Redditors rally as Dogecoin halves in value following a sevenfold surge last week

[Pete Flint]

What just happened? Dogecoin saw a sevenfold spike as of Friday last week as day-traders jumped on the meme-based cryptocurrency. The value of the coin was cut in half by Saturday however as marketplaces including Robinhood, who are still receiving criticism around GameStop stock from last week, stopped account deposits for crypto purchases. This led to an outcry by Redditors and Twitter users who are trying to bolster the coin and prevent panic selling.

Dogecoin, the cryptocurrency featuring the famed “doge” shiba-inu meme, famously started as a bit of a meme itself. Never terribly successful, but consistently in the crypto zeitgeist, the coin has made headlines this week as the ever-growing community of day-traders on Reddit and Twitter decided to focus their efforts on keeping the Dogecoin alive as its value dipped by nearly half on Saturday.

Retail traders posted online trying to bolster confidence in the coin and begged skeptics not to sell in the ensuing panic. As of Friday, the coin had surged seven times its value to $0.07 but was cut short as marketplaces such as Robinhood halted account deposits for cryptocurrency buying due to “extraordinary market conditions.” This did not halt buying using funds previously deposited however.

The coin is down around 50% in the last 24 hours, hovering around $0.025 as of writing.

Users on subreddit SatoshiStreetBets, are among the community begging traders not to panic sell. The Reddit page is the self-described “crypto version of WallStreetBets,” the subreddit behind the GameStop stock surge and fluctuations (GameStonk) this week.

The rallying mantra of the subreddit does indeed seem to mirror that of WSB, as one user was quoted saying, “the moment we lose each other is the moment we fail.” Other posts and replies deem this a “fight” and attempt to instil confidence in the coin by advertising its real-world functionality and earning potential.

Many readers might be wondering, where is Elon Musk in all of this? There was his infamous “Gamestonks” tweet last week, and of course he could not stay his hand here either. Musk’s tweet contributions included a cover page of “Dogue” magazine, and a simple message back in December, “One word: Doge.” Many took this as a push to invest in Dogecoin and might have been a contributing factor to the massive spike before the weekend.

pic.twitter.com/a6kmk0PEgM

— Elon Musk (@elonmusk) January 28, 2021

Like other recent underdogs (underdoges?) in the stock market, Dogecoin’s future is very unpredictable. We still recommend to err on the side of caution in this or any recent similar “short squeeze” investing, and not to see it as a get-rich-quick scheme.

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https://www.techspot.com/news/88470-redditors-rally-dogecoin-halves-value-following-sevenfold-surge.html

 

[QuantumPhysics]

It started as a Joke and will end that way.

No serious business or institution will ever trade in Dodgecoin.

Dodgecoin, with a total token count numbering around 128 Billion (Bitcoin -21 Million)isn’t rare and has no real value or store of wealth.
The Reddit Stock Pump & Dump is going to end up being a pretext for government to clamp down on social media and give the SEC more power.

The same SEC , by the way, that derailed XRP.
You literally watched them crush XRP but don’t think it can happen to “Dodgecoin “???

 

[VitalyT]

Even the ultimate dogshit gets into pump-n-dump scheme when first introduced on the crypto market.

 

[brucek]

Why do I get the feeling that we'll eventually find out that the heroic "Redditors" were mostly a bunch of useful *****s manipulated into serving the needs of a large investor -- probably a hedge fund.

edit: hey techspot, do you think censoring the url that isn't even displayed might be a little much? I'm trying to reference a particular term, not insult any readers.

 

[QuantumPhysics]

Why do I get the feeling that we'll eventually find out that the heroic "Redditors" were mostly a bunch of useful *****s manipulated into serving the needs of a large investor -- probably a hedge fund.

I've been saying that.

Using Trading Places as an example...

Valentine and Winthorpe had the idea how to bankrupt the Dukes, but they didn't have enough capital.
They needed to drag the willing fools (pawns) into it with promises of wealth so what did they do? They used the money of others to drive the prices of the frozen OJ.

I guarantee you: eventually the investigations will turn up insider trading allegations. It's a matter of time. Finessing a stock, Pump & Dump...whatever... SEC is going to make them pay dearly for it.

 

[Karlos95]

It started as a Joke and will end that way.

No serious business or institution will ever trade in Dodgecoin.

Dodgecoin, with a total token count numbering around 128 Billion (Bitcoin -21 Million)isn’t rare and has no real value or store of wealth.
The Reddit Stock Pump & Dump is going to end up being a pretext for government to clamp down on social media and give the SEC more power.

The same SEC , by the way, that derailed XRP.
You literally watched them crush XRP but don’t think it can happen to “Dodgecoin “???

So you agree that bitcoin is worth a lot then. Otherwise you wouldn't be comparing it.

There are some institutions that accept it as currency. But I take it they just added it as an option, their main ones are BTC, ETH, and LTE.
Can't see any other coins taking over them in terms of value. (unless they really get pumped)

Anyway, I got in early with Doge and am stoked. Can't say I left it in though, probably left 10% in, the rest went to the more safer coins backed with history.

