The cryptocurrency Dogecoin (DOGE), which was just released as a joke , has seen a jokingly rise in the past 24 hours. Behind the rise of DOGE, which has become one of the top 10 cryptocurrencies by experiencing an incredible increase of 1.000% in 24 hours, are completely individual investors.
First DOGE, Now TRX!
Actually it all started on the r / wallstreetbets channel on Reddit . The channel, where many leading investment funds opened short positions, that is, a decline-oriented position, was the first to give purchase orders for the shares of the GameStop company. The giant short position opened by Melvin Capital was liquidated entirely due to the purchases of individual investors. The executives of the WallStreetBets channel, on the other hand, continued to operate in the opposite direction of large institutions, despite all censorship attempts.
The queue for Dogecoin and Elon Musk’s tweet about it brought a 1,000% increase in the DOGE price. Now, after DOGE, Justin Sun’s statements regarding the WallStreetBet channel seem to have brought a rise for Tron. Justin Sun announced that he will buy $ 1 million worth of GameStop shares, which the Robinhood platform has banned from buying. Justin Sun’s crypto money project Tron, which attracted such attention and took a positive step, also rose after these events.
TRX Price Moved
Traded at $ 0.03 before Justin Sun’s tweet, TRX rose to $ 0.041. While TRX’s rise is very low compared to DOGE’s rise, analysts stress that anything can happen anytime.
The $ 0.05 resistance ahead of the TRX price can be broken with the start of the sharp rise and a real FOMO can begin. However, it is known that there is no announcement about the TRX purchase from the WallStreetBet channel .
John Bondy is a Market specialist working for Globe Live Media since 2020. He stays up to date with all the recent movements in Market, Finance, and Business field. Usually, the Finance section is covered by Samuel Edwards, but John Bondy is no where behind when it comes to quality finance reports.