The increase in WallStreetBets’ hedge funds contributed to Dogecoin prices rising by 90% within hours. This increase contributed to DOGE’s approach to its old ATH in the charts.
Dogecoin has been featured in mainstream media for a number of reasons, some of which include viral TikTok videos or tweets from Elon Musk. In fact, if Elon Musk decides to join the party as usual, the aforementioned increase could continue.
WallStreetBets and Dogecoin
WallStreeBets’ name has recently begun to appear in mainstream media as a “member” of a group that missed GME [GameStop]. This is accompanied by an increase in GME’s stock prices by more than 880% in one week.
The interesting thing about the increase in GME shares is that Melvin Capital, a hedge fund reported to be at the center of all GME short positions, has completed its short position. This not only contributed to billions of losses, it also affected the price.
With the surge in GME stocks emerging in front of our eyes, a Twitter user named “WSB Chairman” tweeted on the screen name.
Anybody own Bitcoin?
— WSB Chairman (@WSBChairman) January 28, 2021
This tweet was responded by most of the market’s cryptocurrency enthusiasts. Accordingly, many people started to feature different altcoins. However, among these altcoins, Dogecoin was the coin that surfaced and attracted the most attention of the party.
Result? Dogecoin has increased by 90% within 90 minutes of writing.