The Rise of a Meme Cryptocurrency
After the Reddit fueled pump that drove the prices of GameStop and AMC. The internet found a little way to manipulate cryptocurrency prices. With the help of Elon Musk and a cute dog; Dogecoin became a serious money-maker.
Dogecoin success is due to the popularity the crypto gained on Twitter. A crypto that’s logo was graced with the image of Shiba Inu. The dog-faced crypto rise to the moon was shortly taking off.
With the help of Twitter, Dogecoin gained a lot a lot of supporters of people trying to get rich quick.Doge coin remained at the top of twitters trending tab for weeks full of a united group of people who were determined to take this crypto “to the moon”.
Dogecoin was the internet next big thing with everyone talking about how high this “meme” cryptocurrency can go. Even celebrities were quick to jump on the train notable famous people like Gene Simmons, Lil Yachty, and Cam Jordan all voiced their support for Dogecoin. None of them had nearly the impact on Doge coin than Elon Musk.
Elon Musk and a set of tweets from his account propelled Dogecoin up in seconds after each tweet. After one tweet from Elon Dogecoin’s price would grow 5 cents! The crypto which was at 3 cents in February now hit 70 cents in May.
During the course of that time the “meme” cryptocurrency would fluctuate at 8 cents before sky-rocketing all the way to 38 cents all in under 12 hours. Southeastern Student Reece Arena who put in 150 in early February cashed out in late April making 1200 dollars profit off the Dogecoin pump. He said “It was crazy, every time I looked at my phone I made another 100. I was beginning to think it could hit 5000 by the end of the night.”
Dogecoin followers were set to make a date where the cryptocurrency was suppose to skyrocket. The day was April 20, 2021 in other words 4/20 the internet was ready to take this dog inspired coin to the moon. When clock hit 12 the coin quickly started to rise then out of nowhere dropped to below 20 cents. Shortly after in May another surge happened where it hit 70 cents!
Dogecoin has come a long way in a very short time. Many people in the cryptocurrency world hate what is happening to this joke inspired crypto and claim that the crypto has “no stability” and is a “joke. They are not wrong this crypto is very mysterious and could “drop out the sky” at anytime.
The question about Dogecoin was really how long could this meme go before it dies? The answer is still unknown with Dogecoin Hanging around at 50 cents as of May 12th. Musk has said that “fate loves Irony” talking about how ironic it would be if the meme/joke currency would turn into the real currency.
Who knows, maybe one day DogeCoin could evolve into something so big, such as Bitcoin. Bitcoin was not heavily invested in at first, and it is now worth $57,000. DogeCoin, unlike Bitcoin took off from the start which could mean two things, it will die out fast, or grow into something crazy.
No matter what, it is still a risk and no one will know what is to happen with crypto currency within the next few years. Only time will tell.