{"id":461516,"date":"2021-04-17T20:00:52","date_gmt":"2021-04-17T20:00:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=461516"},"modified":"2021-04-17T19:11:55","modified_gmt":"2021-04-17T19:11:55","slug":"how-r-wallstreetbets-triggered-doge-rally-and-bitcoin-sell-off","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/how-r-wallstreetbets-triggered-doge-rally-and-bitcoin-sell-off\/","title":{"rendered":"How r\/WallStreetBets Triggered DOGE Rally &#8211; Reasons for Bitcoin Sell-off"},"content":{"rendered":"<p>The crypto market seems to be astonished by yesterday\u2019s season. <a href=\"https:\/\/uniquehot.com\/news\/fundamentals-go-out-the-window-1-dogecoin-incoming\/\">Dogecoin (DOGE) threw every fundamental out of the window<\/a> and smashed its way to the 5<sup>th<\/sup> position in the crypto top 10 by market cap. DOGE is trading at $0,27 with 20.6% losses in the daily chart.<\/p>\n<figure id=\"attachment_461520\" aria-describedby=\"caption-attachment-461520\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-461520 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-Dogecoin-DOGE-1.png?resize=860%2C424\" alt=\"Bitcoin BTC BTCUSD Dogecoin DOGE\" width=\"860\" height=\"424\"><figcaption id=\"caption-attachment-461520\" class=\"wp-caption-text\">DOGE with heavy losses in the 24-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/\" rel=\"nofollow\">DOGEUSDT Tradingview<\/a><\/figcaption><\/figure>\n<p>DOGE reached an all-time high of $0,50 after a 500% pump. Chief Strategy Officer at CoinShares, Meltem Demiros, <a href=\"https:\/\/twitter.com\/Melt_Dem\/status\/59938825\" rel=\"nofollow\">linked<\/a> Dogecoin surge to the controversial subreddit r\/WallStreetBets.<\/p>\n<p>This group decided to lift its ban on crypto discussions. These were still limited to only Bitcoin, Ethereum, and DOGE.<\/p>\n<p>However, the group decides to <a href=\"https:\/\/www.reddit.com\/r\/wallstreetbets\/comments\/mreeny\/re_on_crypto\/?utm_source=share&amp;utm_medium=web2x&amp;context=3\" rel=\"nofollow\">reinstate<\/a> their ban in less than a day due to an article published by Bloomberg, as announced on their subreddit. With the title \u201cWallStreetBets Bows to Crypto\u201d, the article and moderator\u2019s decision caused discomfort in that community.<\/p>\n<p>As a sort of \u201crevenge pump\u201d, WallStreetBets might have caused DOGE\u2019s rally. As evidence, Demiros pointed at the cryptocurrency\u2019s traded volume. At its peaked DOGE, daily trading volume stood at $70.772.770.653, as shown by CoinGecko, with a $48B market cap.<\/p>\n<p>In comparison, State Street Global Advisors\u2019 SPY ETF, one of the \u201cmost widely held and traded\u201d, registered around $25B in this metric during the April 17<sup>th<\/sup> session, according to Demiros. Also pointing at Dogecoin&#8217;s repository in GitHub, with many contributions over the past year, CoinShares CSO said:<\/p>\n<blockquote><p>the people have spoken, and the people want DOGE. The power of memes is moving markets. You absolutely love to see it. It&#8217;s gonna break people&#8217;s brains, and we&#8217;re just getting started. To all the @TikTokInvestors who are now $DOGE millionaires, cheers.<\/p><\/blockquote>\n<h2>Coinbase Effect and Bitcoin\u2019s price<\/h2>\n<p>After a bullish momentum leading up to Coinbase&#8217;s debut on the stock market, Bitcoin\u2019s price seems to be trending downwards. At the time of writing, BTC is trading at $60,174 with 1.9% losses in the 24-hour chart and 3.6% over the past week.<\/p>\n<figure id=\"attachment_461519\" aria-describedby=\"caption-attachment-461519\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-461519 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-Dogecoin-DOGE.png?resize=860%2C424\" alt=\"Bitcoin BTC BTCUSD Dogecoin DOGE\" width=\"860\" height=\"424\"><figcaption id=\"caption-attachment-461519\" class=\"wp-caption-text\">BTC with moderate losses in the 24-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/\" rel=\"nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>During this period,<a href=\"https:\/\/uniquehot.com\/news\/coinbase-effect-is-crypto-ready-for-the-incoming-herd\/\"> many investors were positive Coinbase&#8217;s direct offering was going to support a pump across the crypto market<\/a>. The opposite happened. As Demiros stated, this is due to the high level of leveraged positions in the derivatives market.<\/p>\n<p>When Bitcoin was unable to pump due to Coinbase debut, leverage traders \u201cdip\u201d and closed their positions. Demiros said the following on this crypto market dynamic:<\/p>\n<blockquote><p>One &#8211; bitcoin markets are very much driven by derivatives. funding rates, implied vol, and open interest are important to monitor. spot follows futures -&gt; tail wags dog. Two &#8211; there isn&#8217;t enough leverage, and cost of capital limits capacity!<\/p><\/blockquote>\n<p>Data from Glassnode still points to a bullish outlook for BTC. The metric Realized Cap HOLD Waves indicates the first peak in the number of short-term holders moved to the market by retail mania.<\/p>\n<p>In previous bull runs, there have been at least 3 peaks for the same metric. This could indicate that the rally is still early and BTC\u2019s price could rise a lot more if it follows a previous pattern, as shown below.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Each <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> Bull Cycle has had 3 distinctive peaks of supply held by short-term holders. (as a % of total supply) <\/p>\n<p>We&#39;re still cooling off after just the first major peak. <a href=\"https:\/\/t.co\/g9M8G4mPrK\" rel=\"nofollow\">pic.twitter.com\/g9M8G4mPrK<\/a><\/p>\n<p>&mdash; Will (@WClementeIII) <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/79200018?