Oh, great, Dogecoin is peaking. The joke currency, which was barely worth a penny on Jan. 27, hit 47 cents this morning, according to Robinhood’s tracker. As I type this, the market capitalization is more than $ 51 billion
The currency is based on one consciousas of a 2013 Shiba Inu meme, and was intended to satirize bitcoin. Well, kids, the joke is over. It is now a top 10 cryptocurrency.
Frankly a weird year for finance. There was the Gamestonk thing that made GameStop stock so valuable, a member of the board of directors had to resign so that he could sell shares without restrictions. (Well-known investor David Einhorn blamed Elon Musk from pouring “jet fuel” at the January rally; a hedge fund called the top of the January rally based on the Musk tweet and raked in the dough.) Keith “Roaring Kitty” Gill able to earn millions, which he will presumably use to buy fancier headbands. NFT mania took hold of the world after artist Beeple – aka Mike Winkelmann – sold an NFT van Every day: the first 5,000 days for $ 69 million. Coinbase went public earlier this week, closing its first day of trading worth more than the company behind the Nasdaq, the exchange it trades on.
Last night, Musk – a shit poster with a hobby of being CEO of Tesla and SpaceX – tweeted “Doge Barking at the Moon.” For those of you lucky enough to have avoided internet-related brainworms, some people probably thought this was a reference to a phrase used by internet merchants, “to the moon.” Musk, who is known for coming to memes late, has named dogecoin his favorite cryptocurrency. In February he called it “The People’s Crypto
See, it’s not my fault that the interest rate is zero percent – that would always get weird, because there’s almost nowhere safe to park your money without losing some of it to inflation. That means there’s a lot more money lying around than usual, fueling everything from SPACs to Gamestonk. What worries me is that we could be stuck in a world of zero interest policy for no less than five years, which is an awfully long time for memes to mess around with real money. As long as there is so much money lying around, anything is possible. Anyway, if you’re a hedge fund that named the top on Dogecoin based on an Elon Musk tweet, let me know – I’d love to interview you to find out how that phone call went.