Dogecoin to $1? Let’s Take a Look

[Music] so dogecoin what is it well doge is a meme dog with a funny way of talking and dogecoin is a cryptocurrency whose only comprehensible value is in the fun of owning a currency based on a funny meme doc dogecoin is essentially a tradable manifestation of a joke which is why elon musk recently said that the most ironic outcome of dogecoin is that it eventually becomes the currency of earth hey this is josh from femex team before we start please click on the like button subscribe to our channel turn on alerts and share this video with your friends also if you haven't checked out clubhouse consider seeing what the new social media platform has to offer and if you're in already consider following femax ceo jack tao here's a picture of his profile so you can follow him easily if you follow him take a screenshot upload it in the form we said in the description of this video and you'll get a special trading bonus and don't forget to turn on alerts to receive notifications when he starts a live stream at the end of the video we'll ask you a question related to today's topic leave your answers below with your uid of femex and we'll choose five lucky winners to get a special trading bonus now let's start the first question is is dogecoin valuable this is what everyone wants to know but of course there's no foolproof way to answer this question it's important to note that there's no particularly special innovations behind dogecoin from the technical side it's very similar to bitcoin with one advantage of supporting faster transaction processing times it's also important to note that dogecoin is not scarce like bitcoin but rather new dogecoins are being made rapidly but of course there's nothing inherently valuable about the cash in your wallet either and it's also not scarce so the real question is will a significantly large number of people decide that it's valuable will they continue believing it's valuable and will even more people believe in its value in the future well here's the answer i've got no idea currently it has the advantage of name recognition and more recently it has a big influx of support from reddit and from elon musk so what's behind the price increase following the fun of wall street bets taking gamestop to the moon a similar subreddit based on speculating cryptocurrencies called satoshi street vets named after the probably fake name used on the original bitcoin white paper decided it was time to do something similar with less concrete reasons essentially for the pure madness of it which of course is why the coin was made in the first place by the way if you want to know more about wall street bets and gamestop check out our video on it it's actually quite impressive that such a boom in a currency has been fueled mostly just out of the why not ethos up until now the value of currencies has been backed by governments and economies while the value of stocks is backed by some unique potential but the rise of dogecoin is backed by something much harder to define it isn't quite like the stocks of a hyped new company because there's no specific underlying value or breakthrough innovation and it's obviously not the same as a currency with government backing and it doesn't even have any particular advantage over other cryptocurrencies for becoming the main decentralized payment option it truly does seem when you boil it down to owe all of its power to people wanting to support a fun joke or at least something that doesn't take itself seriously or make promises it can't keep because no matter what happens with the value of the currency doge will be there with his mona lisa smile promising only to make short statements with a specific style of grammatical errors many critics will say that the members of satoshi street bets and other current supporters of dogecoin hype are simply trying to pump and dump that they've already bought dogecoin at a low price and want to inflate that price so they can sell undoubtedly many people are doing just this and it does seem likely for the current hype to pass but how soon will it pass how high will the price get how much will it crash and will it stick around for other reasons in the future of course answering any of these questions is pure speculation but the last question is at least worth considering a bit more seriously so if you believe that cryptocurrency is going to continue becoming more widely accepted then as acceptance grows it would be natural for the most famous crypto coins to grow as well barring some unforeseen event that makes them fail this is the other big piece that dogecoin actually does have going for it name recognition it was released in 2013 so it's actually a pretty early crypto coin and since its release it's been in the mainstream news several times and recently even had elon musk adding to the hype on his twitter so if crypto continues to become more widely accepted then newcomers are likely to start out by purchasing what they've already heard about and voila there's nothing stopping from doge growing right along with the others back to elon musk why is he tweeting about dogecoin so much i suppose only he knows but looking at the tweets from the perspective of a dogecoin fan and taking the man's own word about his views it seems that he simply enjoys the joke he recently mentioned dogecoin in an interview stating occasionally i make jokes about dogecoin but dogecoin was made as a joke to make fun of cryptocurrencies obviously but fate loves irony and the most ironic outcome is that dogecoin becomes the currency of earth in the future if you take these statements as true expressions of the sentiments you'll find they align with his tweets in support of dogecoin and if you really take some time to consider the depth and width of the dogecoin joke including its ongoing growth it really is hard not to appreciate it let's also remember that elon is a big fan of hitchhiker's guide to the galaxy in which world dogecoin becoming the currency of earth would fit quite well finally let's remember that musk is generally considered today's most influential innovator and therefore has probably experienced irony on grander scales than most of us so there doesn't seem to be much reason to suspect that musk's dogecoin support as anything more than the appreciation of a joke but since dogecoin started as a joke this hardly seems like reason to discredit his support either so i don't know if dogecoin will maintain growth but the conservative finance people don't actually know if it will crash and burn either it's like when you were a kid maybe you thought heelys were the shoe of the future and your parents said they were a fad sure they were right about that one but they probably thought that youtube was a fad and nightly news on tv was there to stay on top forever to recap the recent growth of dogecoin has been fueled mostly by the members of reddit community satoshi street vets who were inspired by the recent gamestop saga and wanted something even more arbitrary to shoot to the moon elon musk has since continued adding to the hype because he likes the joke as for dogecoin's value it may not have any unique groundbreaking technology behind it but it does have a name recognition and social backing okay here's today's question is dogecoin the future currency of earth leave your answer and your femex uid below and we'll choose five lucky users to get a special trading bonus in seven days if you don't have a femex account yet just click on the link in the description or scan the qr code on the screen create a femex account and you will get a 7 day free premium membership trial and other trading bonuses to learn more about femex and cryptocurrencies watch out the videos in the box on the left and if you're new to the crypto world have a look at the videos on the right for some of femex's user tutorials thanks for watching this video bye

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