Dogecoin Has Internet Split Down The Middle: Bubble Or FOMO?
Last Updated on 17 April 2021 by CryptoTips.eu
In case you’ve missed Dogecoin’s meteoric rise this week, you must have been offline from all of social media.
In the past few days, Dogecoin has soared from around 7 cents to a new all time high of almost 44 cents and the memecoin is trending worldwide on Twitter. Although many people are claiming this is the classic example of a bubble, the amount of HODLers who are convinced this thing could go all the way is growing every day.
An overview of the action.
Spikes in 2020
Dogecoin, originally designed to parody cryptocurrencies and because a smiling dog looked cute, is something to take seriously in these past few days. Back in 2020, only an Elon Musk tweet made it spike (there was also a TikTok star who made it run up to 1 cent during the summer), but this year it has seemingly been able to hold on to certain price levels.
👀
— Elon Musk (@elonmusk) April 16, 2021
Even the developers have promised that they would update the coin so it could really compete with the others.
MSM picks up on it
Earlier this week, in between all the serious talk about Coinbase’s pending IPO and Bitcoin hitting $60k, there was a moment where the CNBC presenter asked crypto investor Mike Novogratz about it. The Galaxy Digital CEO shrugged off the question by saying that the coin would certainly drop back down to 1 cent again and people would be saddened but that right there was an incredible moment in fact.
For the first time, the MSM noticed Dogecoin and talked about it on what is normally a serious financial broadcast.
Fans of Dogecoin, the so-called Doge Army, immediately reacted to Novogratz’s comments and sent it to 7 cents.
CNN Much Wow
When Elon sent out a meme of a dog barking at the moon, every crypto enthusiast seems to have understood that underlying message of Doge and Moon and ever since then, all bets are off. Memes about the joke crypto are trending worldwide and anyone claiming that it can drop back down to 1 cent immediately are not to be taken seriously anymore.
FOMO seems to have swept the internet and even Reddit’s crypto enthusiast community thinks this is a great joke to get into. We already wonder when CNN will open with Doge as a headline, just before any news about Biden and Putin.
Much WOW.