Dogecoin (CCC:DOGE-USD) continues to be a hot topic for crypto traders on Twitter and Monday is no different with news concerning Elon Musk making some hopeful.
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Matt Wallace, the man behind the Final Stand YouTube channel that extensively covers DOGE, brings news that Musk liked a Twitter post concerning Dogecoin. That Tweet claims that the crypto will rise again once the short-squeeze of AMC Entertainment (NYSE:AMC) stock comes to an end.
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 community about what to expect in the future.
The idea that Dogecoin will see a resurgence after the AMC short-squeeze is done isn’t a farfetched one. AMC is a favorite among Redditors that love to short squeeze what are now called meme stocks.
In addition to that, DOGE is often seen as a meme crypto, which makes sense considering it embraces the Doge meme’s likeness and name. Meme investors love sticking together and that’s why a switch to Dogecoin once the AMC stock rally is over makes sense.
While some might doubt Wallace’s claims, it’s worth noting he’s an important voice in the DOGE space. He has more than 200,000 followers on Twitter and his Final Stand YouTube channel is the largest one dedicated to the crypto with some 241,000 subscribers.
DOGE was up 7.1% over a 24-hour period as of Monday morning and is up 6,866.3% since the start of the year.
Investors looking to keep up on the latest meme stocks should keep reading!
There’s no denying the power of retail investors in the social media age and that means it’s best to know what they’re up to. That includes the latest news concerning Corsair Gaming (NASDAQ:CRSR), Wendy’s (NASDAQ:WEN), BlackBerry (NYSE:BB). Get up to speed on that news at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.