Dogecoin surges again with 400%, can the price go to $1?
There you have it folks, Decentralized Finance could very well have found global acceptance after an outpouring of disgust over the actions of several Wall Street hedge funds, the trading app Robinhood and (allegedly) the US government.
Thanks to a cryptic tweet from Elon Musk, a great deal of the funds that were supposed to go to Robinhood have apparently been switched to crypto, which is seeing the Dogecoin price go up 400% in a 24 hour span. Incredible storytime.
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Robinhood limits buys
It all started yesterday morning. As could be read between the lines already, Wall Street hedge funds were willing to be the pun of the joke for a day or so, but not more than that.
Robinhood has stopped allowing users to buy GameStop, AMC, BlackBerry, and Nokia stock. https://t.co/AORntdA7JV— Motherboard (@motherboard) January 28, 2021
After the Reddit forum WallStreetBets had taken over every financial frontpage this week with their actions regarding GameStop, the powers that be took over. A rumor started swirling as from Wednesday evening when White House press secretary Jen Psaki admitted that the Biden cabinet was monitoring the situation as to GameStop and the short squeeze of several Wall Street hedge funds.
Apple has removed over 500,000 negative reviews posted today for RobinHood. Big tech at it again... pic.twitter.com/FxXwBPL5Jv— Mr. Whale (@CryptoWhale) January 29, 2021
When the markets opened for trading in the US yesterday, the Robinhood app, which is seeing large swaths of business from the hedge funds that were being hurt, limited trading on all stocks popular with the Reddit crowd that had taken some of these names (GameStop, AMC, Blackberry) to unseen heights.
Robinhood was blased on social media as all traders could do was sell their positions.
Google just removed over 120,000 negative reviews of RobinHood on the App Store.— Mr. Whale (@CryptoWhale) January 29, 2021
Screenshot is noon, and now pic.twitter.com/BjaXIEWhiD
All stocks that had been hyped on social media were dropping and people started closing their Robinhood accounts. The public rating of Robinhood dropped to such a point that it is now rumored that Google and Apple are intervening from the company going bust.
Can the Dogecoin price go to 1 dollar?
At the same time, a Twitter account named Wallstreetbets Chairman asked if Dogecoin had even been trading at $1. The meme crypto coin started going up exponentially as from that point and when Elon Musk tweeted a cryptic meme in the US evening time featuring a Dogue cover, all hell broke loose.
By now, Dogecoin is up more than 400% over the past 24 hours and we’ll see if he indeed makes it to $1.
The current circulating supply of DOGE is 128,150,161,816 and that’s a lot. If the price surges to 1 dollar, the market cap will be $128,150,161,816. Which means a top 3 position in the top crypto 10, slightly under the current Ethereum price.
You tell me if that’s likely to happen, but you, of course, never know in crypto. No one expected GameStop to be the most traded stock in the US.
Many crypto platforms are witnessing an in pouring of money and interest and seeing great numbers of new clients.
If Wall Street ever wanted to shoot itself in the foot, it seems to have done just that with their action.
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