The drama between WallStreetBets, the Reddit Community, and several investment firms and hedge funds appears to have spread to the crypto market, particularly DOGE.
As a result of this news, one of the coins on the crypto market, DOGE, has appreciated by around 90% to form a new high.
This coin from Dogecoin is also due to a lot of positive sentiment, such as a popular video on TikTok and a Tweet from Elon Musk, which seems to happen again will continue to push DOGE higher.
WallStreetBets has been seen in the market in recent days as some of them pushed up GameStop (GME) share price.
This news is quite surprising because from the end of 2013 to mid-2020, this stock has fallen even by 93%.
However, due to encouragement from several parties in this community, GME has increased by about 880% in the past week.
Unfortunately, the majority of investment companies and hedge funds like Melvin Capital are still short on the derivatives market.
As a result, last week's buying impulse has cost these companies billions of US Dollars. This occurs because appreciation weakens their seemingly large sell or sell positions.
At the same time, a Twitter account named "WSB Chair" made a tweet asking "Does anyone own Bitcoin?". As a result, many crypto enthusiasts responded to this case and tried to emulate it.
According to data from the crypto market, the majority of altcoins are trying to imitate the movement of GME shares. However, DOGE is one of the coins that has increased significantly in this appreciation.
As a result, DOGE increased by about 88% in just 90 minutes. If you look at the volume movement, chances are that some players saw the crowd around Dogecoin and bought it too.
An interesting discovery was also seen in two traders named RookieXBT and Coinmamba who published their long positions before this price jump occurred.
After the publication of the statement, it was also found that a community similar to WallStreetBets named SatoshiStreetBets was one of the reasons for this surge in prices.
In the community there is a discussion which culminates in the opinion of its members to push the price of DOGE up. So it is likely that this community is also responsible for the impulse buying that is taking place.
This movement appears to have occurred as a result of a community imitating one community. This is because what SatoshiStreetBets is doing with DOGE is what WallStreetBets is doing with GME.
With Elon Musk apparently taking part even before the push with SatoshiStreetBets and WallStreetBets, the potential for appreciation is still there.
If Elon Musk makes a new tweet about this appreciation, it is likely that DOGE may continue to climb higher than the current price.
If this tweet is made correctly, most likely the correction as current profit taking will stop and DOGE will go higher.
Some of the important targets for DOGE are at $ 0.0159 and $ 0.0183 which AMBCrypto thinks will be further points of appreciation if Elon Musk's tweet happens.
However, currently, if $ 0.0118 is successfully breached, there is a possibility that the next objective will return to $ 0.0137 which then has the potential to rise towards $ 0.016000.
Several other coins, such as Uniswap (UNI) and Elrond (EGLD), also appear to have strong appreciation potential. So it seems that the sentiment around the DeFi sector looks still strong which can also push DOGE up
