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Comment by Aaronstotle | Hacker News Reader

Good marketing trick, curious if this will be still be the case after Doge crashes.

$1 Doge is a very strong psychological target for the retail fan crowd. Musk keeps tweeting. EasyDNS just added to the momentum pile. They'll probably triple the value of any current holdings by early next year, minimum. This play makes sense in a lot of ways. If you can play technicals (obvious Elliott Wave-end situation likely capping off this weekend for example) you can probably even exit prior to the price exhaustion and buy back at lows.

> $1 Doge is a very strong psychological target for the retail fan crowd

Yes. Mark my words: the WSB crowd will make the USD/DOGE parity happen.

I've said that before (maybe not here except in https://news.ycombinator.com/item?id=25969948 ), and I stick with my prediction: after they found how GME was game, their next logical step was going to be crypto.

The only true question is where DOGE will stabilize: below $2 or above.

WSB rabidly suppresses discussion of cryptocurrencies.

There is a community, and a zeitgest. A large part attends WSB.

When these redditors will want to keep talking about their new fun project that is making the headlines, either the WSB mods will make exceptions again, or a new sub will be created.

There's plenty of other subs, including r/satoshistreetbets where you can go if that's what you're into.

I don't personally care. What I say is the audience will find a place to gather - if not on WSB, elsewhere.

That changed as of yesterday. :)

They changed it back after Bloomberg's article [1].

1: https://www.reddit.com/r/wallstreetbets/comments/mreeny/re_o...

This crypto run feels a bit different than the last few, the last couple bubbles didn't have a year of lockdown and political despair behind them. There's a strong sentiment of resentment towards banks, political parties, and institutions in this one. I'm old enough to remember OWS and the "great recession" and even then most people who were not affected could afford to ignore it. This time people who would've otherwise gone about their daily lives without paying much attention to the news have had nothing to do but become dejected iconoclasts.

100% agree, I think a lot of people became disillusioned about the state of things and many have lost quite a bit of faith in their governments and elected officials. That said, I wonder if people will just forget it all once things return back to normal, whatever that normal is.

WSB doesn't permit crypto conversations, penny stocks, or any other form of pump and dump.

Hyperbole, and no "truth" about it. The next few months will see Doge back at 10 cents and well below, and nowhere near $1-2.

At 1$, Doge's market cap would be worth 129B$, that would be very interesting to see. At 10$, which a lot of people in their subreddit seem to think is within reach, it would be worth more than 1T$. It's like infinite supply.

It’s already at $0.38. It’s clearly worth nothing, so no reason an irrational $50 billion can’t become an irrational much bigger number.

It totally depends on how much foolish capital there is that it's willing to sink into doge.

Down nearly 40% in the past 24 hours, trade volume is down over 40%, and the $1 fee shows those in the know that it's barely being used on-chain and this was a big pump off washed volumes. 7-10 days and Doge is likely back around 10-13 cents.

Sounds like cope to me ;) don't worry, the insitutionals will jump right in to prop it up.

Doge inflation is very high by design (because remember it was a joke), at 1$ more than 14 millions $ have to be poured by day just to maintain the price.

They quote the price in USD, so it's likely just charged through some gateway which does conversion at current price.

I wish they chose something that uses proof-of-stake, but something is better than nothing.

Then it will be the great arbitrage if they don’t adjust prices quickly

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