{"id":181273,"date":"2021-02-01T10:01:46","date_gmt":"2021-02-01T10:01:46","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=181273"},"modified":"2021-02-01T10:04:30","modified_gmt":"2021-02-01T10:04:30","slug":"dogecoin-supporters-turn-on-doge-as-reddit-fueled-craze-ends-with-50-correction","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/dogecoin-supporters-turn-on-doge-as-reddit-fueled-craze-ends-with-50-correction\/","title":{"rendered":"Dogecoin &#8220;supporters&#8221; turn on DOGE as Reddit-fueled craze ends with 50% correction"},"content":{"rendered":"<p>For some reason, <a href=\"https:\/\/cryptoslate.com\/coins\/dogecoin\/\">Dogecoin<\/a> (DOGE) has been the talk of the town over the past 72 hours.<\/p>\n<p>It began shortly after GameStop (GME) peaked this past week. After <a href=\"https:\/\/cryptoslate.com\/how-robinhood-halting-gamestop-trades-led-to-defi-and-crypto-recognition\/\">GameStop hype<\/a> began to die down largely due to certain trading platforms pausing\/restricting GME trading, many on WallStreetBets began to turn to new targets.<\/p>\n<p>Due to it being on Robinhood, it having a cheap price, and it being predicated on a meme, Dogecoin\u2014yes, the meme cryptocurrency\u2014began to get shilled en-masse. The image below is of mentions of &#8220;Dogecoin&#8221; on WallStreetBets shortly after GME peaked.<\/p>\n<figure style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/01\/Dogecoin-1024x277.jpg\" alt=\"dogecoin\" width=\"1024\" height=\"277\" \/><figcaption class=\"wp-caption-text\">Source: r\/WallStreetBets<\/figcaption><\/figure>\n<p>DOGE <a href=\"https:\/\/cryptoslate.com\/dogecoin-doge-shoots-200-higher-as-wallstreetbets-starts-to-pick-up-on-crypto\/\">began to surge after this promotion began<\/a>. $0.01 fell, then $0.02, until 36 hours later, the cryptocurrency had hit $0.085 on some trading platforms, reaching its highest price ever and a bitcoin price of 220 satoshis.<\/p>\n<p>The mania was at a point where the trading volume of Dogecoin on certain trading platforms was passing these platforms' volumes for assets like Ethereum. Really.<\/p>\n<p>Furthermore, the ranking of the free Dogecoin Wallet on the Apple App Store reached 51 in terms of free applications in the world, passing prominent applications like Uber and Tinder and reaching\/nearing parity with other crypto-related applications.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">App store rankings today:<\/p>\n<p>4 &#8211; Coinbase<br \/>14 &#8211; Binance<br \/>19 &#8211; Binance US<br \/>29 &#8211; Voyager<br \/>37 &#8211; Kraken Pro<br \/>51 &#8211; Dogecoin Wallet<br \/>53 &#8211; Crypto com<\/p>\n<p>&mdash; Larry Cermak (@lawmaster) <a href=\"https:\/\/twitter.com\/lawmaster\/status\/1355412700545875971?ref_src=twsrc%5Etfw\">January 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>But after peaking above $0.08, the meme cryptocurrency has ground to a halt. And that's left many under the water in terms of their DOGE positions.<\/p>\n<h2>Dogecoin turns on a dime<\/h2>\n<p>Dogecoin turned on a dime after peaking at $0.08.<\/p>\n<p>The cryptocurrency has since &#8220;returned to Earth&#8221; after its 800 percent rally, and now trades for $0.0385.<\/p>\n<p>This means that from its highs, the cryptocurrency has dropped by over 50 percent. Earlier today, the cryptocurrency was down even lower.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/CuhPep97\/\" \/><\/p>\n<p>The rapid Dogecoin reversal has sparked quite a discussion on Twitter about &#8220;pump and dumps&#8221; and the effects it has on investors that participate near the top.<\/p>\n<p>Economist Alex Kruger shared the image below, indicating that those that bought DOGE based on their belief that they should HODL until $1 (as was memed on Reddit and apps like TikTok) are now bagholders.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Here is one to hodling, for all those who bought the <a href=\"https:\/\/twitter.com\/hashtag\/dogecoin?src=hash&ref_src=twsrc%5Etfw\">#dogecoin<\/a> top <a href=\"https:\/\/t.co\/8fopf7n7Sh\">pic.twitter.com\/8fopf7n7Sh<\/a><\/p>\n<p>&mdash; Alex Kr\u00fcger (@krugermacro) <a href=\"https:\/\/twitter.com\/krugermacro\/status\/1355575256069656578?ref_src=twsrc%5Etfw\">January 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Adult actress Mia Khalifa, who bought Dogecoin at the peak at $0.08, also tweeted about the drop.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I bought it for $.08 ? <a href=\"https:\/\/t.co\/DOaJTzZghx\">https:\/\/t.co\/DOaJTzZghx<\/a><\/p>\n<p>&mdash; Mia K. (Adri Stan Account) (@miakhalifa) <a href=\"https:\/\/twitter.com\/miakhalifa\/status\/1355585186918850562?ref_src=twsrc%5Etfw\">January 30, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The unexpected savior of the meme cryptocurrency may be <a href=\"https:\/\/cryptoslate.com\/dogecoin-surges-68-in-past-week-elon-musk-jokes-about-it-on-twitter\/\">Elon Musk<\/a>, though.<\/p>\n<p>The Tesla and SpaceX CEO commented on Sunday evening's Clubhouse that an ironic outcome would be Dogecoin becoming the currency of the Earth.<\/p>\n<p><em>Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in assets mentioned in this article. The views displayed in this article are opinions of the author\u2014and the author only.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For some reason, Dogecoin (DOGE) has been the talk of the town over the past 72 hours. It began shortly after GameStop (GME) peaked this past week. After GameStop hype began to die down largely due to certain trading platforms pausing\/restricting GME trading, many on WallStreetBets began to turn to new targets. Due to it [&hellip;]<\/p>\n","protected":false},"author":170,"featured_media":181309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[74035],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dogecoin &quot;supporters&quot; turn on DOGE as Reddit-fueled craze ends with 50% correction<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/dogecoin-supporters-turn-on-doge-as-reddit-fueled-craze-ends-with-50-correction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dogecoin &quot;supporters&quot; turn on DOGE as Reddit-fueled craze ends with 50% correction\" \/>\n<meta property=\"og:description\" content=\"For some reason, Dogecoin (DOGE) has been the talk of the town over the past 72 hours. It began shortly after GameStop (GME) peaked this past week. After GameStop hype began to die down largely due to certain trading platforms pausing\/restricting GME trading, many on WallStreetBets began to turn to new targets. Due to it [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/dogecoin-supporters-turn-on-doge-as-reddit-fueled-craze-ends-with-50-correction\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-01T10:01:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-01T10:04:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/02\/dogecoin-crash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick Chong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Chong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/dogecoin-supporters-turn-on-doge-as-reddit-fueled-craze-ends-with-50-correction\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/dogecoin-supporters-turn-on-doge-as-reddit-fueled-craze-ends-with-50-correction\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/#person\",\"name\":\"Nick Chong\",\"url\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/nick-chong\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/05\/nick-chong-author-300x300.jpg\",\"caption\":\"Nick Chong\"},\"jobTitle\":\"Analyst\",\"description\":\"A decentralist at heart, Nick has shown interest in Bitcoin and cryptocurrencies since 2013. 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