The Dogecoin Rap video is funny and – if you listen carefully – right on cue, but I am wondering how many people will take it at first degree, and what its real purpose is.
The problems are:
- Reddit/dogecoin has already 1.7 million subscribers.
- The same Redditors who technically bankrupted the hedge funds with GameStop also said that dogecoin is the next in line. [Reference: Finance Magnates]
- Dogecoin soars 55% and becomes 7th largest cryptocurrency after the Musk advertise DogeCoin. [Reference: CoinDesk]
- “Dogecoin’s price has spiked to $0.35, an increase of 12% in the past 24 hours, as social media influencers continue to throw their support behind the Internet’s most valuable Shiba Inu dog.” [reference: Decrypt]
- “The only way most crypto tokens can hit new heights is by attracting more and more attention, bringing in more and more buyers.” That’s the conclusion of this Motley Fool article (below).
“Straight line”? How could this end-up? We never saw anything similar in the past, have we?
- Internet and dot-coms HAVE taken the world over, but most dot-com companies are worthless; only a few have done (really) well.
- There is a limited supply of real estate. “It can only go up”. We got a global financial crisis out of this assumption.
Exuberance of the markets? This time it’s different? Sure.
So far, this very much looks like “pump”… as in “pump-and-dump”.
- Coindesk, February 7, 2021: Dogecoin Smokes Its All-Time High After Snoop Dogg Becomes Snoop DOGE
- Finance Magnates, Mar 10, 2021: From Memers to Rappers to the Market: DogeCoin?
- Decrypt, May 1st, 2021: Dogecoin Up 12% As Influencers Keep Money Flowing
- Motley Fool, May 6th, 2021: Our Top Crypto Play Isn’t a Token…