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 17, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market seems to be astonished by yesterday\u2019s season. Dogecoin (DOGE) threw every fundamental out of the window and smashed its way to the 5th position in the crypto top 10 by market cap. DOGE is trading at $0,27 with 20.6% losses in the daily chart. DOGE reached an all-time high of $0,50 after a 500% pump. Chief Strategy Officer at CoinShares, Meltem Demiros, linked Dogecoin surge to the controversial subreddit r\/WallStreetBets. This group decided to lift its ban on crypto discussions. These were still limited to only Bitcoin, Ethereum, and DOGE. However, the group decides to reinstate their ban in less than a day due to an article published by Bloomberg, as announced on their subreddit. With the title \u201cWallStreetBets Bows to Crypto\u201d, the article and moderator\u2019s decision caused discomfort in that community. As a sort of \u201crevenge pump\u201d, WallStreetBets might have caused DOGE\u2019s rally. As evidence, Demiros pointed at the cryptocurrency\u2019s traded volume. At its peaked DOGE, daily trading volume stood at $70.772.770.653, as shown by CoinGecko, with a $48B market cap. In comparison, State Street Global Advisors\u2019 SPY ETF, one of the \u201cmost widely held and traded\u201d, registered around $25B in this metric during the April 17th session, according to Demiros. Also pointing at Dogecoin&#8217;s repository in GitHub, with many contributions over the past year, CoinShares CSO said: the people have spoken, and the people want DOGE. The power of memes is moving markets. You absolutely love to see it. It&#8217;s gonna break people&#8217;s brains, and we&#8217;re just getting started. To all the @TikTokInvestors who are now $DOGE millionaires, cheers. Coinbase Effect and Bitcoin\u2019s price After a bullish momentum leading up to Coinbase&#8217;s debut on the stock market, Bitcoin\u2019s price seems to be trending downwards. At the time of writing, BTC is trading at $60,174 with 1.9% losses in the 24-hour chart and 3.6% over the past week. During this period, many investors were positive Coinbase&#8217;s direct offering was going to support a pump across the crypto market. The opposite happened. As Demiros stated, this is due to the high level of leveraged positions in the derivatives market. When Bitcoin was unable to pump due to Coinbase debut, leverage traders \u201cdip\u201d and closed their positions. Demiros said the following on this crypto market dynamic: One &#8211; bitcoin markets are very much driven by derivatives. funding rates, implied vol, and open interest are important to monitor. spot follows futures -&gt; tail wags dog. Two &#8211; there isn&#8217;t enough leverage, and cost of capital limits capacity! Data from Glassnode still points to a bullish outlook for BTC. The metric Realized Cap HOLD Waves indicates the first peak in the number of short-term holders moved to the market by retail mania. In previous bull runs, there have been at least 3 peaks for the same metric. This could indicate that the rally is still early and BTC\u2019s price could rise a lot more if it follows a previous pattern, as shown below. Each #Bitcoin Bull Cycle has had 3 distinctive peaks of supply held by short-term holders. (as a % of total supply) We&#39;re still cooling off after just the first major peak. pic.twitter.com\/g9M8G4mPrK &mdash; Will (@WClementeIII) April 17, 2021<\/p>\n","protected":false},"author":535,"featured_media":461517,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,1144,1785,7,79599],"class_list":["post-461516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-doge","tag-dogecoin","tag-dogeusd"],"acf":[],"yoast_head":"\n<title>How r\/WallStreetBets Triggered DOGE Rally - Reasons for Bitcoin Sell-off<\/title>\n<meta name=\"description\" content=\"The crypto market seems to be astonished by yesterday\u2019s season. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/uniquehot.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"How r\/WallStreetBets Triggered DOGE Rally - Reasons for Bitcoin Sell-off","description":"The crypto market seems to be astonished by yesterday\u2019s season. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"How r\/WallStreetBets Triggered DOGE Rally &#8211; Reasons for Bitcoin Sell-off","url":"http:\/\/uniquehot.com\/news\/how-r-wallstreetbets-triggered-doge-rally-and-bitcoin-sell-off\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/how-r-wallstreetbets-triggered-doge-rally-and-bitcoin-sell-off\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-Dogecoin-DOGE.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-Dogecoin-DOGE.jpg?fit=1001%2C625"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","doge","dogecoin","dogeusd"],"dateCreated":"2021-04-17T20:00:52Z","datePublished":"2021-04-17T20:00:52Z","dateModified":"2021-04-17T20:00:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"How r\\\/WallStreetBets Triggered DOGE Rally &#8211; Reasons for Bitcoin Sell-off\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/how-r-wallstreetbets-triggered-doge-rally-and-bitcoin-sell-off\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/how-r-wallstreetbets-triggered-doge-rally-and-bitcoin-sell-off\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-BTCUSD-Dogecoin-DOGE.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-BTCUSD-Dogecoin-DOGE.jpg?fit=1001%2C625\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"doge\",\"dogecoin\",\"dogeusd\"],\"dateCreated\":\"2021-04-17T20:00:52Z\",\"datePublished\":\"2021-04-17T20:00:52Z\",\"dateModified\":\"2021-04-17T20:00:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-Dogecoin-DOGE.jpg?fit=1001%2C625","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/461516"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=461516"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/461516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/461517"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=461516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=461516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=461516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}