English
24328
 Dogecoin is just a target for “cutting leeks”.  ▲Dogecoin pictures, information pictures. Image source: Beijing News. Text|Ding Hui The currency circle has always been magical. Recently, Dogecoin, which is at its peak, has plummeted by nearly 40%, and its price has almost halved, attracting public attention. What’s even more unexpected is that this incident actually originated from a show participated by billionaire Elon Musk. On May 8, local time, Tesla CEO Musk participated in hosting the old American entertainment variety show "Saturday Live." In the show, Musk called himself the Godfather of Dogecoin. Dogecoin is the future of currency, an unstoppable financial tool, and will take over the world. He also added that Dogecoin is as real as dollar bills. However, under repeated questioning by the host, Musk was "forced" to admit that Dogecoin was a "hustle". Subsequently, the price of Dogecoin plummeted. It is not difficult to observe the price trend of Dogecoin carefully and find that although Dogecoin, which is considered an "air coin" by many "coin enthusiasts", rises and falls, it is always closely related to Musk's public speeches. Musk has become the spokesperson of Dogecoin. This also makes some netizens suspect that Dogecoin has become Musk's image stock - if you support Musk, buy Dogecoin? Dogecoin, which is deeply tied to Musk The connection between Musk and Dogecoin dates back to 2019. In April 2019, the Dogecoin community launched an event to select the CEO of Dogecoin, and Musk won the first place in the vote. At that time, he changed his Twitter title to Dogecoin CEO, but it was quickly deleted. More than a year later, Musk once again tweeted four times on December 20, 2020, mentioning cryptocurrency and expressing his interest in Bitcoin. The price of Dogecoin rose from $0.0039 to $0.0046 that day. In the famous "leeks" vs. "institutional" GME incident at the beginning of the year, WSB (a forum called "Wall Street Gamblers") once again made Dogecoin popular, soaring nearly 10 times in one day, ranking seventh in market value. On February 8, 2021, Musk sent three consecutive tweets to continue to support Dogecoin, and Tesla announced the purchase of $1.5 billion in Bitcoin. Dogecoin fluctuated significantly at high levels, with the price remaining at a high of $0.08. Bitcoin rose from $38,000 to $46,000 in one fell swoop. On February 24, 2021, Musk changed his Twitter profile to "Doge all day, Doge all night", and Dogecoin rose by more than 24% in 24 hours. …… Searching with the keyword "Dogecoin", from December last year to now, Musk has posted nearly 30 tweets about Dogecoin in about 5 months. In addition, he frequently mentioned Bitcoin and Ethereum-related information on Twitter. Therefore, some netizens who are optimistic about Tesla say that Musk has gradually evolved into an enthusiastic pursuer of cryptocurrency. Musk has publicly expressed his support for Dogecoin so frequently that the public generally believes that "Musk and Dogecoin" are firmly bound and inseparable. As a result, every time Musk publicly declares his support for Dogecoin, the value of Dogecoin will increase - as long as Musk publicly declares his support for Dogecoin, Dogecoin will rise in response. Currently, the most talked about topic on major self-media platforms in the United States is Dogecoin. Topics related to currency speculation, apps, etc. are all ranked high in popularity, which also shows Musk’s influence. So the question is, why does Musk frequently call Dogecoin on social platforms? What is Musk’s intention in tying himself to Dogecoin? Dogecoin is just a target for “cutting leeks” This has to popularize the origin of Dogecoin. Dogecoin is not a new thing. It was first born in December 2013. It was invented and launched by two engineers. It became popular in the online world because it used the magical brainwashing emoticon "Doge" as its logo. The original intention of the invention was also to mock the cryptocurrency that parodied Bitcoin. Because Dogecoin has a strong cultural connection with the Reddit community, it later became the official reward currency of Reddit, a foreign grassroots community. At this time, it was only used as a "tip currency." However, while Musk publicly supports Dogecoin and boosts the rise of Dogecoin, Dogecoin is also considered by a considerable number of "coin speculators" to be an "air currency" without any value. A little understanding of the birth history of Dogecoin will reveal that although both are cryptocurrencies like the popular Bitcoin, Bitcoin has an upper limit of 21 million coins, while Dogecoin was modified and born based on the Bitcoin code, with almost no technological innovation. 21 million coins were dug out in the first year, and 5 billion coins will be issued every year thereafter, with no upper limit. Please note this statement, "There is no upper limit". There is no upper limit, which determines that Dogecoin can be issued unlimitedly and attract investors to participate to the maximum extent. What does this mean? ——Theoretically, countless people can enter the game, and the banker can also make infinite profits. Although various factors show that Dogecoin has no "value support", Dogecoin also has advantages that other cryptocurrencies do not have. For example, Dogecoin is available on almost all exchanges and has a certain popularity. If used to "cut leeks", it is the best target. Some netizens commented: Bitcoin is rising, the currency is the most powerful； Dogecoin is rising, and Musk is the most powerful. Before Musk publicly announced his support for Dogecoin, the trading volume of Dogecoin was extremely low, and there are currently no large institutions that have officially purchased Dogecoin and endorsed it. This directly led to Dogecoin becoming Musk’s personal IP endorsement tool. By endorsing Dogecoin, Musk has achieved both “fame” and “profit”. He even said that he would bring Dogecoin to the moon through a starship, and he was proud of it. Whether it is Dogecoin or the "Shiba Inu Coin" that Musk shouted, I am afraid that in the end it will be his "temporary cash machine." Many people who follow Musk's stock speculation and fantasize about getting rich overnight may eventually become "daydreamers" who have been "cut off leeks". There is no doubt that many cryptocurrencies, including Dogecoin, are nothing more than a bunch of bubbles with no value. Now their so-called "value" is only based on the consensus among investors that they "will continue to rise." Once the bubble is punctured, investors will eventually realize that the "currency circle" is just a "scam." □Ding Hui (media person) Editor: Chen Jing Proofreader: Li Lijun Click on the official business card below to read more exciting opinions   Come to the Beijing News e-commerce platform "Little Whale Shop" to stock up on goods  |
|
|
|
|
|
