While retail investors high-tailed it out of GameStop after regulators stepped in to stem the bleeding from hedge fund pockets, over in crypto, another bubble emerged overnight.
The currency in question was Dogecoin, and the band of retail investors looking to pump - and it seems, dump the project - was a WallStreetBets copycat subreddit called SatoshiStreetBets.
On Thursday, the community which boasts 86,500 users started discussing emulating the explosion in the price of GameStop stock on Dogecoin.
BUY DOGE. IMAGE: SatoshiStreetBets
The coin, which started the day $0.007 reached highs of $0.035 as redditors took to exchanges to push up the price, and help the project go viral.
The rise and fall of DOGE. IMAGE: Nomics
In 24 hours, trading volume went from a flat $230 million to $17.5 billion, pushing the project’s market cap north of $9 billion according to data company Nomics. Dogecoin became a trending topic on Twitter globally, beating out news of the death of American actress Cicely Tyson.
Everyone is talking about DOGE. Image: TwitterTrends
But no sooner had the price shot up and everyone was celebrating the price surge, money started flowing out of Dogecoin into other projects according to Luke Martin, an analyst over on Twitter.
It pains me to say this....it really does...but it looks like the hot ball of money that pumped $DOGE has started to move into $XRP.$XRP is up 20% in the last 2 hours while the rest of the market is flat. pic.twitter.com/ck3ityU7rd
He noticed that money appeared to be siphoned away from DOGE into XRP, which saw a 20% rise in a couple of hours. The price at the start of the day on Friday has collapsed back down to 0.008 to roughly where it had started 24 hours before. Some weren’t very happy.
Unhappy. IMAGE: Reddit
While the boom was short lived, asset prices across crypto have turned green, with Ripple up 7.6%, and Stellar up a whopping 23%. Bitcoin and Ethereum ticked up but didn’t seem to get caught up in the DOGE hysteria.
The moral of the story? Anything fiat can do, crypto can do better.
Wall Street bounces back as investors split over retail market moves
It's been a topsy turvy week for Wall Street. Yesterday the markets recorded their biggest losses in months, but today things are back in the green.
The Dow, S&P and Nasdaq all closed up as US joblessness figures dropped below 900,000 for the first time in weeks and the US economy gears up for a recovery. But while that was happening, the investors that had pushed up GameStop were at it again.
Nokia's rise and fall. IMAGE: TradingView
Shares of AMC soared in late trading after a regular-session slide, as did shares of BlackBerry, Express, Bed Bath & Beyond and Nokia.
While many opinion pieces have pointed out that the story is about one of inequality: wealthy people have continued to get richer off the back of distressed companies, others are mad as hell.
Hedge fund billionaire Leon Cooperman took to CNBC to tell everyone how unfair it was that new retail investors were upsetting the order of things.
Cryptocurrency exchange Gemini announced Friday that it has submitted a public S-1 filing with the SEC to launch a planned initial public offering, two months after previously revealing a confidential filing with the regulator.
Gemini, which was founded in 2014 by billionaire Bitcoin investors Tyler and Cameron Winklevoss—perhaps best known for their role in the creation of Facebook—plans to list via the Nasdaq Global Select Market under the ticker GEMI.
Details on the number of shares to be off...
SharpLink Gaming’s shares plummeted Friday as the online gambling marketer disclosed disappointing earnings for the second financial quarter.
The Ethereum treasury’s shares are trading at $20.04, down nearly 15% in intraday trading.
SharpLink reported $103 million in net losses for the three-month period ending on June 30—a stark contrast to its nearly $12 million net income during the same quarter last year.
Revenue came in at $1.4 million for the second quarter, down 30% from the same time las...
Taiwan-listed public company WiseLink has stepped into Bitcoin treasury financing, leading a $10 million raise for Top Win International (Nasdaq: SORA), a Hong Kong-based luxury watch trader and retailer now expanding into digital assets.
The parties say their move marks the first time a Taiwan-listed firm has backed a Bitcoin treasury company.
“We believe now is the golden window to implement a Bitcoin capital strategy,” Tsai Kun Huang, CEO at WiseLink, told Decrypt.
Citing “global monetary eas...
