狗狗幣Dogecoin「一個玩笑」如何玩到市值突破天際？

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與Bitcoin一樣，「狗狗幣」（Dogecoin）也是加密貨幣的一種，但在近日成為了熱門焦點，皆因其市值暴升。自年初至今，狗狗幣由1美分不到的價格急增至0.7美元的高位，整體市值接近900億美元，比通用汽車公司市值還要高。

到底這隻「小狗」有什麼強大魅力？升值比搭火箭還快？

狗狗幣的起源

狗狗幣創始於2013年，由兩名軟件工程師Billy Markus與Jackson Palmer創設。一開始這不過是一個用作諷刺Bitcoin比特幣的笑話，其標誌是一幅攝自柴犬的頭像，名稱以Doge取代Dog，添一點可愛的感覺。

儘管在2014年狗狗幣曾嘗試過用作籌款及集資，用作慈善及宣傳活動，但狗狗幣一直沒有實際用途，不被視為付款手段，交易金額亦相當細小。價格至2021年，也不過維持在1美分以下。

馬斯克的不停吹棒

直至2021年，狗狗幣才開始再次受到注目，其中一個是在2021年初的GameStop事件。在GameStop股票被持續軋空，股價被瘋狂推高後，價值幾乎等同於零的狗狗幣成為網絡討論區的焦點。與GameStop一樣，當時有大量的網民聲言要把狗狗幣「衝上太空」、「帶到月球」。

這「帶到月球」的承諾，讓狗狗幣在1月價格急升5倍。但真正讓狗狗幣突破天際，是來自Tesla的CEO馬斯克（Elon Musk）的追棒。

馬斯克自1月多次在其個人Twitter上張貼有關狗狗幣的留言，包括雜誌的改圖、動畫電影《獅子王》的改圖、狗狗幣登月的改圖等等。持續的吹棒讓人開始意識到這不僅只是個玩笑。

直到4月，馬斯克重申對狗狗幣的濃厚興趣，並示意會在5月8日出席全國廣播公司（NBC）的深夜喜劇秀《周六夜現場》（Saturday Night Live）為狗狗幣助威。這舉動令狗狗幣瞬速爆升，幣值自4月中不停飆升至今。

升跌無時價值隨時蒸發

不過，狗狗幣與其他加密貨幣一樣，價格波動極大且無法預測。以Bitcoin為例，Bitcoin價格在自2020年尾持續暴漲，價值由年尾的2萬美元急升至今的接近6萬美元。但價錢已自3月開始在高位持續上落，面對電腦的「挖礦潮」出現疲累，誰也無法預料何時下挫，而且當發生時，往往是暴瀉。

加密貨幣交易公司Blockchain的研究負責人希勒曼（Garrick Hileman）警告，狗狗幣的價值隨時蒸發：「特別當這貨幣本來就是個玩笑。」警告投資者要對所有加密貨幣提高警覺。

Following DOGE Listing, Coinbase Gives Away $1.2 Million in Dogecoins

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IgorIgorevich / Getty Images

Coinbase, which listed Dogecoin on its platform earlier this week, announced it would be giving away $1.2 million in DOGE “to celebrate.”

See: Beyond Bitcoin: Looking at Some Crypto Financial Jargon

Find: Coinbase vs. Binance: Which Cryptocurrency Exchange Is Better?

“Opt in and then buy or sell $100 in DOGE on Coinbase by 06/10/2021 for your chance to win,” the company said in a blog post about its “Dogecoin sweepstakes.”

Coinbase said that one winner will get $300,000 in DOGE, 10 winners will each get $30,000 in DOGE, and 6,000 winners will get $100 in DOGE by around June 17.

Elon Musk couldn’t help himself and following the announcement, tweeted “nice,” which sent DOGE up. The crypto is around $0.36 this morning and has a total market value of $46 billion, according to CoinMarketCap.

Coinbase explained in its blog post that one of the most common requests the company hears from customers is to be able to buy and sell more cryptocurrencies on its platform.

“We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies,” according to the post.

Dogecoin was created as a joke — its name is a reference to a popular internet meme, according to Coinbase.

See: 3 Common Crypto Misconceptions Debunked

Find: Cryptocurrency Complicates Splitting Assets During a Divorce

“It shares many features with Litecoin. However, unlike Litecoin, there is no limit on the number of Dogecoins that can be produced.” Indeed, unlike Bitcoin, which is designed to be scarce, Dogecoin is intentionally abundant — 10,000 new coins are mined every minute and there is no maximum supply, Coinbase said in the post.

