Dogecoin — the crypto token that was started as a joke and that is the favourite of Elon Musk — is having a bit of a moment. And when we say a bit of a moment, we mean that it is on a lunar trajectory (in crypto talk: it is going to da moon).
At the time of writing this, it is up over 200 per cent in the past 24 hours — more than tripling in value (for those of you who need help on percentages, it is Friday afternoon after all). Over the past week it’s up more than 550 per cent (almost seven times higher!).
Here’s a chart to show you what that looks like (thanks to Jamie “Spreadsheet”/”Loves A Good Pun” Powell for drawing it up):
So what’s going on? Well we did a quick inbox search — when bitcoin is mooning we are always inundated with “expert analysis” from shills. But it seems the usual suspects aren’t quite sure what to say — maybe they feel the big serious talk they usually do about crypto would look a bit silly given that this was designed solely for the LOLs? So there was literally nothing to be heard from the usually loud voices of bro-dom. And we know what they think of Doge already:
Why do people have to be so cynical??
Instead we got this from David Kimberley, at Freetrade, who is very much on the money (we started bolding bits of this but there was too much to bold so just read all of it!):
The good thing about that commentary is that you can replace Dogecoin with bitcoin, or basically any other crypto token under the, er, moon. (And there are many of them — Coinmarketcap currently lists 9,262 individual coins.)
There are just two other things that Kimberley misses really. One is the LOL factor. The entertainment element in all of this should not be dismissed, as the great former Alphavillain Kadhim Shubber wrote back in 2018.
The second, very much related to the first, is the Musk factor. On Thursday the electric car king jester tweeted this:
So there you have it. The explanation for these crazy price moves you’ve been looking for: greater fool theory + I’m gonna buy some Doge for the LOLs + OMG Elon tweeted about it again, wen lambo = number go up.
If you’ve ever wondered how to say Dogecoin but were too afraid to ask — especially if you wondered how you might do that with a light French accent — well here you go:
Our Dear Leader Kaminska called it “Doggycoin” on Clubhouse yesterday so we thought we’d better clear that up once and for all, particularly if you fancied bringing it up when you’re shivering outside the pub on a Hinge date tonight.
But if you do bring it up, why not make the argument that LOL should be just as sound an investment strategy as, say, ESG? It’s certainly a lot more fun, and probably more consistent. After all, in the era of kayfabe, it makes perfect sense.
Related links:R.E.M. - Man on the MoonElon Musk is moving the market with joke-tweets about a joke-coin - FT Alphaville The entertainment value of bitcoin - FT AlphavilleElon Musk reveals his favourite cryptocurrency - FT Alphaville