What's up guys and welcome to wall street millennial on this channel, we cover everything related to stocks and investing today we're going to talk about something that's been happening in the investing world that just has to be addressed with the rise in bitcoin of the past half Year to a year, it finally seems to have found a peak, but just when the bitcoin frenzy subsided investors started pouring their enthusiasm into altcoins, most notably dogecoin by the end of 2020. Dogecoin was trading around the range of 0.4 cents per coin. Then, in early january, it inexplicably had a spike above one cent per coin. This move was extremely exciting at the time just like how stocks that trade in the sub 1 range are kind of not taken seriously by most investors and considered penny stocks.

A similar thing can be said about cryptocurrencies that trade below one cent when dogecoin increased in value above one cent, it symbolically lent credibility to its potential. At the time we made a video about dogecoin and it got a lot of views, but then only a month later, dogecoin had another surge. The price went up from less than one cent to as much as nine cents at the peak and never really went down. After that, since then, dirt coin has seen its biggest spike, yet, with its price, going from 6 cents, all the way up to more than 70 cents.

Its market cap is now about 64 billion dollars to put that amount of money into perspective. The world trade center, which is the successor to the twin towers and ranks as the tallest building in the western hemisphere, costs about 3.9 billion dollars to build. So the total market value of dogecoin could pay for 16 of the tallest skyscraper in america. That's enough to make a major city: skyline dogecoin is no longer a joke, but now there are all sorts of copycats to dogecoin, most notably the thinly veiled ripoff, going by the name of shubainocoin or shiba token.

In this video we're going to talk about the rise of dogecoin, the rise of other altcoins and what it all means for investors, elon musk was one of the first to predict dogecoin's rise and prominence with one famous tweet from last summer, ostensibly projecting that dogewing would Inevitably come to dominate the world financial system, but he isn't the only mainstream public figure to endorse dogecoin snoop dogg also likes doge. In fact, he likes it so much that he recently released a video about him and doge going to the moon on april 20th, but snoop dogg was in it before dogecoin became mainstream since january and february. He has periodically dropped suggestions in favor of doge, including this tweet portraying himself as nuke doge. It's originally from his seventh album rng the masterpiece.

Anyone who isn't a jealous boomer would be happy for dogecoin's rise in power and popularity, but there is an issue that must be addressed. Whenever a new phenomenon takes over the internet, there will be people who end up taking it too far. Some people on youtube, and especially tick tock recently have been putting out content predicting dogecoin's price or saying that there is going to be some catalyst, usually in the form of elon musk tweeting about it. You may have seen this guy on tick tock talking about doge and other cryptocurrencies dogecoin is still going to the moon.

Even though we didn't get to a dollar with elon musk going on saturday night live. We are nowhere near done with doge elon musk just released. This tweet today spacex is launching a satellite and they're naming it doge one. The mission is gon na be entirely paid with dogecoin he's still with doge.

Now, if you guys, remember 420 had the same thing with doge falling in price. Here's a picture of that now, if we pay attention five days later, is when doge went vertical. Doge has consistently been following this pattern, so i expect, within the next five days, doge to hit 80 cents you're gon na be making the biggest mistake. If you get out of doge this early, because dogecoin is going to the moon very soon, make sure you follow for the latest updates on doge.

The thing is that he sounds like he fully believes what he's saying the snl catalyst chart analysis justifying a future rally based on what happened a couple times in the past. These are the types of things that you might expect an enthusiastic beginner to do, as we all know that catalyst to rule all catalysts, elon musk appearing on snl, did not end up taking dogecoin to the moon. It was a classic case of when everyone knows the catalyst leading up to it. It isn't a catalyst anymore.

In fact, the opposite actually happens, because everyone expects it to lead to a price increase and therefore they all prepare to sell it right at that time. Of course, hindsight is always 20 20, but it just goes to show that you can't be certain of even the things that seem the most obvious in the markets, whether that's crypto or stocks, this guy and the countless other people doing the same thing as him aren't Doing anyone any favors by conveying so much certainty, however, that being said, we must give credit where credit is due. Many of you have already seen the doge queen millionaire, who, back in february, declared that he would try to become a millionaire through dogecoin. I just spent all my money on dogecoin yolo.

What's going on guys welcome to my brand new channel, the dogecoin millionaire, where i plan on becoming a millionaire by buying and holding dogecoin fast forward 95 days, and he has achieved his goal of becoming a millionaire off dogecoin, okay, guys so here's my robin hood portfolio. Currently, right now i am at 1.75 million dollars um past hour, we're down 76 000 today we're down 212 000. this week, we're down wow we're down 671 thousand dollars in the past week in the past month, i'm up 1.4 million in the past three months. I'm up 1.4 million in the past year, i'm up 1.6 million and of all time i'm up 1.6 million, so tesla did just um make a post about uh fossil fuels and the and the environmental impact that mining bitcoin has so that might have had right here.

An impact on that so they suspended sales of teslas for bitcoin, but i should just make an entire video about that. But right now we're at 44 cents on dogecoin my position, 3.9 million dogecoin on here and i have a hundred thousand elsewhere. My equity is 1.7 million, average cost basis is .047 or 4.7 cents. Um total return, 1.5 million and yeah guys.

That's where i'm at right now today, seeing this man become a millionaire off. Dogecoin is truly a feel-good story. He just seems like an ordinary guy who struck golden now is set for life if he wanted to. He could put that 1.7 million dollars into a re or other high dividend, investment like verizon and make it five or six percent return, which would amount to about 100 000 annual income.

And he didn't do any shady market manipulation or other hedge fund strategies to make those returns. He just believed in dogecoin. Meanwhile, the new chairman of the sec recently asserted that cryptocurrencies are indeed securities that should be regulated as a security. That would mean that the sec has the authority to monitor cryptocurrencies for fraudulent behavior, deliberate pump and dumps and scam coin offerings if the sec becomes more involved.

That might give greater confidence and legitimacy to new coins like shipping, unicorn or filter out the bad ones. Who knows what the true intentions of shiba token are on their website? They proclaim shiba token to be the dogecoin killer and say that the price of one token could remain significantly below one cent and still eventually overtake the market value of dogecoin. Everything about shiba inucoin screams, the idea that it wants to be the next dogewing there's, no reason why there needs to be more than one or maybe a select few different cryptocurrencies on a fundamental financial basis. A cryptocurrency like dogecoin at least, has a positive vibe and promotes a fun and friendly community, but with shiba inu coin, as well as countless other new altcoins.

They seem to be purely playing off the hope of becoming the next dogecoin and making some people rich at the expense of others, seems like a new kind of pump and dump to me, and that gave me some confidence in making the investment. But i'm not gon na lie to you. I was strictly into it for the pump and dump anyway. Let me know what you guys think about dogecoin and also what do you think about these new coins like shiba token and safe moon? Do you think crypto should be regulated by the sec, and what about the dogecoin millionaire leave your thoughts in the comments section below, if you liked this video make sure to smash that like button and subscribe for future content, also make sure to check out our second Channel wsm research, where we post dd on high growth stocks, as always.

Thank you guys so much for watching wall street millennial, signing out.