Big Crypto Clubbed Small Dog Barks Loud

 

Big Crypto, aka BTC and ETH took a clubbing last night, but not so much $DOGE, the world's popular and affordable electronic currency. That's only rising, and then some. Here's Zero on the reason for the furry little fella soaring into orbit:

 

But, while the major coins are suffering, the retail-frenzied 'GameStop effect' now seems to be spilling over to digital assets like Dogecoin and Ripple through r/Wallstreetbets’ crypto wing, r/Satoshistreetbets. Jay Hao, CEO of crypto exchange OKEx, told Cointelegraph that there is a deeper cause driving this current phenomenon:

“There is a great sense of injustice about some of the opaque practices of Wall Street and the unfair distribution of wealth. I believe that more and more of society is beginning to wake up to this fact particularly with the K-shape recovery that we are seeing in which high-net-worth individuals have increased their wealth during the pandemic. With more platforms allowing retail investors direct access to invest in equities, we are seeing a democratization of the investment space and more power in the hands of the people.”

Ben Zhou, CEO of cryptocurrency exchange Bybit, told Cointelegraph:

“The recent feats of r/wallstreetbets have made social media and Reddit users realize how powerful a force a decentralized online community can be when they put their mind to it. The ongoing legal troubles of XRP’s parent company Ripple Labs have rinsed out much of the shorts and made the gambit easier to execute, while the jocular nature of DOGE means it’s likable and easy to root for — thus in both cases there was not an immediate selling power to counter the pump.”

And combined with Elon Musk's recent "meme"-ing efforts, that has sent DogeCoin ripping higher...

Higher? Better believe it, with $DOGE hedgefighting against sell resistance in the .070s. My prediction, not that it's worth anything because I'm not a financial advisor and lost all my guns in a boating accident, is that this puppy's set  to run and play. It's left the runway and starting to fly. Moving on?

Buy dips, hold. Don't sell. That's the spirit of the age.

Your Friend,

LSP