If you didn’t know about dogecoin before last week, you almost definitely do now.
About the meme cryptocurrency: Dogecoin was created in 2013 as a form of crypto satire, a riff on the explosion of altcoins (non-bitcoin tokens). The dogecoin protocol is based on luckycoin. $Doge has no intrinsic value, underlying fundamentals, or supply cap.
- There will only ever be 21 million bitcoins, whereas there could theoretically be an infinite supply of dogecoins.
But that doesn’t matter to ~very online~ traders. At its all-time high, $doge had posted a gain of 9,200% year-to-date. The coin’s market cap maxed out above $50 billion, for those keeping score at home.
- Dogecoin’s trading volume even eclipsed that of ethereum, the world’s second-largest cryptocurrency.
Bottom line: The meme is the message?
The rise of $doge shows the power of online communities and reminds us of GameStop. If $doge comes crashing down to Earth, we just hope that a bunch of unwitting retail traders aren’t caught holding the bag.