You probably never thought of Doge coin, or cared to invest in Doge coin until you read Elon Musk’s Tweet about it in the good ole days of the GameStop short squeeze.
Buyers pushed up Doge coin’s value by 359% in four weeks, most of it happening after Musk tweeted about it some two weeks ago. That’s better than Game Stop GME +19.2% GME +19.2%, which rose by around 28%. And it is better than Bitcoin, which was cooling off at the time and is up just 10.7% in four weeks.
I don’t own it. When the world was in the thick of the GameStop drama, I bought Nokia instead. It’s down 20% from where I bought it. But don’t feel sorry for me, I barely blew $120 on it. I should have bought Doge.
"Doge coin is the ultimate members' club: owning the coin is a secret hand signal that you're part of the tribe and in on a $5 billion joke,” says Jehan Chu, Co-Founder & Managing Partner at Kenetic Capital in Hong Kong. “Elon's support of Doge is not naïve. He innately understands the value of the crypto street cred he gets by winking at Doge.”
Kris Marszalek, Co-Founder and CEO of Crypto.com, a trading platform, says they added Doge to their platform on January 29 due to high demand. It’s not available on Coinbase, a popular trading platform here. And Robinhood – the now infamous retail investor trading platform that banned users from buying GameStop — suspended Doge trading during peak demand.
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