What Is Dogecoin And Why Is The Stock Price Going Down?

When presented with these statistics, stock investment offers an appealing solution to funding your university studies and lifestyle; the prospect of working a minimum wage, part-time job alongside studying seems all too futile. If you have an unhealthy or compulsive relationship with cryptocurrencies, get in touch with Castle Craig Hospital for a pre-assessment with a trained therapist. For more information on cryptocurrencies look at our extensive Facts about Addiction to Cryptocurrencies such as Bitcoin. He is doing an MBA and works as a freelance financial consultant.

Reuben also acknowledged the impact that investment apps have had on allowing ordinary people to access the stock market, perhaps in the same way that social media gives everyone a voice. Speaking to a group of University of Bristol students, I found that stock investment seems to be a common interest and pursuit. One student admitted to gaining a £4000 profit from a £500 initial investment in crypto currencies such as Ethereum. Another gained £110 profit in an hour and a half from investing in GameStop shares just before its peak. Although GameStop shares have now decreased in price to $41.00 after being pushed into what can only be called a short squeeze, the after-effects are significantly longer lasting. Left behind in the aftermath are greater challenges to social class barriers and inclusivity to the stock market, as well as an eventful milestone achieved in the influence of social media in creating a global market sensation.

Among people of all ages, gambling addiction is a serious reality, and the game-ifying of stock investment through social media and mobile apps doesn’t help to tackle its influence among young people. For students struggling financially, especially during the pandemic where UK unemployment is expected to reach 2.6 million in mid 2021, stock investment is mistaken as an easy way to make money. Despite being a big time commitment, stock investment has an educational benefit to students in particular. ‘It encourages people to take control of their own money and have some kind of aspiration’, Elliot Chilton, a student investor, explained. The reality is that the stock market, especially in light of the GameStop fiasco, has become largely dictated by social media.

The value of Dogecoin rocketed 800% in 24 hours, spurred on by a Reddit board pushing for Dogecoin to become the crypto version of GameStop. The changes in Dogecoin price over the last 24 hours (coinmarketcap.com)The aim of the Reddit push is to try and increase the value of the joke crypto to $1 per coin. It was created by IBM developer Billy Markus and Adobe data scientist Jackson Palmer in 2013 as an alternative to Bitcoin and a parody of the online cult around cryptocurrencies. The Doge cryptocurrency, a token based on an internet dog meme which started as a joke in 2013, was up 30% to a high of $0.085 (6.2pence). LON Musk and investor mania sent the prices of Dogecoin and its big brother Bitcoin to record highs on currency markets.

No news or research item is a personal recommendation to deal or invest in any particular company or product, nor does Valuethemarkets.com or Digitonic Ltd endorse any investment or product. Tether is what’s known as a stable coin, it’s tied to the United States Dollar, which should supposedly save it from the insane volatility commonplace in the crypto markets.

‘you Heard It Here First’: Reddit User Claiming To Be A Tesla Insider Appeared To Reveal The Company’s Bitcoin Buy In January

This caused an outcry because people could sell, but not buy, so the prices of these equities inevitably dropped. It was a sad day for many, as fortunes were lost in minutes. The latest price surge pushed the market value of dogecoin above $10bn, making it the 10th most valuable cryptocurrency in circulation by market capitalisation. T he price of Dogecoin, a cryptocurrency that first started out as a joke, has soared as Reddit investors set their sights on digital currencies. “If you see patterns early, you can make money. Joke stocks or cryptocurrencies doesn’t mean serious investors should not follow them. I check WallStreetBets every morning,” he said. Treasury Secretary Janet Yellen last week vowed to protect investors, but said financial market regulators needed to fully understand the recent trading frenzy involving GameStop Corp and other retail stocks before taking any action.

You see it in all the Bitcoin gambling sites that were the backbone of early Bitcoin, Satoshi dice for example. It pains me to think back to what I gambled away back in the day (although it wasn’t really “real money” then). BBC Education News Read the latest UK news items relating to educational issues. They rely on the company failing, which makes it a risky way of raising cash. The target was an attempt to mirror the recent share surge in heavily shorted companies like GameStop. Other famous people including Snoop Dogg and investor Mark Cuban; have also tweeted their support of Dogecoin. At its height on February 7, Dogecoin was trading for $0.085 6.1p) per coin, according to crypto data firm CoinMarketCap.

