dogecoin, the new world currency
Increasingly, we are hearing in the news about cryptocurrencies like bitcoin, ethereum and dogecoin. A new facet of the conversation, though, is that more and more stores, service providers and big e-tailers are starting to accept the new currency.
Adoption is low at this point, but growth is happening — and fast. The Dallas Mavs owner Mark Cuban started accepting the dogecoin in the Mavs Shop in early March. In April, they had transacted 6,000+ tickets in the digital coin. Cuban states he will not sell any dogecoins for at least a year, a confident move backing the currency.
And dogecoin is perhaps one of the least likely of more than 9,100 cryptocurrencies. It was conceived as joke that never planned to challenge the king of crypto, bitcoin, but almost immediately upon it’s inception became a goto method to tip on reddit.
Reddit also is known for having started the AMC/GME craze, leading to impossible gains fueled by the unity of it’s users buying power. Perhaps a similar phenomena is occurring at this moment with the #dogearmy, hundreds of thousand of retail investors who understand and day and swing trade crypto like stocks and plan to ride the volatility and appreciation of doge all the way ‘to the moon’.
Although desire for wealth is never a market indicator that something will happen, this unlikely coin continues to surprise and it’s poised for a remarkable next week. The self-proclaimed “Dogefather” Elon Musk will rule Saturday Night Live, and to be sure, his legions of adoring followers will be watching with their trading accounts cocked and loaded.
Doge has seen some wild swings in the last two weeks but the future looks bright. Celebrity and dogearmy support coupled with retail adoption and the possibility that doge could be the currency of another planet has led to an annual increase of 8,421% since the first of the year.
#cryptocurrency #dogecoin #hodl #dogearmy #elonmusk #markcuban