Jiemian News reported that on April 16, Dogecoin rose more than 200% in a day, and is now reported to be 0.397 US dollars per coin. The current total market value of Dogecoin exceeds 49 billion US dollars. As a member of the cryptocurrency, Dogecoin is characterized by worthless endorsement, no technical features, and no application scenarios. Dogecoin, whose logo is derived from the emoji pack, is a typical “air coin”.
Ouke Cloud Chain Research Institute stated: “Dogecoin now has some fan-economy characteristics. It can be said that, compared with other mainstream encrypted digital currencies such as Bitcoin and Ethereum, Dogecoin is not in terms of technological innovation or application. In terms of scenarios, they are all seriously inadequate. But Dogecoin is currently strongly endorsed by Musk, whether it’s Musk’s self-proclaimed “Dogecoin CEO” some time ago, or Musk’s announcement that SpaceX will put a Dogecoin Taking the moon to the moon has earned enough eyeballs for Dogecoin and a huge amount of attention. It can be said that the future ups and downs of Dogecoin will largely depend on Musk’s “carrying” effect.”
As a general equivalent, the development of currency is the result of users’ votes. For example, American aircraft carriers and soldiers swayed around the world. After the war, everyone “voted” for the U.S. dollar. For example, China’s economy is developing rapidly, and people are voting for China more and more. For example, Japan’s economy is more and more expensive than anything else. Sideways, the policy is highly predictable. Whenever they encounter problems, everyone will vote for the yen to hedge; for example, Southeast Asia and Latin America, where economic volatility is high, speculators especially like to vote for these currencies using the dollar cycle-fast in and out. Of course, in addition to voting for the use of functions, there are also voting for transaction functions. People who trade in the foreign exchange market will also formulate different trading strategies to vote according to currency characteristics. For example, for trading strategies designed from commodities, the Australian dollar is particularly popular. Cryptocurrency is also a demand for use + a demand for speculation. In terms of demand, with so many digital currencies in front of everyone, what are the reasons for voting? After all, voting in the foreign exchange market is almost equivalent to voting in various countries. Cryptocurrency does not have this concept. It depends on the design mechanism and the mass base. Unlike Bitcoin, there is no founding team behind Dogecoin to hold large-scale positions. It originated from a nonsensical idea (we can also tell from the name, right, manual dogtooth). The early development of Dogecoin came from the demand for rewards. These are actually very grassroots design ideas. Even I think Dogecoin was not so much a serious cryptocurrency (compared to Ethereum) at the beginning of the design, but the taste of performance art is stronger. At this point, Dogecoin is really “the people’s currency”. The early use scenes also had the meaning of “single fire”. However, as I said before, the current cryptocurrency market has one to count as one, and speculators are the mainstream. Many people think that the increase in market value means “a prairie fire”. In fact, this is the act of funding. All are high-leverage, all are fast in and out, sickle cuts leeks, sickle cuts sickles. The liquidity of the U.S. dollar has become like this, and the leverage of funds is convenient. It is not surprising that there is a big scene. I don’t know if Musk is not optimistic in his heart, but I know that Musk is a hot spot and a personal brand expert. If you are keenly aware of the itch of ordinary people, the entrepreneurs here (in the United States) are all rubbish. The excessive issuance of the US dollar, the lack of HTC narrative in the upper world of science and technology, the deterioration of the environment, and so on. Therefore, when Musk cross-border talks about things outside his company, the matter itself is not important, but his observation and expression of ordinary people’s emotions are important. To be honest, Dogecoin is really not at the forefront of technology. For Musk, who can buy a set of Tesla coins and Mars coins by himself in minutes, it is even less likely to be sincerely optimistic. A person who has the ability to command the sickle said that all the leek has to do is to see it.