  • day after Mark Zuckerberg lashed out at Apple over privacy changes the company is making to its iPhone software, Apple’s chief executive Tim Cook has responded.
  • His punishment was to resign as chair of Tesla for three years , pay a $20m fine and stop tweeting about the company.
  • Then the digital trading apps like Robinhood and its peers began restricting trades on the stocks that were getting too much attention.
  • That being said, let us take a closer look at the top 7 Reddit Cryptocurrency Subreddits which every cryptocurrency investor must follow to get all the latest news updates and trading tips!

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What Is Dogecoin: The Joke Crypto Loved By Elon Musk And Growing Faster Than Bitcoin

Tether is a centralized coin, it’s not transparent and it’s not scarce. The top twelve cryptocurrencies by market cap are Bitcoin, Ethereum, Tether, Cardano, XRP, Polkadot, Binance Coin, Litecoin, Chainlink, Dogecoin, Stellar and Bitcoin Cash. The reason is because Reddit users are piling onto the cryptocurrency and buying up huge amounts of it to pump up the price. But in the wake of Reddit retail investors taking on established Wall Street types, the cryptocurrency is rallying right now. The joke cryptocurrency was created in 2013 as a light-hearted take on bitcoin. Will said “meme” investing was here to stay and investors needed to understand its importance if they wanted to make money from momentum stocks. That followed the broker blocking users from buying GameStop shares on Thursday, a move met with fury from investors.

bitcoin news reddit

High profile celebrities such as Elon Musk have doubled as both social media and stock market influencers by encouraging online investors to buy shares now and ask questions later. The development rise of stock investment apps such as Trading212 and Robinhood have also made the gaining of profit possible with the tap of a button.

At its height, Dogecoin was trading for $0.018 per coin, according to crypto data firm CoinMarketCap. Dogecoin then skyrocketed alongside other cryptos during the bubble that peaked in 2017, and it fell with the rest of them over 2018. Investing is not a guaranteed way to make money, so make sure you know the risks and can afford to lose the money.

One of his clients offered to pay him in Bitcoin, which is the oldest, biggest and best known cryptocurrency. BBC – Business News Up to the minute business news and company information. Teaching News aims to share the latest news, links and teaching ideas, in order to support teachers around the world. Plus, the cryptocurrency has attracted the attention of Tesla founder Elon Musk recently, sending the value soaring in December. It added it would “completely change the crypto market… Dogecoin to the moon.” Following GameStop’s share surge, Reddit users on other threads referenced WallStreetBet’s effort to squeeze out Wall Street hedge funds and urged people to buy into Dogecoin too. Essentially, they are betting that the stocks will drop in value so they can pocket the profit when they hand them back to the company they borrowed them from.

Dogecoin Crashes As Reddit

Facebook had previously argued that the CMA had placed disproportionate restrictions on the tech company. The social media giant’s integration of Giphy, an online database of short looping clips, was originally paused in June when the CMA said it wanted to explore if the deal gave the social network too much information on its rivals.

How can a list of the best Reddit cryptocurrency subs start without mentioning the biggest thread on general discussions! Purchase xrp reddit hire developers bitcoin global community where people from around the world share their perspective on cryptocurrencies, share news content – as well as memes. Practically any Bitcoin update from around the world gets picked up. Posted by William M. Considering that the crypto-craze has caught so much mainstream attention these days, there are just too many updates amd radeon r9 m395x crypto mining amd radeon rx 580 hashrate keep track of. We strive to help our readers gain valuable, trusted insights through in-depth analysis, high-quality and well-researched News stories and views from the digital currency community experts. More exchanges are implementing staking procedures into their service than ever before and more proof-of-stake coins keep popping up, with Tezos leading the charge. That being said, let us take a closer look at the top 7 Reddit Cryptocurrency Subreddits which every cryptocurrency investor must follow to get all the latest news updates and trading tips!

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment.

This means Dogecoin transactions are timed quicker and being less popular than Bitcoin, it’s also cheaper to use. However, the big reason it can’t ever beat Bitcoin is because of its infinite supply. Bitcoin is a deflationary currency that can only ever have a maximum supply of 21 million bitcoins. But Dogecoin is an inflationary currency, which means more are being produced constantly and therefore it’s not rare. Back in 2018 Musk was investigated by the SEC after making speculative tweets about taking Tesla private. His punishment was to resign as chair of Tesla for three years , pay a $20m fine and stop tweeting about the company. Meanwhile, the crypto lists its creators as Mr Palmer and Shibetoshi Nakamoto – a play on the mysterious creator of Bitcoin, Satoshi Nakamoto.

bitcoin news reddit

It’s a post on the /r/dogecoin subreddit, titled “Suicidal over Dogecoin – Please help shibes”. I use it as a grim reminder to avoid getting caught up in any internet fad which involves money. No irrevocable gift, whether outright or life-income in character, will be accepted if under any reasonable set of circumstances the gift would jeopardize the donor’s financial security. All donations, big or small, are vital and provide compassionate end of life care to local people.

