The digital currency with the highest return since the beginning of the year – digital currencies

The leading digital currency is of course Bitcoin, but there are many dozens of digital currencies that are created by age groups and are based on blockchain technology. The currency DogeCoin, Jumped 6 times in the last week and reached a combined value of $ 6 billion. Amazing value for a currency created about seven years ago.

The currency has been adopted by investor communities with the latter being a Reddit group called SatoshiStreetBets. In this group the currency has become the “hot topic” and its members who, thanks to the large number of members in the community, enjoy enormous power, bounce the value of cryptocurrencies – this time it was the DogeCoin. Quite reminiscent of the WallStreetBets group, which jumped the stock of GameStop, AMC and more. But unlike the community that jumped the stocks to make a profit and, they claim, also to eliminate the shortlisters, the virtual currency community does not have the “good against the bad.” “There is no establishment, there are no Wall Street treasurers who exploit the public, there is no bad man.”

Yesterday, Alon Musk tweeted a picture of the cover of Dogue magazine – as opposed to the familiar Vogue. Kind of a joke / joke, but it was enough for many to appreciate that it was Musk’s expression of confidence in the currency
And its price has soared by 100%.

Musk is becoming the most dominant opinion leader in the financial markets – his word on the solar and soaring stocks, his Tesla is the dream company, the stock with the most impressive return in recent years (among the heavy stocks), he is the richest man in the world, and he is still perceived as anti-establishment. He complimented and supported communities and forums that “fought” the shortstops and caused stocks like GameStop to skyrocket by hundreds of percent. It has supported Bitcoin and launched it at 20% (expansion here, alongside an estimate that Bitcoin could cause investors a heavy loss), and it also supports Dogecoin.

If it’s legitimate – can Musk support anti-shortlisting activities when he himself has strong opinions on these shortlisters and his agenda is clear – eliminate the shortlisters who have also hit Tesla (hit or tried to hit – meanwhile Aries continues to rise)? It’s not clear, but what’s for sure is a recurring pattern here – Musk’s recommendations go viral and immediately translate into actual prices – a kind of super analyst, a kind of mentor, an idol.

But with all due respect to Musk, he seems to be entering places he is not supposed to be, no one pretends to understand what that means and how virtual currency exchange rates are set, not even Musk. Also, a war against shortlisters that the public can lose a lot of money on because in the end the shortlisters made the shorts because they think these stocks are not economically worthwhile (and they are often right), so what if the economy wins and investors lose everything. Musk who recommended and supported will pay the bill? probably not. So leave you idols, opinion leaders, and gurus. In these cases, there is really no economic justification, it turns out that this is a huge herd that rushes forward and crushes any resistance, but it will end in tears.