Dogecoin Beats Bitcoin by Becoming the Most Tweeted Cryptocurrency Ever as Mia Khalifa Buys the Top
This week on Thursday, Dogecoin became the most tweeted cryptocurrency, beating even Bitcoin’s records set on Jan 2nd, 2021 and Dec. 22nd, 2017, after Wall Street Bets pushed the prices of DOGE to past $0.08. DOGE -1.83% Dogecoin / USD DOGEUSD $ 0.21
$0.00-1.83% Volume 1.56 b Change $0.00 Open $0.21 Circulating 130.63 b Market Cap 26.81 b 18 h Robinhood Explores New Feature Called 'Round Up Investment' to Protect Customers Against Crypto Volatility 1 d Tesla Reported No Changes in Digital Assets in Q2 But Recorded A Bitcoin-Related Impairment of $23 Million 1 d Cathie Wood’s Ark Investment Buys Another Batch of Coinbase (COIN) Shares
With more than a 1,000% increase in the cryptocurrency’s prices, everyone jumped on the meme coin that saw over 100k tweets from more than 50k unique (non-bot) Twitter accounts, as per data source The Tie.
Fundamental and tech don't matter in crypto yet. Crypto continues to be primarily sentiment driven. Below is a chart of DOGE sentiment (green and red area) vs. price.
Massive increases in twitter activity and positive sentiment led price movement by hours. pic.twitter.com/TgwL61hdGT
— Joshua Frank (@Joshua_Frank_) January 29, 2021
During the run-up, a 1,939% increase in Twitter volume and a 1,650% increase in trading activity was registered.
The trading activity was so high that, briefly, DOGE did more than double the volume than the leading cryptocurrency.
This recent price boom shows that “the crypto market remains strongly sentiment driven.”
And the pump and dump seem to be in effect as the price of DOGE is already down 55% from its recent highs and currently trading around $0.038.
But unlike the traditional market, there are no hedge funds that are short-selling the cryptocurrency; rather, the late-comers are the ones left holding the bag. Mia Khalifa is one of the bagholders who literally bought the top on DOGE as she tweeted on Thursday, “Okay I caved and bought the dog stocks.”
This is the first time I’ve ever hated a dog.
— Mia K. (@miakhalifa) January 30, 2021
The Reddit trading group WallStreetBets along with SatoshiStreetBets were looking to pump DOGE to the moon with $1 as the target. Still, those who have been holding their Shiba Inu-themed coins bags for a long time took this as an opportunity to make some profits finally.