Review on Dogecoin by Kenan Chalabi

Dogecoin, a cryptocurrency with a viral dog meme many years ago, hit a record high on Friday afternoon. After six months of growth of more than 26,000%, it now has a market value of approximately US$92 billion.

According to data from CoinMarketCap, during the same period, the Standard & Poor's Index rose by 19%, while cryptocurrency rivals Bitcoin and Ethereum rose by 286% and 698%, respectively. And Tesla in the stock market? Since November, it has risen 56%.

"This time the joke is on Wall Street," said Marty Greenspan, a portfolio manager and founder of quantum economics. "What you have encountered is that the performance of teenagers on TikTok is thousands of percentage points higher than the smartest people."

In 2013, software engineers Billy Markus and Jackson Pa Jackson Palmer introduced ironic cryptocurrencies to make fun of Bitcoin and many other cryptocurrencies that plan to take over the world.

They called it dogecoin-pronounced "doje coin" with a soft "g" sound-named after the once popular "doge" shiba inu meme. Its purpose? Become a faster but "fun" alternative to Bitcoin.

“Dogecoin’s appeal has always been its honesty,” Galaxy researchers Alex Thorn and Karim Helmy gave customers a report on May 4. Explained in the report. "Unlike many other cryptocurrency projects... there is no big picture, and no statement about how Dogecoin will change the world."

In addition, although the supply of Bitcoin’s 21 million coins is limited, currently Dogecoin There is no limit to the number of coins

Elon Musk Effect:

When or why Dogecoin captured Elon Musk’s heart is not yet fully understood. The CEOs of

billionaire Tesla and SpaceX have been talking about this token for years.

Musk’s tweets sometimes indirectly mention that Dogecoin is often sent out at record new prices. These posts also help to stimulate the interest of retail investors. Asheesh Birla, the general manager of Ripple, said: "You have someone who is a bit like a cult leader. The company operates an alternative cryptocurrency for payment." However, Musk is not the only celebrity to conduct animal brand tokens. The person who speaks for. Dallas Mavericks owner Mark Cuban, Snoop Dogg and kissing bassist Gene Simmons openly support Dogecoin. Even the beef jerky brand Slim Jim is involved.

The price increase this week, analysts attributed it to Elon Musk’s upcoming appearance on Saturday Night Live on May 8, and even managed to temporarily block Robinhood’s trading app.

But the record price of Dogecoin is not just a celebrity endorsement.

Market conditions are also sufficient. Several rounds of stimulus checks mean people have more money to spend. Apps like Robinhood make it easier than ever for ordinary investors to bet on stocks, turning day trading into a popular hobby.

There is also an enduring feeling of "persistence" towards those in power.