The highest increase of 10 times in one day, DOGE coin appeared on Weibo and Twitter hot search overnight

Do you remember the last time a certain asset in the secondary market became a global topic? Maybe you would say that when Tesla became the world's most valuable car company half a year ago, many people were discussing it.

But that also took Tesla a few months to become a global hit.

And today, a very familiar meme avatar doge has become a global hot search overnight. In China, “Dogecoin soared more than 250% in one day” ranked seventh on Weibo’s hot search. In foreign countries, “DOGE” or “DOGECOIN” stood on the “Twitter Trend List” in many regions. None of bitcoins seem to get such high-profile treatment.

It all comes from the cryptocurrency named DOGE, which is nicknamed "Dogecoin" in China For a small project, this asset, which uses the meme doge as its logo, once rose by as much as 1014% within 24 hours.

This is yet another masterpiece from Wall Street Bets, who has recently been called the "leading brother" of retail investors.

The U.S. retail investors who rushed to GME changed positions

The US retail investors and hedge funds are fighting in the US video game distributor "GameStop" and AMC theaters, everyone should have understood in the past two days. In response to retail investors continuing to buy, Robinhood, the favorite brokerage platform for young Americans, and a number of local brokerages in the United States have announced that they have closed the opening positions of GME, AMC and other stocks. In other words, Americans cannot buy these stocks. .

The weakening of buying liquidity was immediately reflected on the disk. GME’s stock price fell from $468 all the way. It didn't help even calling my neighbor Canadian retail investors to help buy. At the close of trading on the 28th, GME fell by more than 43%, and AMC fell by more than 56%.

Retail investors unable to participate in GME and AMC transactions began to look for new opportunities.

A user on r/wallstreetbets  said that the silver market is "one of the most manipulated markets on earth ", the price of silver should be $1,000/oz. The price of silver futures rose in response, rising from $25.3 to a maximum of $27 in just over an hour, an increase of 7.28%.

Silver futures trend

However, perhaps the market value of silver is too large, or perhaps such a commodity does not meet the attributes of Wall Street Bets buying, retail investors are focusing on cryptocurrencies.

Many retail investors left messages on the r/wallstreetbets board and its Twitter account, Dogecoin (DOGE) is the next One GME and Bitcoin, Dogecoin will reach $1 and will disrupt the crypto market. At that time, Dogecoin was worth only $0.007.

A large amount of funds began to target Dogecoin. On Robinhood, which currently ranks first in the US App Store free list, and on Binance, the world's largest cryptocurrency trading platform, retail investors continue to make history. According to CoinGecko data, within 24 hours, the spot trading volume of Dogecoin on the Binance platform was approximately US$5 billion, and the trading volume of perpetual contracts was US$14.8 billion. The highest price of Dogecoin once rushed to US$0.0875, an increase of 1014%.

In a review of GME skyrocketing article, GME is called meme Stock. In the eyes of Reddit and Robinhood users, Game Stop represents their youth. It is difficult to count how many North Americans have spent their spare time with Game Stop, and how much pocket money they have spent on video games. At this time, what they think in their minds is that you can short this stock, but you cannot short our youth.

Among the cryptocurrencies, Dogecoin seems to be the most in line with the attributes of Wall Street Bets, with a strong community consensus , was also associated with the world's richest man and Tesla founder Elon Musk, and is also the most representative meme currency.

What is Dogecoin?

Who created Dogecoin?

In December 2013, with Bitcoin entering the bull market and the Japanese Shiba Inu "かぼす" becoming popular on the Internet, A programmer from Australia, Jackson Palmer, came up with a whim and proposed to combine two hot spots to create a new project - Dogecoin.

Jackson Palmer, the founder of Dogecoin

After receiving enthusiastic responses from netizens, Palmer registered a name It is the domain name of Dogecoin.com, and a logo is simply designed: a dog with gold coins in the background. In terms of algorithm design, Dogecoin uses Litecoin's Scrypt algorithm, which can be said to have almost no technological innovations and highlights.

