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Dogecoin and dollars.

Dogecoin Explodes 1,100% in GameStop-Like Copycat Rally

Yashu Gola
by Yashu Gola
4 years ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin (DOGE) underwent one of the quickest bull runs in the history of cryptocurrency markets, rising by more than 1,100 percent in just two days as a Reddit group “SatoshiStreetBets” called on ordinary traders to buy the meme-based token.

Such DOGE, Much Wow!

The frenzied trading catapulted Dogecoin’s market valuation to around $9.5 billion, making it the world’s seventh-largest cryptocurrency by capitalization. Prices have risen so fast that the keyword ‘Dogecoin’ started trending on Twitter and topped on a weekly timeframe on Google Trends.

Even Binance, a cryptocurrency exchange with global footprints, became the 11th highest daily search trend on Google Trends after listing DOGE/EUR and DOGE/TRY pairs.

https://twitter.com/cz_binance/status/1355016713943748608

Imitating the same hysteria kicked off by the Reddit group “/r/WallStreetBets,” users on “/r/SatoshiStreetBets” promoted Dogecoin in an attempt to copy the explosive gains for GameStop, BlackBerry, Bed Bath & Beyond, AMC, and other majorly shorted stocks.

People on Twitter also called on Tesla founder Elon Musk to tweet about Dogecoin to fuel the frenzy.

Mr. Musk previously tweeted “Gamestonks” that helped the GameStop stock rally by more than 150 percent in a day. He has openly supported Dogecoin in many of his earlier tweets, although it is difficult to say whether he was sarcastic, given the nature of DOGE as a joke token.

Dump Ahead?

Dogecoin’s latest rally served as reminiscent of a similar bull run last year that saw a viral TikTik video pump its price by 35 percent in two days. It later subsided by more than 60 percent, owing to profit-taking behavior among retail traders. Technically, DOGE/USD is now hinting at a fractal repeat, as well.

The Dogecoin’s Relative Strength Indicator, a momentum oscillator that measures an asset’s speed and change of price movements, alerted about heavily overbought levels. That amounted to a deeper downside correction in the sessions ahead, making it riskier for traders to enter fresh long positions near the current highs.

DOGE, Dogecoin, DOGEUSD, DOGEBTC, DOGEUSDT, cryptocurrency
Dogecoin rallies by more than 1,100 percent in just two days. Source: DOGEUSD on TradingView.com

DOGE/USD corrected by around 20 percent from its intraday high of $0.038 ahead of the European trading session open. The volumes also subsided, putting doubts over the rally’s extension in the sessions ahead.

An independent market analyst, Luke Martin, spotted running capital outflows from Dogecoin to neighboring altcoins, starting with XRP, a controversial cryptocurrency facing allegations from the Securities and Exchange Commission over illegal securities sales.

“It pains me to say this….it really does…but it looks like the hot ball of money that pumped DOGE has started to move into XRP. XRP is up 20% in the last 2 hours while the rest of the market is flat.”

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Yashu Gola

Yashu Gola

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Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

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