Oh, super, Dogecoin spits. The joke, which was worth less than a cent on January 27, fetched 47 cents this morning, according to Robinhood’s tracker. As I type this, the market capitalization is over $ 51 billion.
The currency is based on a up-to-datefrom 2013 meme of a Shiba Inu, and was meant to satire bitcoin. Well, kids, the joke’s over. It is now a top-10 cryptocurrency.
Honestly strange year for finances. There was the Gamestonk thing that made GameStop shares so valuable, a member of the board of directors had to retire so he could sell shares without restrictions. (Well-known investor David Einhorn accuses Elon Musk of throwing “jet fuel” at the January protests; a hedge fund called the top of the January protests is based on the Musk tweet and the dough raked in.) Keith “Roaring Kitty” Gill stands to make millions, which he will presumably use to buy most popular headbands. NFT mania gripped the world, after artist Beeple – aka Mike Winkelmann – sold an NFT Everydays: The first 5,000 days for $ 69 million. Coinbase went public earlier this week and closed its first trading day worth more than the company behind the Nasdaq, the stock exchange on which it trades.
Last night, Musk – a shitty poster with a hobby of being CEO of Tesla and SpaceX – tweeted “Doge Barking at the Moon.” For those lucky enough to avoid internet-related brainworms: a lot of people probably thought it was a reference to a phrase internet merchants use, ‘to the moon’. Musk, known for coming to memes late, called Dogecoin its favorite cryptocurrency. In February he called it “The People’s Crypto. ”
Look, it’s not my fault that the interest rate is zero percent – it will always make shit weird, because there is almost nowhere safe to park your money without losing it to inflation. This means that there is a lot more money floating around than usual, fueling everything from SPACs to Gamestonk. What worries me is that we could be locked up in a zero interest rate policy world for as long as five years, which is terribly long for memes to waste real money. As long as there is only so much money, everything goes. Either way, if you’ve a hedge fund that Dogecoin mentioned at the top based on an Elon Musk tweet, let me know – I would love to interview you and find out how the call went.