It’s designed so all the world’s financial systems can work together on a single network. It’s the mother of them all and is expected to be financially regulated in the real world to some extent soon. It utilises the blockchain to make accountancy and business practices more transparent. Many Fortune 500 companies are now using Ethereum to enhance their workflow. Ethereum has been making all-time highs recently, with its price exceeding $1600 this month. Other than being good for a laugh, one thing Dogecoin has going for it is its super-fast block time of one minute, whereas Bitcoin has a block time of ten minutes.

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Then there’s the notorious story of Cryptocurrency queen Dr Ruja Ignatova. She persuaded people to invest billions in her Bitcoin rival OneCoin and then disappeared with the money. The story turned dark very quickly, and many ordinary people lost fortunes. It’s too easy to get caught up in the excitement and energy of a community group, particularly when the promise of great riches appears to be in reach. But unfortunately, it’s a dog eat dog world and many fall victim to the pump and dump before they’ve even processed what’s happened. Aside from the array of cryptocurrencies that hope to go mainstream, there are literally hundreds of altcoins making their way in the world.

Tezos XTZ. If the space catches on and the ChainLink team continues to make technical progress on their roadmap, this token is destined for a much higher position in the cryptoeconomy. A global community where people from around the world share their perspective on cryptocurrencies, share news content – as well as memes. In addition, investment apps such as RobinHood and Trading212 allow for greater accessibility. Yet the reality of stock investment is effectively jaded. The power of social media was illuminated after Reddit users in the subreddit WallStreetBets encouraged a surge in GameStop stock investment earlier this year, seeing a 700 per cent spike in share prices within a matter of days. On January 29th, GameStop shares peaked at $325.00, equalling approximately £232.00 per share.

News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services. And any time I feel the needling urge to drop everything and jump onboard another online financial hype train – be it Gamestop shares, Dogecoin or Bitcoin – I reopen that bookmarked Reddit post, and remember the potential downside. Their enthusiasm is infectious, and browsing them without being invested in whatever coin or stock is the current flavour-of-the-month can produce an overwhelming sense of missing out.

In November 2020, Ara Recovery4All discovered that 11 per cent of all Ara clients were under the age of 24, with a large proportion of this group being in either full-time or part-time education. While the accessibility of stock investment through social media platforms and apps may seem somewhat revolutionary, the dangers of addiction and treating investment as a game lurks beneath the surface. It is a well-known fact that social media is a hub of glorification as well as our primary source of information. Since the rocketing in price of GameStop shares caused by WallStreetBets, the subreddit itself has risen from 400,000 subscribers to 9.2 million. However, another student investor, Charlie Perkins, countered that stock investment is definitely not a replacement for a job due to the risks involved.

The trading app allowed “limited buys” of the stock on Friday. A tweet from Tesla founder Elon Musk, interpreted as in support of the cryptocurrency, added to the frenzy. Dogecoin has fallen 38pc in the last 24 hours, trading at 2.7 cents per coin and is down 65pc from Friday’s peak, reached as Reddit investors turned their attention to cryptocurrency. The price of Dogecoin, a cryptocurrency that first started out as a joke, has crashed after a huge spike driven by users of the internet forum Reddit quickly unwound. Meanwhile, Musk last week promoted the ‘joke’ cryptocurrency DogeCoin, sending the asset soaring as much as 60 percent and drawing concern over the Tesla CEO’s ability to move markets. The cryptocurrency hit a new all-time high of $47,899 on Tuesday, according to CoinMarketCap’s price index, having traded below $35,000 just one week ago.

Fans say Ethereum’s fees are too high and Cardano will beat it. It’s even under investigation by the New York attorney general’s office to find out if it has simply been created to artificially inflate the value of Bitcoin. There’s a lot of suspicion mounting around the coin, but if Tether collapses, it’s likely to bring the value of its cryptocurrency peers down with it.

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