With cryptocurrency becoming less of a taboo, more and more people are talking about it openly! As of the moment, even mainstream media is now talking openly about cryptocurrency, especially one called Dogecoin.
Elon Musk and Dogecoin
Elon Musk has been closely attributed with the rise and slight dip of Dogecoin as his thoughts and tweets about the cryptocurrency somehow affect the prices of $DOGE. While a lot of people are still trying to grasp their head on cryptocurrency, Dogecoin goes past this and in itself, as a meme coin, is actually a parody of cryptocurrency.
However, what was initially created as a meme coin, is now becoming a really big trading and investing token that has reportedly made millionaires from ordinary folk. There were reportedly overnight millionaires made by Dogecoin! While this might have happened for other cryptocurrencies, Dogecoin, because of its popularity, is now in the spotlight.
Who Created Dogecoin?
Another high-profile individual, Late Night host Conan O' Brien just tweeted out that he is reportedly looking for some anonymous people on the internet to share their own thoughts regarding Dogecoin. Of course, he did meet anonymous people but there were two very specific accounts that stood out.
One person that replied was Shibetoshi Nakamoto @BillyM2k himself! The creator of Dogecoin! He noted that he was a big fan and praised Conan for his show. Aside from the real Dogefather, the creator of $DOGE, there was another account that could ring bells to those that were involved in the whole GameStop fiasco.
Reddit Dogecoin Group Revealed
Remember when Reddit was able to gather enough people to all invest on GameStop resulting in hedge funds losing a lot of money? Well, another reddit group now exists dedicated to talking about cryptocurrency. An account called r/dogecoin @hiddin2urleft on Twitter replied asking Conan O' Brien what could r/dogecoin do for him!
The account revealed that they already have a strong 1.7 members on reddit! The question is, should this raise an alarm? There are two big factors that move the market and these are whales and individuals all moving together. Whales are people or entities that buy or sell in large quantities.
Trading in Cryptocurrency
Due to the volume of their movement being so big, this would automatically impact the market price of what they are buying be it cryptocurrency or even the usual stock. Another thing that could potentially have an effect on the market is a group of individuals all making the same move together.
This is generally what the r/WallStreetBets did to GameStop altogether which then rocked the market and caused the price to skyrocket. There is no way, however, to confirm that dogecoin's movements are indeed swayed by pump-and-dump schemes by groups or whales. As of the moment, there is no way to confirm if dogecoin is really going "to the moon" or is another pump-and-dump. This highly depends on how the traders or investors interpret the data.
What could r/dogecoin do for you? We are 1.7 million strong on reddit— r/dogecoin (@hiddin2urleft) May 11, 2021
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Written by Urian B.