Popular Crypto influencer and blockchain mentor Ivan on his Good Morning Crypto show has revealed the next altcoins move after Dogecoin[Crypto] surged 800% on Thursday as Reddit traders target it in an attempt to mirror the mindblowing share rises in heavily shorted companies like GameStop, BlockBuster, and AMC.
While the hedge funds and other professional money managers had been shorting GameStop’s shares, betting that its stock was doomed to further decline, millions of small investors, retail investors — online traders, mom-and-pop investors, small brokers and others egged on by Reddit/social media, employ a classic Wall Street tactic, pushing the other way, buying shares and stock options to put the squeeze beating Wall Street at its own game.
That caused GameStop’s market value to increase to over $24 billion from $2 billion in a matter of days and prompted Robinhood[regulated broker-dealer] cut off users from trading GameStop stock(and a handful of other companies), citing “significant market volatility.”
The Reddit investors then went on to invest in another coin called TrustSwap(SWAP), a foundational layer in decentralised finance, enabling safe, and customisable transactions.
Ivan says its Altcoin season after more coins pumped Fantom(FTM), SiaCoin(SC), Ravencoin(RVN) and many more but warns traders should be careful and time their exit properly as pumped coins will naturally drop back.
“Another thing to keep in mind is that we are going to have IPO Mania, right now Coinbase is going public [confirmed yesterday], this is going to be like dotcom but even bigger because this is Crypto, and Crypto is even bigger than dotcom, it is Mania – way bigger than computer”.