According to CNBC, Elon Musk will launch SpaceX, the DOGE-1 moon mission in the first quarter of 2022, and the company is accepting the cryptocurrency as payment. Are we going to accept this as a meme again? Before Dogecoin, there was GameStop. And before GameStop, there was Hertz. Meme coins and meme stocks seem to be disconnected from the fundamentals and finance. What does that mean? It means that we can never be sure how these assets will move.
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Dogecoin as we speak, seems to be stabilizing around the $0.50 level. Considering how this meme coin was worth just shy of 5 cents a little over a month ago, its position now is still nothing short of a miracle. Will there be another tweet from influencers such as Tesla’s founder, Elon Musk, that shakes the price of Dogecoin violently? Only time will tell. But something tells me we are not far from it.
Investors already have the basic understanding of how the meme coin’s price is dictated by pure speculation with no value behind it whatsoever. But the dream of becoming a Doge millionaire still hits strong in most people’s minds. Interestingly, traditional investment methods showed the tendency to behave the same, when Reddit traders flooded GME and AMC. As someone who is not afraid to lose, this might just be the perfect opportunity to throw fundamentals out the window and see what happens. But for those who are relying on their savings, it’s better to recognize this is no different than rolling a dice.
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