Dogecoin still fun cryptocurrency, after its manipulation

WallStreetBets Gambles on DOGE

Reddit WallStreetBets community behind the GameStop stock pump has set its sights on Dogecoin (DOGE).

A responsible trader should always be mindful of price manipulations, such as pump-and-dump schemes that still occur in the cryptocurrency market. Spotting a manipulation is like solving the conspiracy and profiting from participating, or leaving, it at the most opportune moment. Price manipulations are always concocted behind the scenes, hidden in the myriads of orders that float around the market. But what if the preparation for the pump isn’t carried out in secret but instead, popularized on social media?

Some industrious bloggers initiated a challenge that called for people to invest a small amount of money in DOGE and collectively push the price of the cryptocurrency to $1 so everybody gets massively rich. The get-rich-quick schemes are yesterday’s news for cryptocurrency investors and traders, but this one is particularly daring and fascinating at the same time.

It comes to show how impactful social media are in the fledgling cryptocurrency market, and also how prone most cryptocurrencies are to manipulations. The Dogecoin representatives have already issued a statement, urging people not to get caught up in FOMO…