What's up guys and welcome back to wall street millennial if you've been paying attention to cryptocurrencies lately, you've probably noticed the unusual price action in dogecoin over the past few weeks on april 10th, doge was trading at just 6.5 cents per coin. Since then, it has increased more than five-fold, reaching a valuation of 33 cents per share. This puts the coins market cap in excess of 40 billion dollars. This is quite surprising because dogecoin was initially created as a joke and was not intended to have any real value.

The fact that the coin is now worth tens of billions of dollars shows the power not only of cryptocurrency, but also the power of social media and the mummification of investing. If you like, this type of content, hit that like button and subscribe, so you don't miss future uploads on april 9th musk tweeted, this meme, comparing bacteria in the wild versus lab cultivated bacteria. While this tweet does not directly reference dogecoin, it used the shiba inu dog that is the basis of dogecoin's graphic design. On april 15th, he put out another tweet showing a dog on the moon.

Many interpreted this to be a very bullish signal for dogecoin the fact that musk tweeted, a picture of a dog on the moon may indicate that he believes that dogecoin's valuation will go to the moon. The musk tweet had the effect of actually sending dogecoin to the moon with its price, almost doubling in the next two days. The most recent tweets were not the first time. Musk has moved the price of dogecoin in july of 2020 musk tweeted, this picture of dogecoin appearing to engulf the global financial system.

Elon musk is known to have contempt for the financial industry and the exorbitant fees and wait times that come with traditional ways of transferring large amounts of money. After this tweet dogecoin immediately increased in price by 14. He also updated his twitter bio to the title. Former ceo of dogecoin, this further fueled, the hype around dogecoin musk's influence over dogecoin seems to have increased substantially in 2021.

You can see in july of 2020 a small bump in price when musk was tweeting about it. That price bump is dwarfed by the massive price appreciation. The coin has seen in 2021, which was also driven in part by elon musk, as tesla's price has soared over the past year, and spacex continues to make progress on its rocket launches most status as a legendary technologist has been reaffirmed. This has given him tremendous power over crypto markets, with his tweets capable of moving dogecoin to the tune of tens of billions of dollars.

Another factor pushing up doge's price is the reddit community satoshi street vets named after the secret of bitcoin creator. Satoshi nakamoto satoshi street bets or ssb is a reddit community dedicated to crypto investing. It is basically the crypto version of wall street bets. The ssb community is very bullish on dogecoin and many of its members have gone all in.

This has led to significant game porn over the past few weeks. There are many memes about the price of dogecoin rising as well as many posts, and the entire group seems to want to all buy more dogecoin to push the price higher. This herd mentality on wall street bets is what enabled the epic short squeeze in january. So far, the pumping by ssb users seem to be having a similar effect on dogecoin, but it remains to be seen how long this can be sustained.

But what exactly is dogecoin and can it actually live up to the hype? Dogecoin is a cryptocurrency that is launched by billy, marcus and jackson, palmer, who are engineers at ibm and adobe. They were encouraged to make the dogecoin by several mentions on twitter, which caused palmer to start dogecoin.com and make the logo billy marcus, then reached out to palmer, to become involved in the project and developed the actual dogecoin he based dogecoin off the existing cryptocurrency lucky coin. Since its creation, deutsche has built up a loyal following with powerful financial resources. In 2014, the dogecoin foundation raised an estimated 36 thousand dollars worth of dogecoins to help the jamaican bobsled team attend the 2014 winter olympics after they qualified but did not have sufficient funds to travel.

Later that year, the dogecoin foundation collected more than 30 thousand dollars for an initiative to build a clean water. Well in kenya, but the most high-profile case of the deutsche coin, community flexing its financial muscles was in march of 2014, when they raised 67.8 million dogecoins or about 55 000. At the time to sponsor nascar driver josh wise, the car was called 98 moon rocket and debuted at the aaron's 499 sprint series cup race. At this race, the car was featured for nearly a minute, as commentators discussed dogecoin on national television, although he finished 20th.

