Is Dogecoin (DOGE) the New GameStop?

The events happening with respect to the run in the price of the shares of American video game retailer, GameStop has moved many to see the power of owning cryptocurrencies. As Congress moves to hold hearings on the current market conditions, Dogecoin has made a flash bull charge over the last 24 hours with the DOGE crypto price rallying nearly 400%.

Is Dogecoin (DOGE) the New GameStop? 

What started as a duel between institutional short-sellers and a group of ambitious Redditors organized in the chatroom r/wallstreetbets (r/WSB) has stirred the authorities to back the big money guys on Wall Street at the expense of the guys on ‘main street’ as a Twitter user puts it. This move has angered the Redditors much more.

As the share price of GameStop ballooned to unprecedented highs in 2020 up over 1800%, many brokerage firms and trading apps began halting the trade of the stock, citing the need to protect their customers from imminent losses. The short-sellers had already lost over $5 billion on GameStop since the unifying push by the r/WSB chatters to pump the stock price and the authorities could not have any more of the big money guys lose more cash.

Now the trading platform most trusted by the people, Robinhood has joined the others in halting the trade of GameStop, bringing a remarkable blow to the r/WSB retail army to push the stock price to $500 per share.

The Turn to Crypto and Dogecoin

Seeing the state is coming to the rescue of the short-sellers, the retail army on r/WSB and Twitter apparently decided to turn to cryptocurrencies, the emerging investible asset class that is free from censoring. In a double twist, Dogecoin seems to be the coin the angered investors decided to pump its price.

Following this unprecedented promotion of DOGE, the coin has soared in the past 24 hours, rallying as much as 374% to an intraday high of $0.056 according to CoinMarketCap. Doge is currently trading at 0.043 at the time of writing. 

The push in the price of DOGE has zoomed it past a number of the top digital currencies and it is now ranked as the 10th largest cryptocurrency by market capitalization.

Attempts to pump the price of Dogecoin have been made before and perhaps, the zeal of the r/WSB and Twitter retail investors may push Dogecoin to hit $1 in the coming days.

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Walls Street’s GameStop Battle With Reddit Page r/wallstreetbet Highlights Need for Decentralized Bitcoin

There has been an ongoing frenzy on social media in the past days as the stock market is experiencing an outburst in the valuation of certain stocks including video game retailer GameStop, and AMC Entertainment Holdings amongst others. The shares of these firms have been giving the institutional short-sellers a bit of a headache as the Reddit chatroom r/wallstreetbets (r/WSB) with over 2 million subscribers formed a unifying front to pump the shares of these companies onto profitability, at the expense of the big money Wall Street firms.

The rally has yielded more dividends than can be imagined as GameStop shares have risen by over 1,600% this year, dwarfing the volatility seen in any cryptocurrency including Bitcoin (BTC), and Ethereum (ETH) in the same time frame. The retail rally being spurred by the r/WSB chatroom has also garnered the backing of Bitcoin proponents including billionaire Chamath Palihapitiya, and Gemini Exchange founder, Tyler Winklevoss.

Wall Street is Enraged

Prominent hedge fund managers who are renowned short sellers of the GameStop shares are already at loss amid the growing retail buyup of the shares. The development has spurred an outcry amongst this set of investors who are calling for government intervention into the activities of the r/WSB chatters.

As Justin Amash rightly described it, the big money guys are intolerant to the average man being in control, which is exactly what is ongoing with the GameStop and AMC shares pump. He tweeted;

“The elites don’t want a free market; they want a controlled market that protects their profiteering and keeps you subdued.”

One of the ways the elite are aiming to frustrate the efforts of the r/WSB retail army is first, to shut down the chatroom which is already being attempted, and secondly, by a halt in the trading of these stocks on major Wall Street brokerage firms such as  TD Ameritrade. These two moves are such that are backed by the federal regulators who work tirelessly to keep the rich afloat.

The Bitcoin and Crypto Revolution

The GameStop situation gives huge credence to the inherent potential of Bitcoin and cryptocurrencies, in general, to usher in financial and investment equality. The latest bullish rally in the market that saw the market capitalization of the global cryptocurrency industry shoot above $1 trillion was triggered by an upsurge in the activities of both institutional investors and retailers with little or no government interference.

The design of the Bitcoin blockchain to self function has even garnered the praise of Peter McCormack who recently debunked some misconceptions about the cryptocurrency by Bank of England Chief, Andrew Bailey. With what is ongoing on Wall Street today, better advocacy is needed to make more investors see the censorship-free nature of digital currencies and decentralized markets.

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