For countless memestonk fortune seekers, today represents one of the most important days on the calendar.
Yes, it's 4/20, a day long associated with marijuana consumption, and now "Doge Day".
On this very hollowed (and definitely not hastily thrown together) holiday, autists from around the globe will attempt to pump the value of their Dogecoin to previously unseen heights.
Maybe a dollar?
Maybe 69 cents, because, you know, sex and stuff?
But what exactly is DogeCoin, you ask? Well, I'm certainly no expert - but I'll give you my best shot and trying to explain what the hell everyone is talking about (please feel free to humiliate me in the comments if I get something wrong).
So what I do know is that DogeCoin is a crypto currency, not unlike Bitcoin, that runs on the digital ledger system called "blockchain". Blockchain is basically like a big database, but instead of one person or party being in control of the "master list", it's decentralized and way more difficult to manipulate.
The biggest difference between Bitcoin and Dogecoin is that Bitcoin has a limit on the supply of Bitcoins that can be mined - 21 million, whereas Dogecoin has no limit - meaning Dogecoin miners can continue to mine this currency for eternity.
Oh and Dogecoin was started as a joke.
Yeah, it was never intended to be a cryptocurrency currently worth 50 Billion Dollars (more than Marriot Hotels and Ford Motor Company).
The dude who created Dogecoin in 2013 freely admits that he created Dogecoin in effort to make fun of two of the biggest internet fads of that year - Bitcoin and Doge memes, like this one:
So yeah, it's totally serious stuff.
Anyways, flash forward to 2021 and this fucking thing has exploded, going from .005 to over .420 earlier this morning - about 8100% in just four months.
Why? Mainly because a lot of people have new found interest in day trading, spurred on by the WallStreetBets Memestonk Revolution in January and Dave Portnoy's Davey Day Trader Global series that took off during 2020:
Oh yeah, almost forgot - Elon Musk is involved or something:
Yeah, so basically, if Elon Musk tweets out something (ANYTHING) about Dogecoin, the value skyrockets almost immediately:
So yeah, Elon Musk can basically determine if Dogecoin value explodes, just by tweeting a meme or whatever.
Now, can you use Dogecoin for anything?
I don't really know, lol - which is an inherent problem when investing in this currency and why choosing to invest in a currency might be kind of a bad idea?
That being said, some businesses already accept Bitcoin and the online retailer newegg.com just announced that they will be accepting Dogecoin for purchases on their store via BitPay, which allows users to use and transfer their cryptocurrency:
If this trend continues, and more retailers sign up to accept Dogecoin, then Doge might end up being more than just a memecurrency after all.
So to recap, Dogecoin started as a joke, was basically valueless, then Reddit and Dave Portnoy got retail investors interested in trading, Elon Musk started tweeting memes about Dogecoin, the whole thing exploded, you can't really use it to buy stuff yet, but it keeps going up in value anyways.
That sounds VERY 2021 to be honest - nothing really means anything anymore: Infrastructure means taxpayer funded daycare, COVID Stimulus means bailing out failing state pension funds and election integrity laws are now Jim Crow.
Hey #YOLO, right?
So just sit back and enjoy #DogeDay420, laugh at the memes, root for the value to skyrocket and stop trying to make any sense of it all - it only ruins the fun:
DogeCoin is currently down to .342 at the time of publishing, lol.
Happy Dogeday and God Bless America.