Because, DOGE, good to trade to make quick stupid gains, not good to hold if you want to be safe...

 

[QuantumPhysics]

So you agree that bitcoin is worth a lot then. Otherwise you wouldn't be comparing it.

There are some institutions that accept it as currency. But I take it they just added it as an option, their main ones are BTC, ETH, and LTE.
Can't see any other coins taking over them in terms of value. (unless they really get pumped)

Anyway, I got in early with Doge and am stoked. Can't say I left it in though, probably left 10% in, the rest went to the more safer coins backed with history.

Because, DOGE, good to trade to make quick stupid gains, not good to hold if you want to be safe...

Bitcoin is worthless. No intrinsic value. No store of Wealth. High Volatility. Bitcoin's only "value" is how many "USD" (or other currency) you can buy with it.

To call "cryptocurrency" a "currency" is disingenuous.

All crypto is a ponzi scheme based solely on speculation of future value and usability. Unlike tangible assets, cryptocurrency is a bunch of speculative assets that cease to exist when the electricity goes out (exactly what happens in wars).

The price of Dodgecoin or Bitcoin makes no sense whatsoever, but BTC $40,000 makes as much sense as BTC $4,000,000,000,000,000.

Bottom line: Dodge Coin is more plentiful than BTC so why would something that you have 128 Billion of ever compare to something you have 21 million of except to be valued lower???


Please show me a situation where society falls apart where people are walking around trading cryptocurrency. More likely: commodities such as Food, Water, Medical supplies and ammunition become the real "currency".


I know several people who go XRP and Dodge when they were extremely cheap. But just because one person benefits from a Ponzi Scheme doesn't mean the rest do. QED: Dodge will never be a seriously traded asset nor a store of wealth nor a real currency.

 

[Karlos95]

Bitcoin is worthless. No intrinsic value. No store of Wealth. High Volatility. Bitcoin's only "value" is how many "USD" (or other currency) you can buy with it.

To call "cryptocurrency" a "currency" is disingenuous.

All crypto is a ponzi scheme based solely on speculation of future value and usability. Unlike tangible assets, cryptocurrency is a bunch of speculative assets that cease to exist when the electricity goes out (exactly what happens in wars).

The price of Dodgecoin or Bitcoin makes no sense whatsoever, but BTC $40,000 makes as much sense as BTC $4,000,000,000,000,000.

Bottom line: Dodge Coin is more plentiful than BTC so why would something that you have 128 Billion of ever compare to something you have 21 million of except to be valued lower???


Please show me a situation where society falls apart where people are walking around trading cryptocurrency. More likely: commodities such as Food, Water, Medical supplies and ammunition become the real "currency".


I know several people who go XRP and Dodge when they were extremely cheap. But just because one person benefits from a Ponzi Scheme doesn't mean the rest do. QED: Dodge will never be a seriously traded asset nor a store of wealth nor a real currency.

USD is basically ponzi scheme now. Just print more when you need it.


Bitcoin has more value than USD at this point.

It will get to a point where your "currency" will be worthless because they will force digital currency (fed built, owned and distributed) and they will be able to keep tracks on your spending every second of the day.
Any example that someone brings up that they say makes bitcoin "worthless" essentially does the same to their own nations currency.

It is the people who make the value of something. There is no such thing as too big to fail. So stop saying because USD is backed by USA nothing will happen to it.

It may have had some credibility when it was backed by GOLD, but it does no longer.


If **** hits the fan, and I mean really hits it (no power anywhere) gold and commodities will be the barter tender obviously.

But it is an unlikely event and so, I'd rather own Bitcoin than USD right now.

I control my Bitcoin, no one else. USD is controlled by the Gov/banks.

Add:
Yes, I mean, you can still use it to transfer value but as a long term thing, not something I would like to hold as like I said, no history and a very bad amount of available coins (also think - unlike bitcoin - somewhere in it's white paper it is allowed to create additional coins)

 

[QuantumPhysics]

USD is basically ponzi scheme now. Just print more when you need it.


Bitcoin has more value than USD at this point.

It will get to a point where your "currency" will be worthless because they will force digital currency (fed built, owned and distributed) and they will be able to keep tracks on your spending every second of the day.
Any example that someone brings up that they say makes bitcoin "worthless" essentially does the same to their own nations currency.

It is the people who make the value of something. There is no such thing as too big to fail. So stop saying because USD is backed by USA nothing will happen to it.

It may have had some credibility when it was backed by GOLD, but it does no longer.


If **** hits the fan, and I mean really hits it (no power anywhere) gold and commodities will be the barter tender obviously.

But it is an unlikely event and so, I'd rather own Bitcoin than USD right now.

I control my Bitcoin, no one else. USD is controlled by the Gov/banks.

Add:
Yes, I mean, you can still use it to transfer value but as a long term thing, not something I would like to hold as like I said, no history and a very bad amount of available coins (also think - unlike bitcoin - somewhere in it's white paper it is allowed to create additional coins)

I hear those same comments all the time from people who do not understand money, do not understand currency, do not understand history, and do not understand global politics.

