Chief Ethereum Critic Buys ETH, Are Bitcoin Maxis Capitulating?
July 9, 2020 1:12 pm
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Dogecoin has doubled in price in one day after rising some 30% the day before to now near half a penny, currently trading at $0.0046.
The joke currency has found new fandom in teenagers who are memeing it to the moon.
Their aim is to get it to one whole dollar for one doge, and although they’re some way from that, they are getting closer to getting it to that landmark price of penny parity.
Silly, you can say but while TikTok teens sing and dance to dogecoin, grown up men in expensive suits take their bets, yes on a joke.
That joke is now worth more than half a billion dollars, overtaking Compound in market cap, the little bank of sorts where you can lend and borrow all through code.
It is close to overtaking Dash, the old now almost forgotten coin, and it has risen 26th in market cap, above many very serious and quite promising projects.
Return of the Doge
An old legend says that the bull run begins when doge starts to sing, and ends when doge is last to jump bigly again.
That’s because this coin is very unique. Culturally of course it is much fun, and for just a dollar you can have many doges… for now if these teenagers have their way.
So you can throw them around and play and mess about without worrying about all them serious things like losing money.
Making that fun a fairly serious matter, because it’s an easy way of teaching newcomers just what is all this new money and how does it work.
Moreover doge realistically even has the potential of being an actual currency because its distribution is fairly unique in that a fixed amount is mined every year.
While bitcoin has a very fixed limit – eventually in a century – and ethereum changes it as it likes has a consensus based limit, doge makes the same exact amount of new coins every year, indefinitly.
So, as a joke and as a joke it… maybe has potential because it’s not a boring copy clone like useless Litecoin.
But there isn’t really any movement to get doge accepted in shops or anything like that, it’s just fun play money that has been going up and up in the past few days.
Leading everyone to claim altcoin sezun has landed, and to announce it doge of course in line with tradition has clearly opened some party.
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