The cryptocurrencies industry has had quite a ride lately as headlining companies like Bitcoin continue to soar to the top of the charts!
… But every good thing must end and many on Wall Street are beginning to think the surprising rise of even lesser-known companies such as Dogecoin this week could signal the beginning of the end for this recent crypto lucky streak.
The Dogecoin Story
What started out as a joke soon lead early investors to their fortunes as start-up company Dogecoin, based on a viral 2013 meme, went this week saw a 500% rise in its stock, going from being relatively unknown to a value of $50 Billion as of Friday afternoon.
Dogecoin was created, in part, as a “fun alternative” to the cryptocurrency craze that began sweeping the world up at the beginning of the 2010’s with the rise of crypto favorite, Bitcoin but soon became much more…
The company is no stranger to spikes in interest as this is the second reported major spike in the company’s brief history, but with the extra publicity the company’s recently gotten with recent stock buy ups by celebrities like Snoop Dog and Elon Musk, Dogecoin finds itself currently in the public eye and ready for its second 15 minutes of fame.
Is This Gamestop All Over Again?
Dogecoin may soon find itself in similar controversial water to that of Gamestop from earlier this year.
For those of you who follow the markets closely, you will very likely remember the recent Gamestop saga very well! A story in which a group of traders used a popular investment Reddit forum to manipulate this specific stock to reach unimaginable heights. Similarly, some are blaming Friday’s Dogecoin surge on more user manipulation within the Reddit community.
The market is no stranger to sudden bursts in unpredictable sectors, especially when it comes to niche markets such as the crypto sector. The Dogecoin success story wasn’t the first and it most certainly won’t be the last… But only time will tell if this company is a flash in the pan or if it has been able to break through into serious investing territory. In the meantime, curious investors continue to ask themselves whether or not Dogecoin is the best idea since sliced bread or the pet rock.
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