Dogecoin (DOGE), a cryptocurrency that originated as a joke, has surged 62% at press time to trade at $0.0132 early Thursday.
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 because of 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.
The result? Well, Dogecoin had pumped 85% in 90 minutes, at the time of writing.
A look at DOGE’s charts would suggest that perhaps, a few whales caught the scent of what was about to happen and jumped on the bandwagon too. In fact, two pseudonymous traders RookieXBT and CoinMamba posted long positions, well before the pump actually began.
ahhh cryptic currency traders can make money too
No idea what I wake up to tomorrow#WSB 🤝 $DOGE 🤝 Crypto Twitter
good night pic.twitter.com/n9MonhrS6k
— RookieXBT 🧲 (@RookieXBT) January 28, 2021
With Elon Musk already on the WSB bandwagon, it wouldn’t be surprising if he tweets about the current Dogecoin pump. If this takes place, then there will be no holding Dogecoin back. Levels to keep an eye out for include – $0.0159 and $0.0183, both price-points that stand at the 78.6% and 100% Fibonacci levels, respectively.