DOGE and GameStop stock. Table of Contents

What happened to DOGE coin?

The price of “DOGE”, a crypto asset (virtual currency) with the motif of Shiba Inu, has skyrocketed.

Traders in the stock trading community of the US bulletin board service “Reddit” talked about the crypto asset on Twitter, which caused the price to soar.

In the United States this month, movements centered on Reddit’s stock trading community “Wall Street Bets (WSB)” have shaken the stock market significantly, and even financial authorities have become more scrutinized.

The stock price of GameStop, a major US video game company, soared by nearly 900% in five days, and some hedge funds that were short-selling suffered heavy losses.

The Securities and Exchange Commission (SEC) has made unusual comments that it is monitoring more violent price movements that may have occurred in the stock market.

The price of Dogecoin has doubled after the Twitter account “WSB Chairman”, which has about 400,000 followers, tweeted “I’m excited about Dogecoin, what is it?”

Dogecoin rose from $ 0.007 to $ 0.017 in just two hours, according to CoinDesk 20 data.

Last year, Dogecoin released a video on TikTok that encouraged investment in its crypto assets, and its price could rise sharply.

In the past, Tesla’s CEO Elon Musk tweeted that his favorite crypto assets were Dogecoin and others.

Invest in Dogecoin

What happened to GameStop stock?

GameStop a retail video game store, which some would say is well past its prime, and has definitely been battered about by the pandemic, has surged nearly 1800% in 3 weeks.

The Hedge Funds shorted this stock in what they thought was a sure bet, and simultaneously an army of stay-at-home traders started talking the stock up through a Reddit forum called WallStreetBets.

They started buying $GME in force, thus catapulting the price higher.

Then Elon Musk got involved with a Twitter comment “GAMESTONK” pushing the price even higher.

Short Squeeze and Gamma Squeeze

So by now, the Hedge Funds were being squeezed to buy it back quickly before their losses became even more colossal, but not that simple. The demand in the stock by now was astronomical, pushed even higher.

And so, as the retail army got a taste for blood, realizing they could do this with other shorted stocks if they all got together.

This all starts to have a cascade effect on various other stocks, and assets like Silver.

And that, in a nutshell, is how GameStop, a hapless, rather unsuccessful company stopped the show.

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