Whether or not cryptocurrency has any real applicable value is always an interesting discussion, but when it comes to Dogecoin and other memes, it seems the proof is in the pudding. Or at least the devil is in the details if you will.
Elon Musk and Dogecoin
Since finding himself a massive influencer due to his 80+ million followers on twitter, Elon Musk has made the Shiba Inu inspired Dogecoin his pet, literally. He has even gone so far as to buy his very own puppy and name him Floki.
Since appearing on Saturday Night Live and reaching its peak (see below), Dogecoin hasn’t come close to its highs over $0.70 USD per. Essentially, the coin needs to find $1.44 million in fresh capital each and every day just to keep even.
Since then, Elon has found his pumps to have diminishing effect, as the coin wallows in the low to mid-teens for weeks on end.
Bring on Twitter
Some people have been convinced that Elon will do what he says and allow people to pay for Twitter Blue with Dogecoin and immediately offer a tip jar for people to receive Dogecoin as a badge of honor from their followers. Whether or not this occurs, Dogecoin has again been super volatile of late.
Twitter did reveal its plans to double its revenues to $7.5 billion by the end of 2023. Thus, fanatics are believing that Musk’s 100% ownership of the company would have it facilitate its future sales through an additional DOGE payment option.
The real issue here is that Dogecoin is just a silly memecoin and if real cryptocurrencies like Bitcoin and Ethereum are going to continue to win over parts of the current economy, this silliness has got to stop. Real money isn’t being made each day on these fluctuations by anybody except the select few on the inside.