Wallstreetbets successfully pumped and dumped Gamestop and AMC stocks this month bankrupting hedge funds that shorted it.. Thursday the Reddit organization took aim at Dogecoin in an attempt to make it the next Gamestop though trading platforms intervenes and began to block trades from going through *cough* Robinhood *cough* driving the price down after it skyrocketed 613% in 24 hours.
Amateur trader, James Panos, refused to sell on the Thursday sell off and instead held onto the cryptocurrency. He foresees the coin hitting $1.00 this year and though it is unclear what exactly his equity in the coin at the moment, there is a screenshot of his average cost per coin showing he bought it all for under $0.00019. James claimed on his Instagram story “The reasoning behind the Reddit drive to pump the price up is not gone. It’s just being stalled. They cannot limit trades forever and when it opens up I expect Dogecoin to skyrocket”. This is technically true. Unless the Federal Government steps in and places regulations on cryptocurrency, which no one really sees happening any time soon, the demand to send Dogecoin to the moon is still alive and not going anywhere.
Panos claims to have purchased the joke coin way back anticipating that millennials will one day find it and bring it to mainstream. He believes that the consumer is a lot more easily persuaded to buy into jokes such as Dogecoin with the 24/7 connection to social media and the internet making them easy targets to not so serious investments and purchases.
Back at the time of his investment his friends laughed and couldn’t believe he bought into something like Dogecoin but this was calculated and so far even at the $0.03 value per coin today, Panos stands to make an enormous profit either way. If Dogecoin does in fact go to the moon and reach the $1.00 mark it will be one of the funniest, well thought out investment stories in years.
What do you think? Is Panos right? Will Dogecoin reach a dollar? Now that more investors are seeing the potential in the currency, more will be inclined to purchase taking coins out of circulation, which in turn means a run to $1.00 is very possible actually.