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Breaking News: Dogecoin (DOGE) Update from Prominent Short Seller Firm
Dogecoin (DOGE) Update from Prominent Short Seller Firm
A long-standing short selling company recently made a significant announcement regarding its stance on Dogecoin.
Author:
Mete Demiralp
13.06.2024 – 18:02
Update:
6 seconds ago
0
Citron Research, a renowned short selling entity, declared its decision to cease shorting GameStop (GME). However, the rationale behind this shift is not tied to the company’s performance, but rather to the acknowledgment of the market’s irrational behavior.
In its statement, Citron Research stated: “Citron is no longer engaging in shorting GME. This decision is not based on any anticipated improvement in the company’s fundamentals, but on the fact that they possess ample resources, with $4 billion in reserves, to meet the demands of their devoted shareholders.”
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Despite Wedbush setting a target price of $11 today, Citron opted to respect the market’s irrationality. “At the end of the day, Dogecoin remains a $20 billion asset,” the firm highlighted, underscoring the unpredictable nature of the market.
Andrew Left, the founder of Citron Research, revealed that he re-entered a short position on GameStop last week, albeit with a “significantly larger” stake compared to 2021. During that time, he had to close his position as individual investors united in online forums, triggering a remarkable surge in the stock price that put pressure on hedge funds. He described the risk as minimal this time around.
*This content does not constitute investment advice.
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