Do US dollar is not a Ponzi scheme.

If bitcoin was worth so much more than the US dollar then why is it that bitcoin’s value is not translatable by bitcoin itself?

The only way you can translate bitcoins value is to relate it to how many dollars I can get with one.

What a joke.

 

[Skjorn]

I hear those same comments all the time from people who do not understand money, do not understand currency, do not understand history, and do not understand global politics.

Do US dollar is not a Ponzi scheme.

If bitcoin was worth so much more than the US dollar then why is it that bitcoin’s value is not translatable by bitcoin itself?

The only way you can translate bitcoins value is to relate it to how many dollars I can get with one.

What a joke.

There is all kinds of stuff to buy with BTC. Stop talking out your arse.

 

[duckofdeath]

Why do I get the feeling that we'll eventually find out that the heroic "Redditors" were mostly a bunch of useful *****s manipulated into serving the needs of a large investor -- probably a hedge fund.

edit: hey techspot, do you think censoring the url that isn't even displayed might be a little much? I'm trying to reference a particular term, not insult any readers.

Yeah, this will end like 2008. At some point money will run out and people start selling everything.

 

[Nobina]

I'm not into crypto although I wanted to buy some ETH last year but didn't in the end. Since then it shot up so that's great.

I would never invest into crypto and keep it for long as there's a lot of ****ery going on for me to be comfortable keeping potential money there.

 

[terzaerian]

QuantumPhysics cares so little about worthless crypto nearly half of the posts in this thread are devoted to screaming that out at us.

In the meantime, I had a great time during the Dogecoin pump. Dogecoin is an inflationary crypto so I knew that it wasn't going to sustain 7 cents for long, so I pivoted the 9000 I bought the other year for like 25$ into a little over half of an ETH (about $800) right at the peak of the pump, and then bought back 3k Dogecoin after the drop.

 

[terzaerian]

I would never invest into crypto and keep it for long as there's a lot of ****ery going on for me to be comfortable keeping potential money there.

I'll take crypto ****ery over fiat ****ery every day.

 

[Karlos95]

QuantumPhysics cares so little about worthless crypto nearly half of the posts in this thread are devoted to screaming that out at us.

In the meantime, I had a great time during the Dogecoin pump. Dogecoin is an inflationary crypto so I knew that it wasn't going to sustain 7 cents for long, so I pivoted the 9000 I bought the other year for like 25$ into a little over half of an ETH (about $800) right at the peak of the pump, and then bought back 3k Dogecoin after the drop.

Nice work mate. I was very happy with my gain. Ended up adding 0.07BTC and 3 ETH into my portfolio from DOGE.

 

[Karlos95]

Yeah, this will end like 2008. At some point money will run out and people start selling everything.

That is what the whole GameStop is about. Punishing those who helped with the 2008 downfall. It will happen again because the Govs only care about their pockets, so they will continue to bail out those hedgefunds and banks that inflicted the most pain to ordinary people.


And that is what Bitcoin is all about, getting away from those that hurt us.


I don't see the appeal in long term doge but others have very good use cases. It is literally the people who haven't done actual research on them are the ones saying how risky it is.

DYOR and GL.

 

[duckofdeath]

That is what the whole GameStop is about. Punishing those who helped with the 2008 downfall. It will happen again because the Govs only care about their pockets, so they will continue to bail out those hedgefunds and banks that inflicted the most pain to ordinary people.


And that is what Bitcoin is all about, getting away from those that hurt us.


I don't see the appeal in long term doge but others have very good use cases. It is literally the people who haven't done actual research on them are the ones saying how risky it is.

DYOR and GL.

That is not the point. Shorting is greedy, profiting off being able to buy more and faster than others. It isn't a bubble. Gamestop is the behaviour that causes bubbles. People not thinking they will have to get their money out of the stock market to actually have it. At some point, human behaviour with start a selling stampede.

 

[Karlos95]

That is not the point. Shorting is greedy, profiting off being able to buy more and faster than others. It isn't a bubble. Gamestop is the behaviour that causes bubbles. People not thinking they will have to get their money out of the stock market to actually have it. At some point, human behaviour with start a selling stampede.

A lot of them are doing it to screw the hedge funds, not to make money. They don't care if they take a loss, as long as the hedge fund goes under. That was the whole point of it. Screw the hedge funds that screwed all the people in 2008.

Shorting should not be allowed, hence why the people are fighting back at the shorters that screw businesses to no return.

 

[terzaerian]

Shorting should not be allowed, hence why the people are fighting back at the shorters that screw businesses to no return.

Not all shorting is morally bankrupt. When a corporation is being a bad actor and trying to deceive the public, and shareholders, shorting can be a viable tool.

That said what the hedge funds were doing to Gamestop wasn't an attempt to discipline a bad company, so much as vultures hoping to kill the company in order to dismember it and feast on the corpse.