Citron Research Praises Dogecoin and Reflects on Market Irrationality
Citron Research, a well-known short-selling agency, recently praised the original cryptocurrency Dogecoin (DOGE) while announcing it would no longer engage in short-selling. The agency, known for sending newsletters to clients about companies it considers overvalued or involved in fraudulent activities, strives to identify and expose financial market frauds and flawed business models.
Citron Research Extols DOGE Alongside GameStop
In a tweet quoting Chinese cryptocurrency blogger and journalist Colin Wu, Citron Research revealed it no longer shorts GameStop (GME). The reason for this decision, according to Citron, is not due to anticipated fundamental changes in the company but because “with $4 billion in the bank, they have enough to appease their cult-like shareholders.” Citron highlighted Dogecoin as another example of market irrationality, noting its $20 billion market capitalization: “We respect the market’s irrationality. After all, Dogecoin remains a $20 billion entity.”
According to Reuters, Citron Research founder Andrew Left stated that if GME’s value reaches $45 to $50 per share, the firm would consider short-selling again.
GameStop Should Buy Bitcoin: Scaramucci, Mow
Last week, GameStop released its Q1 financial results and announced plans to issue more shares, leading to a drop in its stock price. The company gained fame in 2021 following a short squeeze. Prominent figures in finance and cryptocurrency, such as Anthony Scaramucci and Bitcoin CEO Samson Mow, have suggested that GameStop should purchase Bitcoin and add it to its treasury. Mow believes that this move would lead to significant price movements for both BTC and GME.
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