Dogecoin is mooning, and we’re listening for the popping sound
With dogecoin back in the news, the bubble pop can’t be far behind.
The cryptocurrency, which was explicitly created as a parody of crypto in 2013, is on an epic run. As of Saturday, a single dogecoin was worth approximately $0.30 according to CoinMarketCap. That’s up from $0.004 at the beginning of the year.
The meme-themed cryptocurrency last made waves in Dec. 2017 just ahead of the Jan. 2018 height of the previous crypto bubble. At the time, articles like “Everyone Is Getting Hilariously Rich and You’re Not” seemed the perfect punctuation to a speculative run that for many ended in financial ruin.
Of course, 2021 is not 2018, and the cryptocurrency market is in a different place now than it was back then. The current astronomical price of bitcoin aside, a shift away from scam-laden ICOs to the Coinbase listing on Nasdaq suggests this time crypto’s financial dominance may be here to stay.
Or maybe not.
Appropriately, dogecoin has been aggressively memed to prominence over the last few months by the likes of none other than Elon Musk. Which, honestly, might be seen as a leading indicator — just not the kind that’s good for the future of dogecoin hodlers.
Doge spelled backwards is Egod
— Elon Musk (@elonmusk) March 6, 2021
Bubble or no, with a market cap of around $40 billion dogecoin is clearly having a moment.
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But moments tend not to last — that’s kind of explicitly their thing.