DOGE: Cult Coin or Credible Currency?
Do you have an irrational belief that this “joke” of a cryptocurrency can wash away your debt and bring you salvation from eternal labor?
Are you promised untold riches that you don’t even have to await the afterlife for?
Do you lose sleep waiting for an Elon Musk tweet with even the slightest reference such as this:
Or even not so subtle ones like this:
Then, you my friend, might be part of the interplanetary Dogecoin crypto cult.
I am not questioning your faith in an illogical investment. I’m wondering what brought you to buy Dogecoin in the first place.
What started out as a spoof of Bitcoin, humorously created by Jackson Palmer and Billy Markus in 2013, and long thought dead, first in 2015, then in 2018 during the Great Crypto Crash, was revived by a seemingly innocuous tweet by one Elon Musk. And it now exists in the same space and breath as BTC and ETH in the Top 10 of cryptos with the biggest market capitalizations.
You see, money can be literally anything you perceive to have value, whether it exists physically or, now with the Covid-19 pandemic accelerating a global paradigm shift, virtually. And if a $56,000,000,000+ market cap indicates that there are at least a good chunk of people worldwide that assign value to it, then it can be used to buy goods and services amongst that community no matter what you tell them otherwise.
Take for instance billionaire and Dallas Mavericks owner Mark Cuban. His NBA team’s website currently accepts Dogecoin, among other cryptocurrencies, to buy fan merchandise. If his is only one of a few establishments to accept Dogecoin, then he recognizes there is some value in it.
If it’s just a gimmick for social media traffic, then so be it. That hasn’t stopped him from trying to convince other high profile celebrities to embrace Dogecoin as well.
Source: Headline Planet
And of course, every time Elon Musk tweets a reference to Doge, there’s no small effect on the price.
That’s what can happen when you have 52.3 Million followers on the platform. Influencers are at their peak when they can move markets like this. One single tweet in the wee hours of the morning can make you rich beyond your wildest dreams.. or send you to the poorhouse just because you were possessed by FOMO.
Social media has this newfound power to drive buying and selling frenzies online, induce panic or euphoria, and sometimes bring the crazies out of the woodwork.
And because I bought Doge on faith alone (on OKEX, to be specific)…
I am now baptized and belong to the same community I once ridiculed myself.
Christmas for me now falls on April 20.
Blind follower. Eternal optimist. Dogecoin believer.
To the moon, Shiba Inu!*
As of this writing, Dogecoin is at an all time high $0.4783!
You can get in on all the Doge action and start trading on OKEX.com and get a $30 bonus using my personal code https://www.okex.com/join/6299610
*This blog article should not be mistaken for financial advice.
Follow me on Twitter @CryptoJoePH