Basically, it was the case of a struggling video game retailer which saw its share price surge up 1,915 per cent in less than a month, driven by enthusiastic Redditers on the r/WallStreetBets forum. This social media army who saw an opportunity to make a quick profit – at the expense ofIts shares leapt 1,915 per cent in less than a month. Then it lost most of those gains within weeks, as opportunistic traders decided to cash out early – and the 'last ones standing' suffered huge losses.
At the other end of the spectrum, he expects the biggest winners will be "the institutional world", or big financial institutions who have recently joined the party. "They don't see it as a serious investment, but a perfect opportunity to capitalise on all this retail interest."A lot of money managers are seeing this as 'easy opportunity' to make money. They're going to ride this higher as they know retail investors will be the last ones to sell."
Given Mr Moya has identified this as an opportunity to "make a quick buck", we had to ask whether he felt tempted to join the dogecoin bandwagon."I own zero cryptocurrencies, and I've been covering this space since 2014," he replied without hesitation. "I also discussed this with my wife. If we were ever to consider investing in crypto, we'd be willing to put in 0.5 per cent of our income, at most.Watch
If anyone else used their influence to do this to a trading instrument, it would be called a pump and dump. But to his fans, space daddy can do no wrong.
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