News • 2 min read
By Raphael Schön
2020 was weird and it seems 2021 will be even crazier. While the stock market is still going wild, fuelled by an epic battle between Redditors and hedge funds, a similar hype is now being triggered with Dogecoin (DOGE). Here, we’ll try to summarise what you need to know.
As you may have seen in the news, a Reddit community called r/wallstreetbets coordinated a historic short squeeze on the GameStop stock (and a couple of other struggling companies, such as the movie theatre chain AMC and Blackberry). If you don’t know what this all means, don’t worry. What you have to know is that smaller investors basically outwitted huge hedge funds and it’s making huge waves on Wall Street right now.
Now, what’s more interesting for us is that after the recent stock market craziness, it’s now happening in the crypto market as well. Dogecoin (DOGE) soared by more than 800% after Redditors more or less announced that it will be the next GameStop and that they want to pump it up to around $1.
The master of memes himself, Elon Musk, fuelled the hype even more. He tweeted a picture of a fictional magazine called “Dogue” - in a similar layout and style to the fashion magazine “Vogue”. A lot of people interpreted it as open support for the meme coin.
Dogecoin (DOGE) itself is a cryptocurrency which is based on the viral “doge” meme. Founders Billy Markus and Jackson Palmer created Dogecoin in December 2013 and it quickly developed its own lively community. Dogecoin is primarily used as a tipping system, but they are also known for participating in many charity events with the community-owned Dogecoin foundation.
It’s important to note that while Dogecoin (DOGE) passed our internal quality checks, you should be aware that the current market volatility involves more risk than usual. Please be aware of the risks involved.
Bitpanda’s Response to the War in UkraineRead more
Bitpanda GmbH ve grup şirketleri (Bitpanda) Türk Parasının Kıymetini’nin Korunması Hakkında 32 sayılı Karar’ın 2/b maddesine göre Türkiye’de yerleşik sayılan hiçbir kişiye yönelik olarak 6362 sayılı Sermaye Piyasası Kanunu başta olmak üzere Türkiye Cumhuriyeti Devleti mevzuatı hükümleri gereği Türkiye’de faaliyet izni gerektiren hiçbir sermaye piyasası faaliyetine dair hizmet sunmamaktadır. Şayet Bitpanda’nın yabancı sermaye piyasalarında vermiş olduğu hizmetlerden Türkiye’de yerleşik kişilerin faydalandığı tespit edilecek olursa tüm zararları kullanıcıya ait olmak üzere bu hizmetler ivedilikle sona erdirilecektir.
As the name would suggest, some cookies on our website are essential. They are necessary to remember your settings when using Bitpanda, (such as privacy or language settings), to protect the platform from attacks, or simply to stay logged in after you originally log in. You have the option to refuse, block or delete them, but this will significantly affect your experience using the website and not all our services will be available to you.
We use such cookies and similar technologies to collect information as users browse our website to help us better understand how it is used and then improve our services accordingly. It also helps us measure the overall performance of our website. We receive the date that this generates on an aggregated and anonymous basis. Blocking these cookies and tools does not affect the way our services work, but it does make it much harder for us to improve your experience.
These cookies are used to provide you with adverts relevant to Bitpanda. The tools for this are usually provided by third parties. With the help of these cookies and such third parties, we can ensure for example, that you don’t see the same ad more than once and that the advertisements are tailored to your interests. We can also use these technologies to measure the success of our marketing campaigns. Blocking these cookies and similar technologies does not generally affect the way our services work. Please note, however, that while you’ll still see advertisements about Bitpanda on websites, the adverts will no longer be personalised for you.