Musk public support ‘Dojicoin’, 16 trillion transactions in Korea only… KOSPI crossed (www.blockcast.cc)
The cryptocurrency’Dojicoin’, which has been publicly supported by Tesla’s CEO Elon Musk, has soared more than 250% a day on the 16th, breaking the reported price. Dogecoin became the 6th cryptocurrency from the 8th largest cryptocurrency in the global market capitalization in half a day.
In addition, Dogecoin has traded 16,2384 billion won (based on Upbit) in Korea only over the past 24 hours. On the same day, it was higher than the KOSDAQ transaction value (12,8107 billion won) and the KOSPI transaction value (15,5421 billion won). At the same time, the cryptocurrency ledger’Bitcoin’ was traded worth 769.89975 million won at Upbit.
In light of such an investment craze, some are calling for investors’ attention. Dogecoin is a cryptocurrency that was originally issued for interest, and unlike other cryptocurrencies such as bitcoin, the amount of issuance was set to an unlimited number.
◇Dojicoin, Musk’s breathing report is renewed
On the 17th, on the domestic cryptocurrency trading site Upbit, Dogecoin is trading at 445 won, down 4.71% from the previous day at 11:00 am.
Dogecoin was traded at 540 won (high price, based on upbit) at around 10:45 pm on the 16th and updated the reported price. It rose 257% compared to the previous day’s low price (151 won). Dogecoin jumped more than 9149% (based on coin market cap) this year alone.
Dogecoin is a cryptocurrency created after the Shiba Inu meme, which was popular online, and was created by Billy Marcus and Jackson Palmer in December 2013. Dogecoin was created for fun, and was mainly used as a tip payment to acknowledge the creator’s contribution on social media such as Reddit and Twitter.
Dogecoin became famous thanks to CEO Musk. Musk has been enthusiastically cheering for Dogecoin, referring to it as’the cryptocurrency of all of us’. The recent bull market for Dogecoin is also led by Elon Musk.
On the 13th (local time), CEO Musk said, “To make it easier for (more investors) to access (invest) Dogecoin, a Twitter user will be able to access (invest) Dogecoin more easily (investment) ahead of the listing of the US’s largest cryptocurrency trading site’Coinbase’. When asked, “Do you think Base should list Dogecoin?” he replied shortly.
Currently, Coinbase does not support Dogecoin transactions. Industry analysts say, “This is a result that reflects the expectation that if Coinbase lists Dogecoin due to the influence of Elon Musk, the transaction volume will increase and the price will also jump.”
On the 14th (local time), Musk posted a picture of Spanish painter Joan Miro’s’Dog Barking at the Moon’ on his Twitter account and said, “Doge Barking at the Moon.” Doji) It was already made, and was mainly used to pay tips to acknowledge the creator’s contribution on social media such as Reddit and Twitter.
Dogecoin became famous thanks to CEO Musk. Musk has been enthusiastically cheering for Dogecoin, referring to it as’the cryptocurrency of all of us’. The recent bull market for Dogecoin is also led by Elon Musk.
On the 13th (local time), CEO Musk said, “To make it easier for (more investors) to access (invest) Dogecoin, a Twitter user will be able to access (invest) Dogecoin more easily (investment) ahead of the listing of the US’s largest cryptocurrency trading site’Coinbase’. When asked, “Do you think Base should list Dogecoin?” he replied shortly.
Currently, Coinbase does not support Dogecoin transactions. Industry analysts say, “This is a result that reflects the expectation that if Coinbase lists Dogecoin due to the influence of Elon Musk, the transaction volume will increase and the price will also jump.”
On the 14th (local time), Musk posted a picture of Spanish painter Joan Miro’s’Dog Barking at the Moon’ on his Twitter account and said, “Doge Barking at the Moon.” Doji) left a post. ‘Moon’ means that the cryptocurrency market price rises as if a rocket is heading towards the moon, and this post is interpreted as implying the origin of Dogecoin’s price increase.
◇”Dojicoin is a mischievous currency…you should be careful with investment”
Despite Musk’s continued supportive remarks, it is pointed out that it is important to keep in mind that Dogecoin is a cryptocurrency that began as a’Joke Currency’ from the development stage.
Dogecoin issuance amount is fixed, and unlike other cryptocurrencies with scarcity, the issuance amount is set to an unlimited number. The developers of Dogecoin tried to keep the cryptocurrency market price cheap through this massive issuance.
An official in the domestic cryptocurrency trading industry said, “Dojicoin has a feature that there is no limit on the amount of issuance, and it is classified as a cryptocurrency that is jokingly invested in an inexpensive taste with a cryptocurrency like a light joke as seen in the Shiba-dog mascot.”
“Recently, in the cryptocurrency market, the phenomenon of’don’t ask speculation’ that investors move along with in a word of opinion leaders, requires special attention,” he warned, “because there is room for a collapse by a large-scale whale, you should be careful.”
“The rise of Dogecoin is a classic example of the’bigger idiot’ theory,” said David Kimberley, a researcher at Pre-Trade (investment app) in the UK, in an interview with CNBC. I’m afraid. In this case, it’s not strange if the bubble bursts at any time,” he said.
The’bigger idiot’ theory refers to investing in the expectation that there is an investor who will buy it at a higher price, even if a product or asset, such as stocks, bonds, or real estate, is currently formed at a higher price. It refers to the sentiment that the price of a product is formed by the irrational beliefs or expectations of market participants, not by its intrinsic value.
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