Doge coin. Good dog.
You probably never thought about Doge Coins, or had any interest in investing in Doge Coins, until you read Elon Musk’s tweet about it in the good ole days of the GameStop Short Squeeze.
Buyers have increased the value of the Doge coin by 359% in four weeks. Most of it happened after Musk tweeted about it two weeks ago. That’s better than Game Stop GME GME, which is up around 28%. And it’s better than Bitcoin, which cooled down at the time and only gained 10.7% in four weeks.
I do not own it. When the world was in the middle of the GameStop drama, I bought Nokia instead. It’s 20% lower than where I bought it. But I’m not sorry, I barely blew $ 120 on it. I should have bought Doge.
“The Doge Coin is the ultimate club for members: possession of the coin is a secret hand sign that you are part of the tribe and making a $ 5 billion joke,” said Jehan Chu, co-founder and managing partner of Kenetic Capital in Hong Kong Kong: “Elon’s support for Doge is not naive. He inherently understands the value of the crypto street loan he’ll get if he winked at Doge.”
Kris Marszalek, co-founder and CEO of Crypto.com, a trading platform, said they added Doge to their platform on Jan. 29 due to high demand. It’s not available on Coinbase, which is a popular trading platform here. And Robinhood – the now infamous retail trading platform that banned users from buying GameStop – suspended Doge trading during peak loads.
“In the five days since its inception, Doge has jumped into the top 10 most traded coins, with 44% from North America and 46% from Europe,” Marszalek said of his move on Crypto.com.
Beyond Doge: altcoins to the moon?
Designed by KMR for Forbes.
What Else Is There To Buy Now That Everyone Is Feeling Rich From Bitcoin? I sold all of my XRP and bought Stella Lumens a month ago. I literally bought it because it was trading under a dollar and was one of the top 20 coins on Coinbase.
However, I did manage to find someone who likes it so that I will feel better about my purchase.
“Right now it’s my top position,” says Mati Greenspan, founder at Quantum Economics, of Bitcoin alternatives. “I think it has great potential.” He has an eToro CopyTrader account here. I do not follow him.
Greenspan is advising a new company called Chiliz that is entering the fan token space for sports teams like Juventus, FC Barcelona and AC Milan. “Only great potential,” he says of her CHZ coin. It’s worth about two cents.
I asked Daniel Wolfe, who runs a crypto fund in Moscow at Halycon Global Opportunities, founded by expats from the US and London, to give me some altcoins that I have never heard of. Two that he mentioned I’d heard of: Cardano and Binance Coin.
“Cardano was founded by one of the active developers on Ethereum,” he says. “It’s a blockchain that is being built and published in stages based on a number of design principles. It enables economic transactions that contain more information that is important to institutional investors, companies and regulators, ”he explains, explaining why Cardano has been a favorite of reputable crypto money for three years. The price is under a dollar so it won’t break anyone to take a few hundred Cardano coins and put them in a Coinbase account and see what happens.
As for Binance, “The coin should appreciate it as Binance continues to grow as one of the largest cryptoasset exchanges,” says Wolfe. By using Binance Coin, investors can earn shares in interesting new tokens. “
Last year, the price for Binance (BNB) was around $ 21 at the time. It’s now over $ 70.
In the past few months, BNB hasn’t looked as good as Doge Coin. But in the longer term, it’s done much better.
In an interview on The Good Time Show about the Clubhouse app last Sunday evening, Musk spoke about his recent foray as a crypto influencer.
“I have to be careful what I say here because some of these things can really move markets,” he joked. “Many friends of mine have long tried to convince me to study Bitcoin. I should have bought Bitcoin eight years ago, ”he said.
Simon Kim, CEO of Hashed, which recently launched a $ 120 million VC fund, said he stopped buying bitcoins or altcoins during the social media-induced consumer buzz.
“But we definitely have the feeling that a much larger community has formed around Bitcoin,” says Kim. To Doge: “It’s like a commemorative coin that has no real use other than the cute emoticon. There is a saying, “If you want to measure the bubbles in the crypto market, look at Doge’s price.” Now we are seeing a general crypto bull market. “
If you had put $ 100 in Doge five years ago, it would be worth more than $ 16,000 today.
It’s charts like this one that get investors to buy things that they have no use for, that they don’t know about, and that may be wasting money on a joke.
That seems unreal.
When Doge is or was a joke, a lot of people laugh with it to the bank, as the saying goes.
“We’ve been into Doge coins for a long time, certainly before Elon Musk,” says Greenspan. “His tweets were very welcome and certainly good for our customers. As with all markets, there is a risk that you can lose your money. Especially since these are brand new markets and economic models. The inherent risk is all the higher. But also the reward potential. “
The multi-billion dollar crypto-economy, which is expected to grow to around $ 30 billion over the next six years, will bring in bigger brand names. Blockchain companies will launch new services that will eventually be backed by a number of Fortune 500 companies that will help fuel the momentum and sentiment for Bitcoin. And the altcoins with cute emoticons. May you choose the right dog in the race.