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WallstreetBets hits Dogecoin next, a cryptocurrency that started as a joke surges high, will the price hit $1?

The Reddit traders community called WallstreetBets has got Dogecoin on a surge and members who own it are hoping that the price will hit $1

Retail investors have decided to now concentrate on a cryptocurrency called Dogecoin. The cryptocurrency has been on the surge in the share market since it was mentioned on the Reddit amateur trading community called Wallstreetbets. What is shocking however is the fact that Dogecoin was started as an alternative to Bitcoin as a joke and even named itself after an internet dog meme. This move came about after users of the community were frozen out of trading on GameStop, AMC among other things. The members began to egg each other to plow their funds into dogecoin resulting in an initial 142 percent raise. 

One of the users on Reddit wrote on Wednesday, “With all this going on does anyone want to try to kick off a Dogecoin Rally?????? It’s really cheap and wouldn’t be that hard to do.” Since then the bitcoin alternative started by two coders has surged to an insane volume and today the market capitalization has been capped at $2.94 billion at the time of writing and the share price has gone up by 207.84%.

At the moment, the price of the stock stands at $0.022896, and users who have been trading in the same hope to see the price go upwards and hit $1 if possible.

Previously Doge had seen a 20 percent hike after Elon Musk had tweeted, "One word: Doge." Before this, Musk had also spoken against Bitcoin and said, "Bitcoin is almost as bs as fiat money." So many had taken this as a sign when they rallied for Dogecoin. 

Arjun Kharpal, one of the correspondents for CNBC wrote on Twitter and shared screenshots to support the claim and said, "#Dogecoin, a cryptocurrency originally started as a joke is up 72%. Reddit is at it again. Here are some screenshots from a Reddit board called "SatoshiStreetBets" (Satoshi = mysterious founder of bitcoin). Posts encouraging ppl to send Dogecoin to $1. Currently just over $0.01."

Discussing the sudden surge and how it was essential to hold positions if they wanted to prove how they were different than the hedge funds, one wrote, "If you simply let this blow over, you are no better than the hedge funds. You are saying you are okay with a corrupt system." To this another user responded, "There’s strength in numbers guys. We have to leverage our retail $ power. Fight back HOLD POSITIONS! $DOGE #dogecoin #DOGE $GME." Another Twitter user wrote, "Warn everyone NOT TO SELL their #dogecoin, NOW WE ARE GOING TO MARS WITH @elonmusk's rockets."

Another user wrote, "Log onto your Robinhood and buy #dogecoin now! I’m quite about my money but giving y’all the chance to hop on !!  #DOGE." Another user wrote, "#dogecoin JUST HOLDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD, IF YOU SELL YOU ARE NOT BEING SMART!!!!" Another user said, "Guys... this might be a week long battle. Strap in! We have to do this, for the principle of it all! #dogecoin #HoldTheLine."

Can the amateur traders really hold the line and hold strong without selling to teach Webull, Robinhood a lesson?