Billy Markus, an engineer from IBM, stumbled across Dogecoin, was fascinated by it, and volunteered to become a Dogecoin the first developer of . However, as the two public spokespersons of Dogecoin, Markus and Palmer have left the community one after another.

Among them, after Palmer withdrew from the community in 2015, he created an encrypted currency sharing account on YouTube as a developer. It is to share general technology, and it is also to prevent someone from pretending to be him. However, in 2019, Palmer suddenly deleted his Twitter account and YouTube account, and has since disappeared from the Internet world.

The reason why Dogecoin is deeply rooted in the hearts of the people, in addition to its "magic" meme, is also because of its initial "civilian" positioning, and it is precisely because of this that it attracts many fans on Reddit , and grow stronger.

As stated on its official website, Dogecoin is an interesting and friendly Internet currency, which is different from other digital currencies , which has an amazing, vibrant community of friendly people like you readers.

Musk’s favorite

On April Fool's Day 2019, Dogecoin's official account launched a vote on Twitter to select the Dogecoin CEO, and Tesla CEO Musk was elected with a high number of votes. Subsequently, Musk tweeted that Dogecoin is his favorite digital currency, and changed his Twitter account information to "Former Dogecoin CEO".

Due to the skyrocketing price, Musk also tweeted about Dogecoin today. In the picture, he spoofed the famous fashion magazine VOGUE, renamed it DOGUE, and put a dog in the magazine. Cover page.

Dogecoin also has a deep relationship with Tiktok. On July 2, 2020, TikTok user James Galante posted a video titled "Let's All Get Rich." The video mentions that individuals invest $25 in DOGE, and when DOGE rises to $1, the investor will have $10,640. So far, the video has received 61,100 likes and 4,600 comments.

This also doubled the price of Dogecoin in 3 days to The total market value of 598 million US dollars ranks 26th in the global ranking of the total cryptocurrency market value.

After the outbreak of Dogecoin this time, the magical meme about Dogecoin has become a frequent visitor of Tiktok again, and Tiktok It also brings a steady stream of traffic from Generation Z to Dogecoin.

The irrational market will eventually return to rationality

In the encrypted world, in addition to Dogecoin, there are also a series of cryptocurrencies named after animals, such as TurtleCoin and Ravencoin, which also have similar attributes.

Turtlecoin, like Dogecoin, has a very cohesive community culture. A foreign high school student once posted on the Bitcointalk currency forum that he did a 3-month survey before he was ready to go to college, and found that all jobs could not guarantee that he would become a millionaire in the future, and he would have to work in a boring job after graduation. Stay on the job for a lifetime. After a year of research on Crypto, he finally decided to steal all the $50,000 in tuition his parents saved for him and buy Turtle Coins.

The reason for buying Turtle Coin is very simple, there is no IC0, pre-mining, banker, only the developers and community of Niu X . At that time, TurtleCoin had 13,000 community members abroad, all the technical codes were original, and all 70 developers were volunteers.

With the story of this high school student going out of the circle and the "fair" distribution model, the price of Turtle Coin is also decreasing Time is doubled. It is similar to the madness of Dogecoin.

Of course, now go to the Github of Turtlecoin, the last update has been 2 months ago, and There has been no major code update within a year, there is no buy order on the trading platform, and the price has dropped 99.99% from the high point. The same is true for Dogecoin. The last update of the code has been stuck in two years ago.

And when these funds without loyalty rush into the next asset, Dogecoin may fade out of everyone again In fact, as of press time, the price of Dogecoin has fallen by 44.68% from the high point, almost cut in half.

Dogecoin DOGE is obviously not the focus, the sentiment of retail investors is still high, if nothing unexpected, there will be another GME, the next DOGE.

The market cannot be rational forever, and the price will always deviate from the value. Rhythm BlockBeats reminds investors, please invest carefully and pay attention to risks.

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