Dogecoin (CCC:DOGE-USD) continues to be a hot topic for crypto traders on Twitter and Monday was no different with news regarding Elon Musk giving hope.
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Matt Wallace, the man behind the Final Stand YouTube channel that covers DOGE extensively, reports that Musk liked a Twitter post regarding Dogecoin. This Tweet claims that the crypto will rise again once the short press of AMC Entertainment (NYSE :AMC) the stock is nearing its end.
Wallace notes that Musk interacted with this Tweet before it got a lot of likes. This makes the YouTuber believe that the Tesla (NASDAQ :TSLA) The CEO sends a message to the DOGE community on what to expect in the future.
The idea that Dogecoin will experience a resurgence after AMC’s short-squeeze ends is not far-fetched. AMC is a favorite among Redditors who like to short sell what are now called meme stocks.
On top of that, DOGE is often considered a crypto meme, which makes sense given that it embraces the likeness and name of the Doge meme. Meme investors love to stick together and that’s why a switch to Dogecoin after the AMC stock rally is over makes sense.
While some may doubt Wallace’s claims, it should be noted that he is an important voice in the DOGE space. It has over 200,000 followers on Twitter and its Final Stand YouTube channel is the largest dedicated to crypto with some 241,000 subscribers.
DOGE was up 7.1% in a 24-hour period Monday morning and is up 6,866.3% year-to-date.
Investors looking to keep up with the latest memes stocks should keep reading!
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As of the publication date, William White does not have (directly or indirectly) any position in any of the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.
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