Stock market subreddit WallStreetBets rocked the finance world this week after driving GameStop stock up nearly 600% in a bid to liquidate a $7 billion hedge fund. Then it tweeted about Dogecoin.
WSB Chairman, a Twitter account that boasts more than 400,000 followers, tweeted about both Bitcoin and its meme-inspired fork Dogecoin earlier today.
Dogecoin is up more than 65% since then, having jumped from $0.007853 to $0.013 in the seven hours since WSB Chairman’s first tweet. DOGE trade volumes surged 950%, according to Yahoo! Finance.
In fact, WSB Chairman seems to hold way more power over Dogecoin’s price than even Elon Musk — even if they aren’t the official Twitter account of the WSB subreddit.
Musk regularly tweets about Dogecoin, and the price of Dogecoin increases every single time.
But Protos calculated Musk seems only capable of boosting DOGE by less than 20% in one day.
This means WSB Chairman is on track to be at least three times as powerful as Musk when it comes to pumping DOGE — having taken it within 30% of breaking its $0.0175 price record set in January 2018.
For what it’s worth, WSB Chairman did tweet about Bitcoin today too. So far, BTC has traded sideways — so there seems to be little impact.
Update 19:29 UTC, Jan 28: Dogecoin has continued rallying all day, currently trading for $0.24 — up more than 200% since WSB Chairman’s first tweet and at new record highs.
The data visualization has been updated to reflect this. A note has also been included to clarify that WSB Chairman is not the “official” Twitter account of the WSB community’s moderators.
This is not investment advice. Don’t trade cryptocurrencies on how you feel after reading an article on the internet. Always do your own research.