Dogecoin Millionaire Tips Reddit Themed Memecoin To Outperform IPO

22 Mar, 2024 Updated 27 Aug, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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Popular cryptocurrency trader Glauber Contessoto has projected a Reddit-themed memecoin to outperform the social platform’s Initial Public Offering (IPO).

In a recent social media post on X (formerly Twitter), Contessoto expressed the belief that the memecoin $RDDT will pull in more gains than the Reddit IPO which is currently having a major buzz along social media spaces.

$RDDT To Flip Reddit IPO

According to him, a surge of the asset to flip the main Reddit stock IPO means victory for cryptocurrency users as users await a rise in their beloved assets.

“If the meme coin $RDDT flips the actual #REDDIT stock IPO with the ticker symbol $RDDT then we have done our jobs as crypto enthusiasts well and we have fought the good fight and have won! LFG! @RDDTCOIN WE LIKE THE COIN!!!.”

Following the forecast, cryptocurrency enthusiasts lauded the projection expressing similar views amid be memecoin frenzy in the market.

Popularly known as the Slum DOGE millionaire among crypto users after making a fortune with the leading memecoin, Contessoto has projected another blistering run for the new memecoin. In 2021 he made $2 million from a $250,000 DOGE investment.

Dogecoin hit an all-time high in 2021 following a remarkable run that ushered in the recent memecoin frenzy. Launched as a joke, the memecoin ballooned into a billion-dollar joke and gained more after Elon Musk’s Saturday Night Live appearance that year.

Memecoin Buzz Awakens

The memecoin market has recorded a massive inflow in the last 24 hours following the Federal Open Market Committee’s (FOMC) meeting to maintain current rates while tipping future rate cuts this year. The move to launch the Reddit IPO has also led to memecoin traders rallying behind another rise in the market. In the last 24 hours, the memecoin market capitalization has soared over 16.2% with some assets making over 100% gains.

Market leader, DOGE posted a 6% rise in the last 24 hours after slipping 13% within the week. Similar positive results were also seen by Shiba Inu and PEPE. Meanwhile, Reddit has raised $748 million after selling 22 million shares in an IPO that has buzzed social media spaces.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Dogecoin (DOGE)

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.