[Bitcoin Now] Rebounds to 37 Million Won Range... Dogecoin Also Experiences 'GameStop' Phenomenon

Bitcoin rises over 7% in a day
'Dogecoin' surges 411% in 9 hours as individual investors flock in

Photo by Getty Images Bank

[Asia Economy Reporter Gong Byung-sun] Bitcoin, the leading virtual currency (cryptocurrency), rebounded to the 37 million KRW range after being in the 34 million KRW range the previous day. Recently, a concentrated buying trend by U.S. individual investors has also occurred in the virtual currency market, causing one altcoin to rise more than fourfold compared to the previous day.

According to the domestic virtual currency exchange Upbit, as of 10:55 AM on the 29th, Bitcoin recorded 37.31 million KRW, up about 7.6% compared to 24 hours earlier. Although it had fallen twice to the 33 million KRW range the previous day, it rebounded.

Among virtual currencies, Dogecoin showed a significant upward trend. At the same time, Dogecoin was only about 9 KRW 24 hours earlier but currently stands at 37 KRW, marking an increase of approximately 411%. It maintained the 9 KRW level until midnight that day and then surged to the current price within 9 hours.

There is an interpretation that the cause of the sharp rise in Dogecoin, which is called a ‘joke coin’ due to its low value, is the same as the surge in GameStop’s stock price. The GameStop phenomenon refers to individual investors rallying mainly on social media to win the battle against short sellers surrounding GameStop stock. On the 20th, when GameStop stock surged to $40, the short-selling hedge fund Citron Research announced it would short the stock, claiming it would crash to $20. Enraged individual investors bought not only the stock but also call options, raising GameStop’s stock price by 134.84% in one day. Ultimately, Citron Research and other hedge funds were caught in a ‘short squeeze,’ having to buy back stocks at high prices and losing the battle.

On the 28th (local time), Dogecoin was mentioned on the famous Twitter account 'WSB Chairman'.

The cryptocurrency-focused foreign media CoinDesk reported on the 28th (local time) that Dogecoin surged sharply after a mention by the famous Twitter account 'WSB Chairman,' which has 650,000 followers. On the 28th (local time), WSB Chairman tweeted, “Everyone is talking about Dogecoin, what is it?” and asked again, “Can it go to $1 (about 1,100 KRW)?”

Then, the U.S. online community Reddit responded. In the Wallstreetbets forum on Reddit, which led the GameStop phenomenon, individual investors posted the Dogecoin mascot ‘Shiba Inu’ and urged each other to invest, causing trading volume to explode. According to Upbit, Dogecoin’s trading volume on the 28th was about 913,987,072 units, an increase of approximately 245 times compared to the previous day.

U.S. individual investors also equated Dogecoin with GameStop. According to Bloomberg News on the 28th (local time), individual investors on Reddit said, “Dogecoin is the GameStop of the virtual currency market,” encouraging Dogecoin purchases.

This content was produced with the assistance of AI translation services.