Dogecoin's social media-driven 13,000% rally looks a lot like the GameStop saga. Experts explain why May 07, 2021, 06:21 AM facebook Dogecoin's red-hot rally is reminding people of January's GameStop saga. Experts say it is similarly social media- and celebrity-driven, with few fundamental factors. They say investors and day traders should be cautious around the new meme investing culture. . Dogecoin's red-hot rally over the last few days has shocked traditional investors and has been driven on by social media hype and celebrity endorsements. Sound familiar? Many investors are comparing dogecoin's meteoric rise to the GameStop saga that gripped the financial world in January. Then, the unloved shares of a brick-and-mortar video game retailer surged when day traders organising themselves on Reddit got behind it, to the dismay of hedge funds who had been betting against the stock.