In that race, because of a fan vote largely pumped by the dogecoin community, he beat danica patrick for a spot at the sprint all-star race, where he placed last in the nascar 14 video game. The dogecoin logo was added to his car in a dlc pack in march of 2021, the dogecoin foundation made a comeback to nascar sponsoring stefan parsons at the nascar xfinity series race on christmas of 2013 dogecoin's dodge wallet exchange was hacked a group of hackers known as Team ooga changed their routing settings in the doge wallet so that all transactions were sent to a static address which they owned in all the hackers stole 30 million dogecoin, but with dogecoin's price being worth point: zero, five, nine cents at the time. This was only worth twelve thousand dollars at today's prices that would've been much more more like 10 million dollars. Luckily, for the victims of the hack, the dogecoin community, religiously follows the ideology of optimism and friendliness, and shortly after the hack, they started a fundraiser to reimburse the victims.

The effort was called save dogemas, as the hack happened around christmas time. The effort was started by cryptocurrency influencer ben dornberg, who personally donated 500 000 dodge coins to the effort. At the time he was a board member of the dogecoin foundation, which raises money for charities and promotes the use of dogecoin worldwide. The classic rapper snoop dogg has also partaken in the hysteria around dogecoin.

Recently he posted this on twitter. In early february of 2021., it appears to label himself as snoop doge, rather than his usual name of snoop dogg. Only a few hours later elon musk responded by posting this picture. It depicts elon as a baboon from the lion king holding up gene simmons, who is himself holding up snoop dogg, who is holding up doge as the baby lion king simba on this activity.

Dogecoin increased in price from about 5 cents to about 8 cents more than a 50 percent increase. It has since somewhat kept those games until the most recent rally when dogecoin almost 10xed. While dogecoin started off as a joke, it has evolved to become a mainstream cryptocurrency with a 42 billion dollar market cap. To put this into perspective, deutsche coin's market cap is similar to that of twitter, even after the entire tech sector's recent strong performance, dogecoin enthusiasts have also made physical dogecoin tokens with some gold-plated dogecoins selling for upwards of 50 on ebay.

Dogecoin has come to represent a positive and friendly vision for the financial future, where all are included and invited to participate, whether you think it is a joke or something that will change the global financial system going forward. There is no doubt that dogecoin is here to stay for the foreseeable future, after rising from six cents, a coin up five times to 32 cents. A coin doge has now been targeted by skeptics, saying that it isn't a bubble. According to some so-called crypto experts, the entire crypto market may now be in a bubble with other mainstream cryptocurrencies like bitcoin, also having seen huge run-ups in recent months.

It seems like a possibility that they could be due for a correction. Another risk factor with dogecoin is the infinite minability of the cryptocurrency. Unlike bitcoin gauche coin is not limited by predetermined limits on how many can be mined. There can theoretically be an infinite supply of dogecoin in the future if people keep mining it as a byproduct.

There are many articles on the internet today explaining how to set up a mining rig to try to make money by dogecoin mining in the past. This has served as a negative feedback loop to keep the price of dogecoin relatively low whenever the price of dogecoin got higher, people would buy up mining rigs and start mining dogecoin because it had become newly profitable to do so. But after this happens, the supply of dogecoin increases and the price then falls. However, this does not appear to have happened in the dogecoin spike of early february, since the price of the cryptocurrency has remained elevated ever since at 32 cents.

A coin now dogecoin is up by a factor of 70 from the beginning of the year. Hedge funds, trading firms, and even banks and credit card companies around the world are starting to see cryptocurrencies as a legitimate asset. Many people see it as potentially a great inflation. Hedge against anticipated inflation caused by this year and last year's massive fiscal stimulus.

It offers potentially tremendous momentum-driven investment returns over the next year or so, but it is also extremely high risk, given how niche it is and how much it has already run up. I won't give any advice on it, but i hope that investors will do extensive research before making any decision regarding crypto, alright guys that wraps it up for this video, if you like this content, be sure to like subscribe and share. If you have any thoughts on dogecoin or any other high-flying cryptocurrencies, let us know in the comments section below as always. Thank you so much for watching wall street millennial signing out.