Although cryptocurrency exchanges like FTX have already listed AMC, GME, NOK and BB over the past 24-hours to ensure the market can be traded continuously.

For more news, guides and cryptocurrency analysis, click here.

Disclaimer: This article is not intended as financial advice. Cryptocurrencies are extremely volatile assets that should be treated with caution. The author of this article does not own, or have a vested interest, in any of the aforementioned assets.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

Wall street bets dogecoin

Someone on Reddit posted a message that spelled the word “hold” wrong, and readers interpreted it as the acronym.

FUD

It means fear, uncertainty, and doubt.

Sats

It is short for “satoshis,” derived from the first name of Satoshi Nakamoto, the person who is presumed to have developed bitcoin. It refers to the smallest fraction of a bitcoin that can be sent.

Whale

A person who owns a large precentage of a certain cryptocurrency.

Pump and dump

It means people buy a coin and create demand in the market.
The coin will go up in value, then everyone dumps the coin and sells it for a profit.

Mooning

This means a coin’s price is experiencing a spike.

Apes Together Strong

Saying is derived from a meme based on the movie Rise of Planet of the Apes, sometimes represented by a gorilla emoji.

Wall street bets dogecoin reddit

Reddit to the front page of the New York Times. Secondly, it’s a subreddit that, at the same time, has attracted the attention of casual investors such as college students trying to improve their financial situation, institutional-level players, and financial regulators. Finally, WallStreetBets is the only subreddit whose members refer to themselves as “autists” and “degenerates.”

Describing itself through the tagline “Like 4chan found a Bloomberg terminal”, the subreddit is also notorious for its aggressive trading strategies, highly speculative leveraged options trading, and, of course, for its role in the 2021 Game short squeeze.

Speaking of that…

GameStop short-squeeze

In January 2021, the subreddit’s short-squeeze of GameStop helped shoot up the video game retailer’s stock price through commission-free trading apps such as Robinhood to a whopping 1,700%.

Wall street bets doge

When it begins to drop, appeals to “hold the line” come out and do not sell.

Paper Hands

Paper hands are when someone sells at the first sign of a downward trend, the opposite of diamond hand. It is used in a derogatory manner toward those who are not fully committed to a position.

TENDIES

A shorthanded word for chicken tenders, which WSB uses as slang for profits from a trade.

DIAMOND HANDS

Often referenced using emoji, “diamond hands” are how members express their belief that their position is valuable and worth holding on to for maximum profit.

Conversely, a trader with “paper hands” sells out early.

TO THE MOON

A rallying cry on WSB, which members use to express their belief that a stock will rise significantly.

Wall st bets dogecoin

GameStop’s value has risen nearly fivefold since the start of the week—and more than sixtyfold since last summer.

On Saturday morning, a Twitter account called WSB Chairman (which isn’t officially associated with the WallStreetBets subreddit) tweeted: “has Doge ever been to a dollar?” The answer to that question is “no,” but some members of the WSB community apparently decided to try to change that.


Advertisement

Dogecoin is a particularly inspired way for the WallStreetBets community to jump into the cryptocurrency world. While a lot of bitcoin and ethereum fans are earnest hackers trying to change the world, dogecoin has been a meme-driven joke from the beginning.
Dogecoin gained prominence largely because the concept was so ridiculous that it was fun to write about.

Wall st bets dogecoin reddit

When used by WSB, the apes are retail investors who are bullish on heavily-shorted stocks. If the “apes” unite, they can be strong enough to outlast those who short on a stock.

Rockets

It means when someone wants a stock price to skyrocket.

Bears

A bear investor thinks a stock or the market will decrease in value.
Not well-liked among many users.

YOLO

Short for “you only live once.” If someone has “yoloed” a stock, that user poured a lot of their money into that investment.

BAGHOLDER

Someone who has taken heavy losses on stock or coin. While other users may have profited from a similar position, that person is left holding the bag.

Hold the Line

A battle cry during volatility in the markets or with crypto.

Wall street bets doge reddit

UPDATE: The price of the meme cryptocurrency was on a rise since the developments that occurred on Thursday, pushing its price well above $0.02 to hit a new all-time high.

The Reddit community WallStreetBets’ drama with main street hedge funds has now permeated the cryptocurrency sector with Dogecoin’s price pumping by 90% in a matter of hours. This surge has contributed to DOGE nearing its old ATH on the charts.

Dogecoin has been in mainstream media due to a host of reasons, some of which include viral TikTok videos or tweets from Elon Musk.
In fact, the aforementioned surge might continue if Elon Musk decides to join the party as is customary.

WallStreetBets & Dogecoin

WallStreeBets’ name has been popping up all over the mainstream media lately as a bunch of “memers” who have all longed the most-shorted stock GME [GameStop].

Wall st bets doge

In response to GameStop, short-squeeze platforms such as Robinhood, TD Ameritrade, E-Trade and Webull restricted the trading of heavily shorted stocks of, among others, AMC, BlackBerry Limited, Nokia, and Koss Corporation.

Soon, the WallStreetBets fewer spread to the crypto world as well.

Dogecoin and WallStreetBets

On Thursday, the “WSB Chairman” Twitter account, which is reportedly associated with the WallStreetBets subreddit, tweeted: “A lot of you are talking about Dogecoin. What’s that? A meme crypto?”

Consequently, the price of the beloved meme-based cryptocurrency shot up as much as 142%, from $0.007 to $0.017 in under two hours.

Dogecoin reached an all-time record price of 8 cents, compared to Wednesday evening when the cryptocurrency was trading for less than a penny. That’s quite a jump.

This has sent the stock prices of GME hurtling, with the same up by over 880% in one week, at the time of writing.

What’s interesting about the surge in GME’s stock is that Melvin Capital, a hedge fund reportedly at the center of all the GME shorts, has covered its short position. Not only has this contributed to losses in the billions, but this has led to main street traders/hedge funds crying foul too.

With the drama over GME stocks unfolding before our eyes, a Twitter user with the screen name “WSB Chairman” tweeted,

Anybody own Bitcoin?

— WSB Chairman (@WSBChairman) January 28, 2021

This tweet was met with replies from many of the market’s cryptocurrency enthusiasts, many of whom were left out of the WSB drama.

Accordingly, many started spamming different altcoins.

Wall street beats dogecoin

DOGE Goes Vertical As ‘Chairman of WallStreetBets’ Asks About Dogecoin

After the TikTok pump last year, dogecoin (DOGE) is now seemingly being pumped by another online community. This time, it might be related to the r/wallstreetbets subreddit, with 4.6m (was around 2m yesterday) users, responsible for the GameStop pump this month.
(Updated at 15:50 UTC: updates throughout the entire text.)

____Updated on January 29:Dogecoin Blasts Into Top 10, And Leaves ____

Early Thursday morning (UTC time), DOGE skyrocketed by around 75% in less than two hours, hitting USD 0.0136, before crashing to USD 0.0106 (07:36 UTC).

Dogecoin—the cryptocurrency based on a meme about an over-enthusiastic Shiba Inu dog—reached an all-time record price of 4 cents on Thursday evening. That represents an incredible fivefold increase over the preceding 24 hours. The cryptocurrency was trading for less than a penny on Wednesday evening.

Dogecoin’s rally appears to be connected to the WallStreetBets phenomenon. The subreddit WallStreetBets has been the nerve center of an online movement to pump up the value of GameStop and a handful of other stocks in an effort to bankrupt hedge funds that had taken big short positions in the stocks.

Similar Posts:

Leave a comment