Dogecoin (CCC:DOGE-USD) continues to be a scorching subject for crypto merchants on Twitter and Monday isn’t any totally different with information regarding Elon Musk making some hopeful.
Matt Wallace, the person behind the Remaining Stand YouTube channel that extensively covers DOGE, brings information that Musk liked a Twitter post concerning Dogecoin. That Tweet claims that the crypto will rise once more as soon as the short-squeeze of AMC Leisure (NYSE:AMC) inventory involves an finish.
Wallace notes that Musk interacted with this Tweet before it had much in the way of likes. This has the YouTuber believing that the Tesla (NASDAQ:TSLA) CEO is sending a message to the DOGE group about what to anticipate sooner or later.
The concept that Dogecoin will see a resurgence after the AMC short-squeeze is finished isn’t a farfetched one. AMC is a favourite amongst Redditors that like to brief squeeze what are actually referred to as meme shares.
Along with that, DOGE is usually seen as a meme crypto, which is sensible contemplating it embraces the Doge meme’s likeness and title. Meme traders love sticking collectively and that’s why a swap to Dogecoin as soon as the AMC inventory rally is over is sensible.
Whereas some would possibly doubt Wallace’s claims, it’s value noting he’s an vital voice within the DOGE area. He has greater than 200,000 followers on Twitter and his Remaining Stand YouTube channel is the biggest one devoted to the crypto with some 241,000 subscribers.
DOGE was up 7.1% over a 24-hour interval as of Monday morning and is up 6,866.3% because the begin of the 12 months.
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On the date of publication, William White didn’t have (both immediately or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.