800% Dogecoin Rally, Elon Musk Help Bitcoin Pump 15% Overnight
Bitcoin is sitting at approximately $47,000 Canadian at the time of this writing, gaining a whopping 15% overnight thanks to money hungry Dogecoin daytraders, Elon Musk, and the desire of those investors to take profits and run.
As you may know (or perhaps not if you’re living under a rock), publicly traded video game rental company GameStop and dedicated retail investors who share their due diligence on Reddit via r/wallstreetbets are practically igniting a revolution. It’s a revolution that’s pitting the retail investor (you and I) against big-time hedge funds. Thanks to the ongoing battle, some of us are sitting pretty and starting to move newfound capital to other assets.
How the 800% Dogecoin Rally Pumped Bitcoin
Less than 36 hours ago, Redditors frustrated by the halting of trading by popular American investing app (RobinHood App) decided to go beyond trading stocks and pump the price of Dogecoin – a cryptocurrency that does offer the benefits of decentralized technology but has no specific use case. It’s a literal meme coin with no fundamental purpose.
Investors organized themselves, and pumped the price from $0.02 to $0.10 Canadian, sending the overall market capitalization from around $2.5 billion-$10.5 billion Canadian in just 24 hours. Those that made their purchase around 8 PM Eastern time last night are still up significantly, but the price is now coming back down to earth.
What do you think investors did with their newfound crypto wealth? They poured it into Bitcoin and Ethereum of course. That’s a crypto investor’s way of taking profits quickly without settling for a stablecoin.
Why Elon Musk Might Just Be Able to Send Bitcoin to Mars
Elon Musk is the founder of Tesla Motors, the world’s leading electronic vehicle company. He might just be the one to send Bitcoin skyrocketing right past the moon and straight to Mars. Musk is one of the few entrepreneurs that Redditor-friendly investors trust. It makes sense because he’s doing a great job endearing himself to the next generation of investors.
Musk is using Twitter to mention GameStop, stand behind retail investors who had their trading accounts suspended, and also changed his Twitter bio to #Bitcoin.
At Netcoins, we’ve been talking about institutional investors adding Bitcoin treasuries to their publicly traded companies for most of last year, a trance that’s continuing in 2021 accelerating.
Don’t be surprised if Musk, currently the richest person in the world and an investing world darling, jumps in on the hype and accelerates the Bitcoin revolution to higher levels at a faster pace than any of us are anticipating.
Don’t let the big boys on Wall Street cancel your wealth. It’s officially time to start cancelling Wall Street. Buy Bitcoin with Netcoins. Need I say more?
Wondering how to buy Bitcoin in Canada? Netcoins is a publicly-owned, fully regulated crypto trading platform that offers Bitcoin (BTC) and other cryptocurrencies.
Written by: Jack Choros
Writer, content marketing at Netcoins.