Billionaire Elon Musk Has a New Idea That Could Make Dogecoin Investors Very Happy. But Will It Work?
Key takeaways
- Dogecoin (CRYPTO: DOGE), which was created as a parody of Bitcoin (CRYPTO: BTC), reached its all-time high of $0.74 on May 8, 2021 -- the same day Elon Musk, its most prominent backer, hosted Saturday Night Live.
- Dogecoin, like many other meme coins, fizzled out as rising interest rates and other macro headwinds chilled the cryptocurrency market.
- In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia.
Dogecoin (CRYPTO: DOGE), which was created as a parody of Bitcoin (CRYPTO: BTC), reached its all-time high of $0.74 on May 8, 2021 -- the same day Elon Musk, its most prominent backer, hosted Saturday Night Live. But as of this writing, it trades at about $0.08.
Dogecoin, like many other meme coins, fizzled out as rising interest rates and other macro headwinds chilled the cryptocurrency market. Without a supply limit, Dogecoin couldn t be valued by its scarcity, as Bitcoin is. Without native support for smart contracts, Dogecoin couldn t be valued as a blockchain-based developer ecosystem like Ethereum (CRYPTO: ETH). That s why it struggled to recover even as Bitcoin and Ether bounced back.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »