In the wake of Robinhood and other stock brokerages putting a hold on purchases of GME, AMC, and other stocks, a new movement has been started to buy Dogecoin. The movement largely traces back to popular Twitter account @wsbchairman posting a tweet on January 27th saying “a lot of you are talking about Dogecoin? What’s that? A meme crypto?”
In many ways, a meme crypto is the perfect way of describing Dogecoin. While it may not have many fundamentals or active developer activity behind it, it certainly has a social movement behind it. And that social movement is currently being lead by Elon Musk, Gene Simmons, Soulja Boy, and a whole community of Reddit investors who have proven they are a force to be reckoned with when it comes to moving financial markets. Even well-respected crypto investors have started to chime in and accept the idea that Dogecoin could really become “the people’s crypto” because of the lack of involvement from hedge funds and traditional financial institutions, further contributing to the “people’s currency” narrative.
Could the prospects of a truly fair token distribution and grassroots investor growth be enough to outpace the growth of bluechip DeFi protocols with better fundamentals and real use cases and value accrual? It will ultimately be up to the market to determine, but it certainly doesn’t seem like a smart bet to gamble against Elon Musk and the growing prevalence of meme culture.
Dogecoin logo source: https://github.com/dogecoin/dogecoin
By Bradley Whitton
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