Robinhood Bans DOGE Trading After WallStreetBets Reddit Community Eyes Dogecoin
THELOGICALINDIAN - Dogecoin could be the abutting ambition of the amusing media accumulation abaft GameStops pump
The crypto bazaar has afflicted at the account that the Reddit WallStreetBets association abaft the GameStop banal pump has set its architect on Dogecoin (DOGE). The accepted trading app Robinhood had addition idea, however.
WallStreetBets Gambles on DOGE
This morning, a adjudicator fabricated it bright that the accumulation will not participate in “blockchain shit.”
Still, Dogecoin’s abreast 100% assets back bygone accept aloft hopes that crypto’s admired broadcast bread could be the abutting GameStop.
Message from WallStreetBet moderator. Source Reddit
Retail traders led by Reddit’s WallStreetBets association took Wall Street by abruptness afterwards auspiciously cornering barrier funds out of their GameStop shorts. Afterwards yesterday’s price carnage that acquired $5 billion in liquidations, GME has connected its celebrated acceleration to $501 this morning in the pre-market hours—a whopping 2,500% acceleration back Jan. 1.
The markets accept accomplished that a adapted amusing movement can accompany astronomic after-effects back retail traders assume to accept a lot of ability at their disposal.
Low-valued assets are effortless targets for retailers, starting with cerebral criterion targets such as a $100 appraisal of GameStop banal (GME) or in $1 DOGE.
The Robinhood banal trading app has now reportedly banned users from affairs GME to barrier retail users’ appulse on banal bazaar amount action, infuriating its userbase.
With GameStop off the table, WSB is now attractive abroad for its abutting target.
A Twitter annual allegedly associated with WSB casually remarked about Dogecoin this morning. The cheep is potentially the account of a 99.1% access in DOGE price. The amount fasten took abode over the advance of aloof one hour aftermost night at 23:00 hours ET, with DOGE surging from $0.007 to a aiguille of $0.147.
WSB moderators accept adumbrated that Dogecoin is not their target, but the greater association may accept had added plans.
However, while crypto traders are more growing hopeful of repeating GameStop banal amount activity with Dogecoin, it seems more unlikely.
Robinhood Halts Dogecoin Trading
Robinhood has reportedly banned DOGE trading beforehand today, conceivably beneath burden from Wall Street and accompanying parties.
Within hours of the GME ban, the DOGE ban is acceptable to prove aloof as anarchic amid Robinhood users.
Many commentators accept acicular out the credible affectation abaft Wall Street traders accepting advancing admission to GME. In contrast, the retail association has finer been shut out, with Robinhood actuality one of the capital gateways for non-accredited traders to the banal market.
In the abbreviate term, the trading bans accept dealt a draft to retail traders everywhere.
However, the app acutely caving to Wall Street burden will conceivably account them to attending for options that are beneath centralized and bound to boilerplate bazaar forces. With Dogecoin now on the WSB association radar, a abate pump may still action through crypto exchanges.
This is not the aboriginal attack at a amusing media-backed run in Dogecoin. Not continued ago, TikTok users had approved a agnate feat, and Elon Musk’s contempo DOGE tweet additionally led to a amount pump.
However, there is an important agency of opposing ancillary clamminess missing in Shiba Inu meme-based cryptocurrency. While barrier funds captivated GameStop shorts due to their poor business performance, Dogecoin shorts are far from accepted at the moment.
Disclosure: The columnist captivated Bitcoin at the time of press.
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