Dogecoin (DOGE), which attracted attention by gaining 980 percent value on January 28, was among the top 10 cryptocurrencies in terms of market value for the first time since 2015. It seemed that once the massive boom started to lose momentum and investors quickly made a profit, they would turn to invest in something else.
The rise of DOGE first started after exchanges prevented individual investors from buying GameStop and AMC shares on January 28. Led by Reddit’s r / Wallstreetbets group, an army of investors turned their attention to silver and some “cheap” cryptocurrencies.
Twitter user “WSB Chairman”, in his post on January 28, asked 750 thousand followers “Did the Doge see any dollar?” he had asked. This post was enough to trigger the giant rally in DOGE price, which has seen no protocol updates or improvements since 2015.
Dogecoin Price Index: How much is 1 Dogecoin in TL? (DOGE TL)
The 68 percent retracement immediately after the DOGE price reached $ 0.087 was reminiscent of the sharp drop Bitcoin (BTC) experienced after December 2017. The only difference was that it only happened within 24 hours, not 50 days.
Some users on social media announced that they were upset that they were getting DOGE at the peak and signaled that the instant speculative frenzy was over. DOGE, which spent January 30-31 mostly around $ 0.03, showed another 80 percent increase in less than three hours.
Determining what triggers this rise is almost impossible as there are multiple social networks, including private Telegram groups and many more trading apps.
Following the launch of DOGE on Reddit’s r / SatoshiStreetBets subreddit, which currently has 213,000 active users, the post shared by a user named Woke_AF_Populist rose to the top.
Dogecoin seems to receive unlimited support from the fan base, including Tesla CEO Elon Musk. The fact that cryptocurrency, which is based on internet joke, does not have a concrete use area raises the question of whether r / WallStreetBets users will abandon traditional markets and adopt the uncontrolled values of the cryptocurrency industry in general.