanges upside down this time. The investor community that attacked an altcoin known as “Dogecoin” increased the value of the cryptocurrency by as much as 900 percent in just 24 hours.
The investor group on Reddit calls itself “WallStreetBets”. “Bets” is a term that has been used as a bet in our language. This enables us to have information about the group. To be honest, this group consists of young people who do not know technical analysis, indicators, rules and laws. WallStreetBets, which has managed to become a huge group with hundreds of people over the years, is now managing to turn the stock markets upside down. Dogecoin is described as the team’s latest success.
Here is Dogecoin’s daily bullish chart
Dogecoin was a questionable altcoin, trading at $ 0.0075 on Wednesday, January 27th. However, when the calendars showed Thursday, January 28, unprecedented spikes began to occur. Amateur investors have managed to increase the value of the cryptocurrency by as much as 900 percent, to the level of $ 0.0875. As of January 29 at 09:51, the value of this cryptocurrency is around $ 0.050. This huge rise was far beyond the phrase “to the moon”, which is frequently used in crypto money markets and represents serious rises. If it is to explain this rise with a new expression, it would be more correct to say Mars instead of Moon.
To be clear, WallStreetBets has been manipulating the markets for two days. Although some of our readers criticize this phrase, the events that happened are nothing more than manipulation. Because the investor group is negotiating through Reddit, and hundreds of people are part of these rises. However, such events are prohibited, especially for financial transactions. In fact, performing such transactions in country stock exchanges can even lead to the banning of those concerned from the stock exchanges. Whether something will happen to the Reddit group is unknown, but many investors are already wondering what stock or cryptocurrency will be the next target for WallStreetBets.