Strong Online Community Fuels Dogecoins’s Meteoric Rise.
In early January 2021, a Reddit group known as SatoshiStreetBets sought to actively pump up Dogecoin’s value by encouraging other group members to buy in an effort to propel the coin’s value “to the moon.”
The move was seen by many as inspired or at the very least similar in nature to the GameStop short-squeeze initiated by Reddit group WallStreetsBets in early 2021.
4/20 Declared As DogeDay by Dogecoin Supporters
Investors and supporters of the coin are now attempting to turn April 20, popularly known as 4/20, into an international day of celebration for Dogecoins, making #Dogeday420 viral on Twitter and Reddit.
As of April 2021, SatoshiStreetBets had 400K members while the Dogecoin subreddit boasted over 1.4M members.
The same cryptocurrency investors declared that their target value to reach on 4/20 is 69 cents per Dogecoin. A telegram group titled “WallStreetBets Pump #Doge” is also circulating calls to action to pump Dogecoin for 4/20, and has grown to nearly 400K subscribers. Dogecoin investors plan to continue the pump past 4/20 hoping to reach the value of $4.20 by June.
Rex Pascual, editor at TradingPlatforms added;
“Considering the recent gains and interest of Dogecoin, combined with the size of the Reddit and Telegram groups aiming to pump this, the target value of 69 cents is well within reach. We saw what happened to GameStock when these digital communities coordinated investment pumping campaigns and succeeded in taking the stock to record levels”.