While it has gained incredible traction lately as well as celebrity endorsements, including Mark Cuban and Snoop Dog, just like any other crypto, it’s extremely volatile. If you’re planning on investing in it, you should be ready to stomach wild swings.

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1 Major Risk of Investing in Dogecoin

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Dogecoin (CRYPTO:DOGE) has been making headlines over the past few months for its staggering returns. Since the beginning of the year, the price of Dogecoin has soared by nearly 7,000% as of this writing. Over the last 12 months, it’s up by more than 15,500%.

By comparison, two of the biggest names in crypto, Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), have seen their prices increase by around 300% and 1,000%, respectively, over the past year. While many cryptocurrencies have experienced record-breaking returns, Dogecoin is in a league of its own.

It’s hard to ignore numbers like these. However, just because an investment is earning sky-high returns doesn’t necessarily mean it’s a good idea to buy. Dogecoin may be too good to be true, and there’s one huge risk to consider before you invest.

A low price isn’t always a good thing

Cryptocurrencies like Bitcoin and Ethereum may be the biggest players in the crypto space, but they’re also expensive. Back in mid-April when Bitcoin reached its peak, it cost around $65,000 per token. Ethereum cost just over $4,000 per token at its peak in mid-May.

Dogecoin’s record high, however, was just $0.68. With a price that low, it’s one of the most affordable investments out there. And if you’re on the fence about investing, it can be tempting to buy Dogecoin simply because it’s cheap.

That can be an incredibly risky move, though, because affordable investments aren’t always good investments. If you buy Dogecoin just because it’s cheaper than its competitors, you could still end up losing money.

While all cryptocurrencies are risky, Dogecoin is one of the most dangerous investments. Before you even consider buying, it’s important to think about how this investment may pan out over time.

Will Dogecoin survive over the long term?

With any investment, the most important factor to consider is whether or not it’s likely to experience long-term growth. Long-term investments are more likely to bounce back after downturns and retain a competitive advantage in their industry.

Cryptocurrencies, in general, are still highly speculative. In other words, nobody knows for sure whether they’ll still be around in a few years or decades. Dogecoin, however, is especially risky because it doesn’t have as much utility as its competitors.

In order for any cryptocurrency to become mainstream, it must have some type of real-world use. Bitcoin is the most popular type of cryptocurrency, and it’s the type merchants are most willing to accept. That gives it a significant advantage because widespread adoption will be key to any cryptocurrency’s success.

Ethereum also has real-world utility through its blockchain technology. The Ethereum blockchain is not only host to its native token, Ether, but it’s also the network used by non-fungible tokens (NFTs), decentralized finance, and thousands of other applications. The Ethereum technology has the potential to revolutionize a variety of industries, and if it succeeds, its cryptocurrency, Ether, has a good chance of thriving as well.

Dogecoin, on the other hand, has very little utility right now. The few merchants that do accept crypto are more likely to accept Bitcoin than Dogecoin, and Dogecoin doesn’t have any major advantages over its competitors.

Will Dogecoin’s price continue to increase?

Of course, despite having very little real-world utility, Dogecoin’s returns have still outpaced its competitors. However, those gains are largely artificial, and they likely won’t last forever.

Part of the reason why Dogecoin’s price has soared is because it’s been heavily promoted online. Celebrity billionaires like Elon Musk and Mark Cuban have promoted Dogecoin on social media, and retail investors have invested in droves.

The more people who invest in an asset, the higher its price becomes. Dogecoin’s run is similar to the GameStop saga earlier this year when investors pumped up the stock price only to dump it shortly after in an attempt to make a quick buck.

With any investment, if the stock price doesn’t align with the underlying fundamentals, that’s a red flag. Dogecoin has little utility and no competitive advantage in the industry, yet its price has skyrocketed. That’s a sign that this growth won’t continue over the long run.

The price of Dogecoin has already taken a turn for the worse over the past couple of weeks. And unless it develops a way to stay competitive, there’s a good chance it won’t survive over time. So no matter how inexpensive it is, it’s still a dangerous investment.

Where should you invest instead?

Whether you choose to invest in cryptocurrency or stocks, it’s always a good idea to research an investment’s underlying fundamentals. Look beyond price, and try to determine whether the investment has real-world utility and a strong competitive advantage.

The best investments are the ones that are more likely to experience long-term growth. Dogecoin may not be the best investment right now, but there are plenty of safer options out there that still have the potential for higher earnings.

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