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Crypto Custodian Brane Capital Completes Application for US Trust Charter

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Is Dogecoin Dead? Elon Musk and Mark Cuban Say ‘So Much No’

When Dogecoin (CCC:DOGE-USD) enthusiasts created #DogeDay, many hoped that Dogecoin prices would go to $1. Even fifty cents would have been acceptable. Source: Shutterstock Instead, Apr. 20 marked one of Dogecoin’s worst days on record. Within hours, the coin had dropped from its open of around 40 cents to a close of 32 cents. By the end of the week, the “meme coin” had sunk below 20 cents, wiping out $25 billion of investor wealth. “There was anxiety with larger investors who had big positions that the dog had its day coming and wanted to exit,” said Eric Schiffer, the head of a private equity firm called The Patriarch Organization.InvestorPlace – Stock Market News, Stock Advice & Trading Tips For all purposes, it looked like Dogecoin was dead. But momentum bulls would have the last laugh. As celebrities like Mark Cuban and Elon Musk began tweeting about the cryptocurrency, investors began to buy back in. Almost magically, Dogecoin prices started to rise again. 10 of the Top Nasdaq Blue-Chip Stocks to Buy Now, as investors try to make sense of an asset with “zero intrinsic value,” momentum investors will continue to confound traditional ones. As this week has shown, Dogecoin might be dead — but just not quite yet. Dogecoin Prices: The World’s $40 Billion Prank Cryptocurrency’s biggest inside joke has long confused conventional investors. All coins already have zero intrinsic value and Dogecoin made a point to satirize that fact. Its original 2013 code awarded up to one billion coins per solved block, making DOGE virtually unusable as a form of currency. Fast forward to 2021, however, and DOGE has emerged as one of the most serious money-makers of the year. $10,000 invested in Dogecoin at the start of the year would have turned to over $870,000 at its peak. Ordinary retail investors became overnight millionaires. Technologically, Dogecoin has also grown up. Its once ludicrous mining reward system now runs on a system that mimics a 2.5% inflation rate. A “merged mining” ability also allows miners to process DOGE in parallel with Litecoin (CCC:LTE-USD), significantly increasing its mining pool. Yet, Dogecoin prices seem to have a life of their own. Its major technological overhauls in 2014 coincided with a huge collapse in value. Three years later, the opposite was true; though development virtually ceased in Q1 2017, Dogecoin prices would rise 3700% by the end of that year. The explanation for these movements varies, from a failed Reddit investment scheme to a broader cryptocurrency mania. Recently, DOGE price movements have become stranger still. On Jan. 28, Tesla (NASDAQ:TSLA) CEO Elon Musk tweeted the first of many posts referencing Dogecoin — a photoshopped issue of “Dogue” magazine with Cinza the Whippet on the cover. DOGE prices jumped 500% by the next day, creating a pattern of price rises following any mention by the new…

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