Dogecoin - How a whimsical meme became the best performing asset of 2021
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Show Notes
Dogecoin, a memecoin that was abandoned by its founders, is the best performing crypto asset of 2021, appreciating more than 12,000% YTD. With high-profile backers such as Elon Musk and Mark Cuban, can Doge stay the course or is it set to crash and burn?
Why you should listen:Andy takes a deep dive into a new report by Galaxy Digital that takes a 360 angle look at Dogecoin's fundamentals. The report finds a large number of positives and some serious negatives as well. Dogecoin may have always been a joke, but it's a joke that keeps getting both funnier and more serious too.
Key takeaway:On the positive side of the ledger, Doge is the best performing major digital asset year to date. More people own Doge than at any other time. Doge is dominating the cultural conversation thanks to memes and to Elon Musk.
There are negatives. Dogecoin has zero development. Few people run full nodes and those who do have difficulty downloading the chain or staying synced with the network. There's no market infrastructure, barely any wallet software, and despite being more than 7 years old, many exchanges don't support it. There is no long-term narrative or use-case supporting its wide adoption. And it's not clear whether DOGE holders are dogmatic about the coin's long-term prospects.
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