Billionaire Elon Musk tweeted about Dogecoin multiple times following the GameStop trading fiasco. Elon Musk announced Dogecoin was his favorite cryptocurrency, which caused token values to spike more than fifty percent in one hour. On January 28th, Dogecoin peaked in value at $0.078, but the increase didn’t last long. By January 30th, Dogecoin’s value had dropped seventy-one percent in less than twenty-four hours. The value drops are attributed to Robinhood slowly beginning to open GameStop trades, but Robinhood also issued holds on approximately fifty other securities.
Several lawmakers and financial officials were outraged by the GameStop trading frenzy. However, their anger flared even more, when Reddit traders moved on to a new target. Third-party regulators are currently investigating possible strategies to gain control of blockchain’s decentralized platform. Lawmakers’ inability to halt crypto trading added fuel to an already raging fire. Dogecoin’s market gains have rapidly evened out, significantly since Robinhood loosened its grip on GameStop shares. Reddit traders continue gassing up Dogecoin on social media platforms worldwide.