I think Doge is mostly a tool for Elon Musk to talk openly about a topic that's controversial, viral and over which he won't get in trouble (like the stock price of Tesla, for example). Pumping Doge has also earned him a lot of fans who are now (very) rich because of it. But ultimately, it's just speculation. If Elon keeps getting creative with Doge, who knows where it could take it - but I wouldn't bet the farm on it.
Thanks Alex. Now Elon's quip of being the "Dogefather" on SNL makes sense. Will the price of Doge continue to move up and down based on what Elon Musk says and does for now? Can it move beyond being a "joke" meme coin to an actual means of exchange like Bitcoin for example?
It's a good question. It will (likely) never be a store of value like bitcoin because it isn't scarce, and is mostly controlled by a handful of wallets (a few people own most of the dogecoin). That being said, it could see the benefit of Elon promoting it which could lead to price spikes. Elon is a wild card, so frankly, it could go anywhere.
What do you think of the rise of Dogecoin Alex? Do you think rise in value is due to speculation about what Elon Musk will do next?
I think Doge is mostly a tool for Elon Musk to talk openly about a topic that's controversial, viral and over which he won't get in trouble (like the stock price of Tesla, for example). Pumping Doge has also earned him a lot of fans who are now (very) rich because of it. But ultimately, it's just speculation. If Elon keeps getting creative with Doge, who knows where it could take it - but I wouldn't bet the farm on it.
Thanks Alex. Now Elon's quip of being the "Dogefather" on SNL makes sense. Will the price of Doge continue to move up and down based on what Elon Musk says and does for now? Can it move beyond being a "joke" meme coin to an actual means of exchange like Bitcoin for example?
It's a good question. It will (likely) never be a store of value like bitcoin because it isn't scarce, and is mostly controlled by a handful of wallets (a few people own most of the dogecoin). That being said, it could see the benefit of Elon promoting it which could lead to price spikes. Elon is a wild card, so frankly, it could go anywhere.