There’s an inevitable fact now: Dogecoin and WallStreetBets (WSB) are trendy since late January. And they’ll probably keep like that for a while. The good news about it is — in the crypto world case — that means price upsurges. Just like with these two tokens this week.
Wait, did you say “two tokens”? WSB is a token now? Apparently, yes. CoinMarketCap (CMC) launched its own parody asset about it since everything started. This WSB token volume has grown 1,162% in the last seven days, with a price of $483… if only it existed, of course. You’ll find there the phrase “All UR MeMes R belong to us and Charmander-marth!!!!!111” and you’ll also be rickrolled.
However, CMC isn’t the only one interested in WSB. Someone already created a real and homonymous token on the blockchain of Waves, accompanied even by its own website explaining the whole revolution with GameStop (and including a very bad “whitepaper”). There are 1b WSB coins on Waves, but we don’t recommend investing in it. Not even if every coin costs around $0.00020.
Meanwhile, Elon Musk did it again (another again): he tweeted something bright about Dogecoin (DOGE) and sent its price to the sky. That is after having “#Bitcoin “ in his bio for around a week. Now, he declared that Dogecoin is “the people’s crypto” and raised it before his 45.4m followers.
As a result, Dogecoin experienced a rally of over 58% in few hours. From $0.036 ran to $0.057 per token today. Which is probably good news for its loyal investors?
More on Dogecoin and WallStreetBets
Maybe there’s no serious cryptocurrency project on WSB, but the movement, in general, is actually growing. Before the GameStop episode started, this group in Reddit had 1.9 million users, and now they count over 8.5 million. That’s an awesome 347%+ increase in a matter of days.
Additionally, the hedge funds are so worried about them that the company Thinknum Alternative Data (and others, like Nomura) has a new star tool for these firms: reports and software that rank the most-mentioned stocks on WSB and Reddit in general. Just to be prepared for the worse.
Perhaps they should use Twitter as well because at least Dogecoin now counts with a #DogeArmy determined to bring this token to a dollar. The account @DogecoinRise, with 207k followers, is promoting it; and there’s also a “Dogecoin to $1 movement” (@yismanpicks) with 16.5k followers doing so.
All this episode with Dogecoin and WallStreetBets can be a movie one day. And we mean it because the founder of WSB already sold his story to the film production company RatPac Entertainment.
Featured Image by NASA-Imagery / Pixabay
Originally published at https://blog.alfa.cash on February 4, 2021.