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The meme cryptocurrency, Dogecoin, has seen tremendous success over the last few weeks. This week, it surged to an all-time high of $0.69. The coin was created by software engineers Billy Markus and Jackson Palmer. The pair wanted to create a cryptocurrency that was distanced from other cryptos, which are known for volatility and controversial use.
The coin was officially launched on December 6th, 2013, but was forgotten until earlier this year, when Elon Musk took an interest in it. Apparently, if you bought $1,000 worth of Dogecoin in early January, your investment would be worth $121,052 on Dogecoin’s peak, which is a gain of over 12,000%. This is a much better increase than Bitcoin’s growth – A $1,000 BTC bought earlier this year is worth $1,953.88 as of Wednesday.
“My guess is that [the rally] won’t last, especially for something like dogecoin which was never meant to be a payment system or a store of value,” said chief operating officer at BRD, Adam Zadikoff, “Yes, you can make a quick buck if you time it right, but timing the market is a terrible thing to try to do. It does not work.”
“You see the power in social media to move people to do something en masse,” Zadikoff added, “This is the flash-in-a-pan thing that people are getting behind right now.”
Since Dogecoin started out as a joke, many crypto enthusiasts believe that the zeal around it is just a bubble.
“I worry that, once the enthusiasm rolls out, there’s no developers on it, there’s no institutions coming in. But it’s got this moniker of the people’s coin right now,” commented Michael Novogratz from Galaxy Digital.
“When you think about the whole theory of what this crypto revolution is, there’s something pure about what dogecoin’s done,” he added, “It’s a little bit of a middle finger to the system.” Dogecoin currently has a market cap of $78 billion. Dogecoin’s market cap is now six times bigger than that of American Airlines.
Whether Dogecoin will crash and burn or continue to gain traction, it’s safe to say that what’s driving its price up are individual investors. At the same time, the fact that big names, like public companies and multi-billionaires like Elon Musk, are interested in crypto is a good sign.
While retail enthusiasts tried to drive the coin’s price up on April 20th, declaring it ‘Doge Day’, the crypto has better chances to reach the ambitious $1 mark with the help of Elon Musk. Tesla’s CEO is to appear on the upcoming episode of Saturday Night Live and is bound to discuss the coin as well as its capabilities.
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