Every day, there is a new story that takes the world by storm. Currently, you will see the fiasco of GameStop stocks and how quickly they have taken over the market because of reddit users. With the surge in GameStop’s stocks, the Dogecoin followed suit. The cryptocurrency which was merely considered a meme earlier on has taken quite a turn because of the recent events. You will find that the Dogecoin has the possibility of going up 800 times its original value. Have you ever read about anything like this? It is surely astounding as to how this has all worked out.
Where Did It All Start?
There was a whole situation going on when it came to GameStop. Reddit users united and planned on doing something similar through Dogecoin. No one expected this sudden increase in the cryptocurrency’s value. Essentially, this is a battle between amateur investors and the billionaires who have invested in hedge funds.
Through short-selling, the amateur investors were able to manipulate the market in a way that allowed them to win from the entire thing. This has left many well-established investors confused and angry. While GameStop was one of the more prominent businesses to have granted the advantage, you can see that Dogecoin also is in the same pathway.
How Did Dogecoin Come Into Play?
Dogecoin essentially came into play when reddit users began to play with the markets more. What was intended as a joke, making fun of cryptocurrency through Dogecoin, is now soaring when it comes to its prices. This has left people wondering whether this will be the new people’s currency or not.
Dogecoin has not gotten any recognition when it comes to the financial side of things. However, it has always been something that investors and common people on the internet had a laugh about. It was entirely for the purpose of fun, and not something that people would take seriously.
As the chain of events unfold, there is a possibility of this cryptocurrency taking new heights. How is this possible? Well, there are more investments taking place in its stock. More than that, all of the reddit users have united to take Dogecoin up to the level of GameStop.
Will Dogecoin Prevail In the Market?
Many prominent figures are also supporting the use of Dogecoin, such as Elon Musk and Snoop Dogg. You are probably surprised reading these two names together. But it is true. Elon Musk has gone on to say that perhaps this cryptocurrency might become the people’s currency in no time.
The Shiba Innu featuring cryptocurrency is sure to make some noise in the near future. However, when it comes to the practical use of this, there is no saying whether this will be used for normal transactions. While Dogecoin is having a bit of a limelight currently, the practicality of things denote that it might not be the new people’s currency as yet. As events unfold, we will get to know more about whether Dogecoin will have a more valuable place in the market anytime soon or not.