Wall Street Bets has been the most entertaining thing ever in finance. I was one of the millions of people who recently joined the Wall Street Bets subreddit. I had previously viewed the thread with my brother 2 days ago when there were "only" 2.5 million followers. Yesterday we witnessed the thread get disabled while there were 3.5 million followers. Today Wall Street Bets is back up and now I am officially one of the 4.6 million followers, or degenerates as they call themselves.
The short squeeze these degenerates pulled off on GAMESTOP has made massive waves and has been incredibly fun to watch. Its amazing to watch these wild price swings. GAMESTOP wasn't the only play these dengerates made. They also made plays on AMC, Bed Bath & Beyond, and Nokia.
The first thing I noticed when I joined the Wall Street Bets subreddit was in their list of rules. One of their rules is no discussion of cryptocurrencies. I suppose this is likely an outdated rule now that cryptocurrencies are traded on Wall Street, but I still found it quite interesting.
This rule is being disregarding as the community is now pumping DOGE coin with great success. At the time of my writing, DOGE coin is currently up over 400% on the day. I found it funny when they pumped the stock of unprofitable businesses with enormous success. Now I find the pumping of a joke coin with no utility absolutely hilarious.
I will certainly be watching DOGE coin in the coming days, which is something I never thought I'd ever say. I'm not giving financial advice here and I wouldn't buy DOGE coin with your money, but I wouldn't be surprised if this pump continues.
Wall Street Bets has brought a lot of attention to the stock market in the past few days. Hopefully now their pump of DOGE coin can bring further attention to the crypto markets. With so many people in the world still not knowing about Bitcoin, I can't imagine how many people don't know that DOGE coin exists.
Again, this is not financial advice. Always know the risks when investing. If 400% gains in a day are possible, it stands to reason the downside risks could be significant as well.
Thanks for reading! Have a nice day!