![]() Therefore, this type of wager is only appropriate for a small position size. Granted, it’s a speculative bet to own Stellar Lumens in the hopes of a price pump from the Reddit crowd or from a Musk tweet. Like I said earlier, it passes the low-price test.īut it also has a populist appeal as it’s tailor-made to allow individuals to allow users to send sums of money and convert currencies cheaply and conveniently. It wouldn’t surprise me at all if Musk or the r/wallstreetbets users set their sights on Stellar Lumens next. Dogecoin was thought of as a joke at one point, but now it’s being taken much more seriously. The Reddit users and Musk appear to have something in common: They like to root for underdogs. I don’t know how much Dogecoin Musk owns, or whether he owns it at all, but the mere thought of it was apparently enough to move the price much higher. If it’s a Musk-have, then it’s a must-have, or at least that’s what some traders seem to believe. Evidently, Dogecoin caught the attention of Tesla (NASDAQ: TSLA) CEO Elon Musk as well, as Musk has tweeted about Dogecoin. The r/wallstreetbets users weren’t the only people who helped to move the Dogecoin price recently. Perhaps its low price made it a prime target for Redditors as they could more easily buy a low-priced asset. Even after the price pump, it’s still not even worth a penny per coin. A few examples would include BlackBerry (NYSE: BB) stock, AMC Entertainment (NYSE: AMC) stock and silver, which is much cheaper than gold on a per-ounce basis.ĭogecoin would also fit into that category. I’ve noticed that they like to target lower-priced assets. Why do the Redditors choose to pump up certain assets, but not others? It’s hard to know what makes the r/wallstreetbets crowd tick, but we can try to find some clues. It’s basically a sub-group on Reddit that likes to discuss, and sometimes pump up, stocks, commodities (particularly silver) and cryptocurrencies. Could Stellar Lumens catch up soon? The Price Is Niceīy now, there’s a good chance that you’ve heard about the subreddit known as r/wallstreetbets. To sum it up, in the past few weeks, Stellar Lumens doubled but Dogecoin increased much more than that. ![]() 15., it was 0.06 cents, which represents a change of +650%. Not long ago, Dogecoin was trading at 0.008 cents. 15.Īs impressive as that price spike has been, it’s nothing compared to the move in Dogecoin. That was followed by a cooling-off period, with Stellar Lumens settling at 52 cents on the morning of Feb. All of a sudden, the buyers bid the Stellar Lumens price up to 60 cents on Feb. However, by late January, a slow ramp-up in Stellar Lumens would commence. To be honest, not too many folks were paying attention to Stellar Lumens at that time. Let’s rewind to mid-January when the XLM bulls had trouble pushing it above the 30-cent resistance level. A Closer Look at the Stellar Lumens Price XLM is a perfect candidate for a Reddit-fueled price pump. I’d claim that it’s not only possible but also a realistic scenario. Now, traders have to decide whether to hold Stellar Lumens after the price surge.Īlso, we should consider if it’s possible that Stellar Lumens will follow the same astounding trajectory as Dogecoin. Of course, I just got lucky with that call. 27, and the price doubled soon afterward. I recommended owning Stellar Lumens on Jan. These assets are meant for small positions, and you don’t have to take a position at all. All cryptocurrencies are risky, so please don’t sell your belongings and load up on Stellar Lumens.
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