A Face For Financial Freedom
As the GME spike started to drop as people sold their stocks off, the “Robin Hood” investors started to direct their attention to another purpose, a currency for the people. The GameStop situation highlighted the corrupt nature of big money to people who had likely never looked at a stock price before. What a few had known for years was now in the face of the many, money goes up, but doesnt come down. With this new influx of people looking to step away from a financial system designed to keep them down it was suggested that crypto was the next bastion of freedom.
Users of the subreddit “SatoshiStreetBets”, named after the mysterious founder or founders of bitcoin, started a movement to push crypto to the masses and they picked DogeCoin as the face. While up to this point Doge had taken a backseat to other alt coins it still held a place in the heart of any crypto investor due to the meme foundations. As was the reason for its initial success, the meme being well known only serves to make it familiar to those not experienced in the market. The altcoin had also been mentioned by tech entrepreneur Elon Musk in 2019 as his “fav cryptocurrency”
So people started buying DogeCoin and within 24 hours it added about 7.17 billion to its total value which now sat at 8.2 billion. Almost overnight DogeCoin had gone from relative obscurity to being the 9th largest cryptocurrency on the market. Power to the people indeed. It was quickly labeled the “crypto gme” and people piled on, finding out how to secure the coin for themselves. Elon Musk tweeted a magazine cover of “Dogue” which is a play on the fashion magazine “Vogue”.
Investors took this as a sign that the historically supportive Musk was aligned with this new movement. With this came a massive 800% increase in DogeCoins price. Musk then announced that Tesla has bought $1.5 billion worth of Bitcoin. Which further spurred movement across the entire crypto market. Musk had stated earlier that his initial tweets about DogeCoin were a joke but he could appreciate the irony that they had helped spur a movement to make it a potential player in the altcoin market.
In a recent interview on Clubhouse, Musk mused: “The most entertaining outcome and the most ironic outcome would be that dogecoin becomes the currency of Earth in the future.” He has recently made more tweets showing support for the altcoin, posting memes relating to it and declaring it “the people’s crypto”. On the back of these tweets a surge of support pushed the price higher and other celebrities jumped on board to promote the coins movement including Snoop Dog and Gene Simmons.