Dogecoin Explodes 528% As WallStreetBets Mania Shifts to Crypto

The price of Dogecoin is erupting after a leader of the WallStreetBets movement posted a provocative tweet about the popular meme cryptocurrency.

An account named WSB Chairman sent a message out to 683,000 followers on Twitter asking just how high the price of Dogecoin has rallied in the past.

Has Doge ever been to a dollar?

— Chairman (@WSBChairman) January 28, 2021

In the last 24 hours, DOGE has rallied from a low of .007 to a high of .044, skyrocketing a staggering 528%.

Retail traders who bought shares of GameStop (GME) in droves in the last week, putting the squeeze on billion-dollar hedge funds in the process, were abruptly barred from buying the stock on several platforms Thursday, including the popular app Robinhood.

Those traders are still allowed to purchase other stocks and crypto assets on Robinhood, including DOGE.

A number of US lawmakers are demanding action on Robinhood’s ban, triggering a rare moment of unity between Democratic Senator Alexandria Ocasio-Cortez and Republican Senator Ted Cruz.

Fully agree. ? https://t.co/rW38zfLYGh

— Ted Cruz (@tedcruz) January 28, 2021

Analyst Michaël van de Poppe is dusting off his Dogecoin analysis in the wake of the rally.

He says his initial targets for the crypto asset’s pair against Bitcoin has been reached, but he doesn’t think now is the time to buy.

“A very old chart on Dogecoin, but the levels are still applicable. Held the 15 sats range as a very old level, flipped 22 sats, and accelerated towards TP1.

Is this an entry? Obviously not. But a pump on DOGE is always great for the markets.”

The crypto market at large is up 9.9% in the last 24 hours, with the total market cap of all crypto assets rising above the $1 trillion mark.

Bitcoin is up 9.5% in the last 24 hours at $33,932 at time of publishing. Ethereum is up 6% in the last 24 hours, sitting at $1,345.

 

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