According to CoinShares chief strategist Meltem Demirors, the Dogecoin price boom (DOGE) to extraordinary levels last week was seen as the beginning before the shiba inu currency became a world craze.
His views shared on social site Twitter claimed DOGE’s jump of over 400% in two weeks was actually related to the WallStreetBets (WSB) subreddit and its members ’reaction to the crypto policy change.
According to Demirors, during the listing of Coinbase (COIN) on the Nasdaq, WSB moderators have re -authorized discussions on cryptocurrencies - Bitcoin (BTC), Ethereum (ETH) and Dogecoin after blocking any market -related elements.
However, in less than 24 hours the WSB moderators withdrew the relaxation, permanently blocking crypto discussions. Some sources claim the sanctions were in response to a Bloomberg Business report claiming WSB moderators succumbed to pressure.
1/ "why is $ DOGE pumping?"
pull up a chair, my friends, the answer is in plain sight
DOGE is up 500% over the last 7 days and is now $ 48B in market cap, making it the fifth largest cryptocurrency by market cap.
but why?
let's look at r/WallStreetBets
- Meltem Demirors (@Melt_Dem) April 16, 2021
As a result, Demirors views this issue as the revenge of the r/wsb community who do not like to be directed.
However, Demirors is not convinced the incident was the cause of the Doge price spike but DOGE's trading volume in 24 hours was higher than SPY, an exchange traded fund (ETF) that monitors the performance of the S&P 500.
The trading record for SPY was seen to hit around $ 25 billion on February 16 while DOGE set a trading record of around $ 70 billion in 24 hours.
Demirors also had no hesitation in claiming the DOGE price spike had nothing to do with the latest developments of the Dogecoin ecosystem given that the last time its development was uploaded on Github was two months ago.
At the time of writing DOGE was trading at $ 0.37, with an increase of over 31% in 24 hours.
