According to the Wall Street Journal, the unscrupulous investment community has taken on a new trend: Cryptocurrency Dogecoin, which started as a joke in 2013 (mostly forgotten),Due to the relevant tweets released by Elon Musk, Tesla's CEO, the total value suddenly exceeded 10 billion dollars.Dogecoin is a tribute to Bitcoin, and its design has no practical effect
According to the Wall Street Journal, the unscrupulous investment community has taken on a new trend: Cryptocurrency Dogecoin, which started as a joke in 2013 (mostly forgotten),Due to the relevant tweets released by Elon Musk, Tesla's CEO, the total value suddenly exceeded 10 billion dollars.
Dogecoin is a tribute to Bitcoin, and its design has no practical effect. The holder of Dogecoin cannot use it to buy many things, nor can it be easily converted into cash. Dogecoin is named after a network meme that appeared nearly ten years ago. This meme revolves around the image of a dog with bad spelling habits (dog rather than dog), which ultimately leads to the Dogecoin logo being a coin with the image of a dog.
In 2013, software developer Billy Markus saw Bitcoin becoming more and more popular and decided to become a "relaxing" Cryptocurrency. He first built on the electronic game "Animal Forest" and referred to it as the Bell (named after the game currency).
He said that people online hate it very much. Therefore, when another developer, Jackson Palmer, shared a new idea of Cryptocurrency based on doge meme, Markus reconfigured his bell code to adapt to meme. He began to create a ridiculous digital currency that would never be taken seriously. In return for solving mathematical problems, Dogecoin miners who operate fast running computers can get from one Dogecoin to hundreds of thousands of Dogecoin.
The coin had a brief fame at the beginning. In 2014, its online supporters helped fund the Jamaican bobsled team to travel to the Sochi Winter Olympics in Russia, and sent a Dogecoin Nazca Racing driver to the Taradiga Super Circuit in Alabama. Like most memes, it disappears from correlation.
And at the end of January, Musk posted a cover imitating the magazine 'Dogue' on Twitter. As a topic, Dogecoin has attracted attention on WallStreetBets, which is a Reddit forum for incubating transactions of GameStop. In late January, the price of Dogecoin rose to 8 cents from 0.5 cents at the beginning of the month.
The billionaire and Tesla boss tweeted again last Thursday, saying, "There are no highs, no lows, only Doge. The Dogecoin immediately soared 80% in the session. The network of Dogecoin is maintained by volunteers, which is difficult to meet the needs of a large number of buyers. The volunteers took out real gold and silver euros to purchase more server space.
Markus is no longer engaged in the management of Dogecoin. He can't believe that the code he wrote in three hours on a Sunday generated a Cryptocurrency with a total market value of billions of dollars.
"The idea that Dogecoin is worth 8 cents is the same as that that GameStop is worth 325 dollars," said Markus, 38. "It doesn't make sense. It's super ridiculous. This design is ridiculous." Users can buy Dogecoin with credit cards on Cryptocurrency exchange and trading platforms, including Robin Hood Markets Inc.
Damian Wawrzyniak is a chef in a restaurant in Petersburg, England. Before Musk tweeted, he had not heard of Dogecoin. He soon found some through a Cryptocurrency brokerage account he used during the Covid-19 blockade.
Dogecoin is "a completely strange name," he said, but he thought that Musk has about 45 million Twitter followers, increasing its appeal.
In late January, a small group of protesters gathered in front of Robinhood's headquarters in Menlo Park, California, to protest against the broker's trading restrictions on GameStop, AMC Entertainment Holdings, and other popular companies on Reddit.
As Dave Jevans, the CEO of CipherTrace, a cryptographic analysis company, walked by the grocery store, a woman approached and encouraged him to join. The market has been manipulated, "she said. Buy Bitcoin, "he joked to her.
No, no, no. "She excitedly countered. "Buy Dogecoin! Have you seen it? I think we can get it for one dollar."
On Reddit, a group of high-profile buyers have taken pushing the Dogecoin to $1 as their slogan. TikTokInvestors, a Twitter account, posted a video in which a woman in a purple Sportswear sang that she would "take Dogecoin to the moon".
In theory, it is difficult for Dogecoin to reach $1. Different from Bitcoin, Bitcoin has a maximum exploitable quantity of 21 million pieces, while Dogecoin has no such limit. However, the rise of GameStop reminds investors that anything is possible.
The new craze for Cryptocurrency has even found converts who once disparaged Dogecoin. Angelicah Shaver, a 28 year old graduate student who runs a YouTube channel focusing on Cryptocurrency, said in a tweet at the beginning of January that it was "an insult to the technology community" since its birth.
But with the development of hype, she decided to take this opportunity to teach Cryptocurrency novices how to buy, sell and analyze coins. She bought $1000 Dogecoin in the last week of January, before the price soared, and she is still holding positions.
Fate likes to satirize, it's so true, "she said. "I have said many times that I am against Dogecoin. I really said that Dogecoin is an insult to the scientific and technological community, and I am here with this bag of doge."
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