The last week of January was a blur! Between Dogecoin, Gamestop, and Elon Musk, we don’t know which one we heard the most. All we know is that last week was buzzing with gist and we didn’t miss any. Here’s a short summary of last week’s events. Enjoy!
Who Let the DOGE Out?
Dogecoin has drifted in and out of the crypto collective consciousness over the past few years. It’s just one of those coins that pumps every now and then to signify the absolute unpredictability of the internet. So it’s befitting that last week when a Reddit group decided to pump certain stocks and cryptocurrencies, Dogecoin was the coin of choice. Basically, if you invested ₦100,000 on the 28th of January 2021, you would have seen an 875% growth of ₦875,000. If this doesn’t blow your mind, then you’ve been in the crypto game for way too long!
Stop the Games!!!
Gamestop was the name on everyone’s lips this past week and here’s the tea on that: A Reddit group pumped Gamestop stock from 1$8 to $315 in a couple of days using Robinhood, a free investment app. This move seemed like a statement against rich hedge funds and companies that short different stocks. Shorting a stock is a tactic many big investors use. Sadly, while the group was pumping Gamestop stock, Robinhood stopped people from buying. This has forced people to rethink the stock market and how so much power is given to large companies.
Elon Musk’s past antics have cemented his place as the tech community’s problematic fave and he was at it again last week. Apart from being the richest man in the world, he is proving to be a mega influencer. Last week, the price of BTC grew by 20% after Musk included “#Bitcoin” in his Twitter bio. He also appeared in a Clubhouse room on January 31 where he expressed support for the currency.
After what seemed like the end of Ripple, XRP grew by more than 100% overnight on the 30th of January. It has since topped ₦350 and hovers around ₦290 at the time of writing this. XRP is still gaining momentum and could continue to climb in the following week.