Good heavens, has it been nearly ten years since doge memes first became a thing? I swear, when you spend enough time on the internet, the passage of time starts getting really murky. At first, it was just silly pictures of shiba inus with cutely broken English captions, and now that same confused dog face is the face of one of the most prominent cryptocurrencies. It’s stuff like this, as well as the newly minted “DogeDay” that lend credence to my theory that we’re all living in a cartoon.
This morning, the value of Dogecoin hit an all-time high, reaching a market capitalization over $50 billion. It’s difficult to nail down precisely what has caused this incredible surge, but it’s a safe bet that the community that has sprung up around the coin has had something to do with it. A combination of memes, egging on, and celebrity endorsements (lookin’ at you, Elon Musk) has driven the value of this mysterious crypto ever upward. In honor of its incredible increases in valuation, Dogecoin fans and investors have decided to name today, April 20, “DogeDay.” Well, it ain’t any crazier than the other thing April 20 is usually associated with.
— Crypto News? (@CryptoCuIture) April 20, 2021
“The Doge rally represents an interesting convergence,” said Diana Biggs, CEO of crypto start-up Valour.
“A meme coin created as a joke for early crypto adopters whose community found that kind of thing to be fun, with now a new generation of retail investors for whom memes are a native language,” Biggs added.
“It’s an extension of the same phenomenon that has led Tesla stock to be valued well beyond fundamentals and more recently to the GME (GameStop) short squeeze,” said Ajit Tripathi, head of institutional business at decentralised finance startup Aave.
It isn’t known how long Dogecoin’s surge will last or how high it’ll go, but really, the fact that it even got this far is pretty monumental in itself. I’d try to phrase that in the form of a typical doge caption, but I don’t think anyone wants to endure that.