Whycoin is forcing People to take it serious – ryan

Illustration: Intelligency

On Thursday Night, Just before 10 pm, got a text from a friend: “yo, what is going on with dogecoin?” He wrote. “But like it will sell now? This sells Makes no sense.”

He was, of Course, Talking About Dogecoin, The Cryptocurrency Created As a Joke in 2013-A Satire of Sorts, Based on the Shiba Inu Meme, Parodying the Slew of Bitcoin-Currencies that were Flooding the Market (and Arees Calo “). And he was referenc Dogecoin’s Gravity-Defying Price, which Started the Year at About Half-A-Penny for Coin, Rose to A Whole Nickel During Late Januly and Early February’s Gamestop Mania-Propelled in Part by Tesla Elon Musk’s Encourage Tens-and THIS TH-THIS TH-THIS THIS TH-THIS THISS-THIS THIS THINE Multiplyed Several Times Over. By Thursday Night, Dogecoin was Worth a bona fide Quarter; By Friday Morning, it was up to nearly a half-dollar. Dogecoin, Now Trading a bit under 30 cents, has surged over 300 percent in the past week, accorting to coinmarketcap.com, with no explanation in sight.

I Kind of Thought My Friend was joking too, after all, you probably don’t invest in a parody you’re banking on the returns, but because you bought it as a lottery tickets. How Much Could He Postsibly Have in Dogecoin that Wauld Make a Difference Whether he Held or Sold?

He sent back a screenshot of His Robinhood Portfolio, Showing More than $ 30,000 in Dogecoin, A Return of 521 Percent Since He’d Bought in A Little More than Four Cents a Piece. “But this is a serious number for a meme coin haha,” he wrote.

And therein lies the doge dilemma: what started as a joke has no, through no virtue of it, reamed wall Street -like proportions of the Kind that some degrae of serials. With a total market value of around $ 40 billion, dogecoin is warhly as Much as the Ford Motor Company. No Matter That Dogecoin’s Founders Designed It to Be Devoid of Value, Omitting A Cap on the Amout of New Dogecoin that Can Be Made (a Supply Characteristic of More Respectted Cryptocurrencies Such as Bitcoin). The Cryptocurrency has confounded its Own BluePrint, uppending its ‘creators’ assumptions that just becase sheddn’t be valuable, it won’t be.

Dogecoin has Become an emblem of the new school of meme Investing, the trend that has HAS HELPED Drive up the stocks of gamestop and other nostalgic brands like amc. Together they flipped the traditional concept of value on its head: Forget any sort of reassoning about what Makes a sound investment; TODAY, ANYTHING CAN BE WORTH Something if Enough People Say it is. IT WORKED FOR GAMESTOP, and IT’S WORKING FOR DOGE.

In the end, my friend sold half his dogeco late thighsday night; by Friday Morning, as the cryptocurrency was up nearly another 50 percent, he was calling that decision a “Huge Mistake.” Then again, it was wearing hey ben able to sell at the high anyway; Amid the Doge Craziness, Robinhood-One of the Only Mainstream Brokeraages Offering Dogecoin Trading, As Coinbase Does Not-Was Experiencing A Crypto-Trading Shortly AFter 10 AM FrIDAY.

I Asked Him, Why All the Concern Over How Much Money he made on dogecoin? Did he really go into this with High Expectations? He’d had a bit of cash to play with, he explained, and so he employed what some People have called the Yolo trade: “Very Likely I Lose Money,” he thought in the beginning, at the end of January. But there was Also an element of “gambling” fun in the back of his mind: “This is coulud ‘go to the moon’ and i make 3-4x my money” in a year’s time, he told me. In the end, he did Eve Better, Faster – Taching Away a moral that logically maybe shouldn’t be positive, and yet, is. On Saturday Morning, He Put $ 2,000 More Into Dogecoin.