Remember when people used to analyse markets like they were a Really Serious Thing with serious fundamental factors driving them?
Remember when they tried to do that for crypto markets too?
But wait, what if LOL was a fundamental factor? “This asset is undervalued in terms of present and estimated future LOLs. We note that The Right Honorable Edgelord Elon Musk is due on a LOL TV show on Saturday night and there is a chance he will make a joke about how he likes to do it Doge-style or something because he is just hilarious. Upgrade: HODL to BUY.”
With that in mind, here is Dogecoin’s performance over the past month:
Even better than the fact that Doge has more than doubled in the past week is that its record high on Wednesday was a fraction over . . . $0.69. Elon is literally rofling so hard — it’s his favourite number, for him it’s even better than 420 and 500,000.
Doge’s performance over the past few months has made the bitcoin maximalists and other earnest crypto types who try to convince the world that crypto is a serious asset class very mad, though they want to pretend it hasn’t. Because, it does make them look a little silly doesn’t it?
But given that markets have been a joke for the past year or so, why shouldn’t a joke coin come out on top? In a world where nothing makes sense, this actually . . . kinda makes sense.
Related links:If you believe, they put a Dogecoin on the moon - FT Alphaville