Dogecoin hit an all-time high after listing on two new exchange listings, eToro, and Gemini and so far, Doge is up 11,000% year-to-date. Coincidently Robinhood tweeted that they were down that same morning, and the Oakland A’s are selling tickets for Doge.
Many crypto experts believe that the Doge is not based on any actual market mechanism. It is rather based on wild speculations and swings in its value. It can be fun and people can use it but at the end of the day, it does not seem to respond to normal environments.
However, the value of digital tokens is indeed subjective and value should not be talked about as an intrinsic thing. At the end of the day, there is no such thing as intrinsic value.
Some might find Doge as not being valuable for a number of reasons but that is subjective. They look at the fundamentals of the coin, the fact that it has not really had active developers for years and is infinite in supply. While for some it is not valuable, the market might actually find it very valuable and have people buy into it anyway.
It is interesting that there is so much hype around Doge as it can solve the other issue, which is active development. Maybe because everyone is getting into this, it might push the developers to work on the code and develop it further. The developers could get some cutting-edge technology in there and add some privacy features to make it more attractive. Many things could happen that could warm people to doge.
Dogecoin miners made $78 million in revenue, last month alone, which is 70 times the same amount they made over the previous four years combined. This is a staggering number when one comes to think about it. Doge has always been seen as a joke and is as money that has is being printed infinitely and people are buying it.
65% of Dogecoin is being held in 98 wallets and if someone looks into offloading one of these wallets, the market might crash. The wallets are not going to get a lot of paper profit. If one of these wallets did activate instead of dumping tokens in the market, it would go downhill very quickly. There is not a lot of equity in this market even though the price is going up a lot. This is seen in Bitcoin; it has taken years to get to the point where it has liquidity. It can be bought at $1.5 billion worth and 10% of the stash in the market does not crash tremendous amounts.
The token coin started merely as a joke currency back in 2013 but has now gained some mainstream recognition. Even Tesla’s Elon Musk is seen tweeting about the Doge every now and then.