Fact 1: Dogecoin was started in December 2013 by two equally bored software engineers Billy Markus and Jackson Palmer as a joke just to poke fun at Bitcoin.
Yes, Dogecoin has no other underlying value apart from being a joke in the financial sector and was brought to life after being in coma for close to seven years by Tesla CEO Elon Musk in early 2021. If not for Musk's involvement, Doge would simply be just another token among the 12,000+ cryptos out there in the market.
Fact 2: Co-founder Billy Markus never believed in his own coin and sold most of his holdings in 2015 in the hopes of buying a used Honda Civic but eventually dropped out of the idea.
Yes, Billy didn't purchase a single Dogecoin for eight years since 2013 and only purchased it in June, 2021 after a drastic drop in its price due to the crypto market crash. His purchase suggests that he picked up the coin simply because it's a sensation on the internet. If not for the memes, he wouldn't have bothered to buy it for another eight years.
Fact 3: Dogecoin co-founder Jackson Palmer went on a Twitter rant recently alleging that the cryptocurrency market is dominated by corruption and fraud, calling it ''a network of shady business'' run by wealthy, powerful interests who remain unidentified due to deregulations.
Yes, financial experts have long cautioned investors that the crypto market, including the social media star Dogecoin is filled with internal trading, rampant unethical activities and price manipulations that go by unnoticed due to deregulations and all of this do not meet the eye of a common investor.
Fact 4: Dogecoin's rise or fall solely depends on celebrities and they single-handedly control its price by either tweeting for or against it.
Yes, giving wealthy people the power to move the market as per their own whims and fancies is dangerous. All they care is about their own interests and not the welfare of a common investor. Did people really forgot about the concept of why 'The rich have become richer, and the poor have become poorer?'
Fact 5: Dogecoin needs hype every single day to survive in the market and without hype and buzz, the coin actually does nothing.
Remember when Elon Musk invested in Dogecoin? Price shot up. Musk tweets about Doge- price shoots up. Musk talks about Doge- price up again. Musk premiers in Saturday Night Live (SNL)- Doge rises then immediately plummets. In reality, Dogecoin does not move on its own but rather sticks on to hype and buzz, which would eventually fade over time. The day Dogecoin's hype fizzles out, begins its end.
Fact 6: Dogecoin is being kept alive in the 'intensive care unit' and is given oxygen to breathe by memes only. The day the memes stop, its breath would gradually stop.
Yes, Dogecoin has no other value apart from constantly dishing out memes and making investors chuckle. Doge has used the power of memes to the fullest extent possible and lures new investors only by jokes.
Fact 7: 68% of Dogecoin's stake is held by 'whales' and only 32% of the coin is tightly held by day-to-day investors.
Yes, a mysterious and unidentified Dogecoin investor owns 28% of the coin and another 40% is held by unnamed wealthy billionaires, making a total of 68%. If the big whales decide to pull the plug, Dogecoin's bloodbath is inevitable.
Conclusion: Despite having no underlying value, the coin's own founders not believing in their product, Doge running on the fancies of wealthy celebrities, dominated by whales, and needing hype to rise, investors have still poured in their hard-earned money. They fail to realize that the real joke and meme is nobody but themselves.
Could be a fact or not be a fact: Since Musk's SNL hype, the coin which promised investors 'to the moon' is only going the opposite direction and the world wouldn't be surprised if it crashes to the ground. At the end of the day, even that could be a good joke for investors to laugh about, right?
At the time of publishing Dogecoin was trading at $0.17 and is down -5.03% in the days trade.
(Opinions expressed in the article are the author's own.)