Doge Lunacy Returns
Tim Knight | Oct 30, 2022 12:30AM ET
If you will recall last spring, the big news was that Elon Musk was going to be the guest host of Saturday Night Live. Dogecoin, the “joke” crypto coin that had been shooting higher based largely on Elon’s enthusiasm and occasional tweets, was enjoying a rocket ship ride.
Thus, Elon did indeed host SNL, and DOGE peaked pretty much to the millisecond that he appeared on stage, particularly since he didn’t interrupt the show every four minutes and tell people to buy the stuff.
This kicked off a merciless grinding down of the joke crypto, which lost about 94% (ninety-four percent people) in just over a year.
Meaning that folk heroes like Dogecoin Millionaire weren’t looking so brilliant:
Well, I figured this whole collapse was symptomatic of good sense and rationality coming back to Earth, but I’m afraid that the lunatic fringe is still out there. I present to you DOGE over the past few days, which climbed about 200% in no time at all. This was based on one and one thing only: the fact that Elon now owned Twitter (NYSE:TWTR). And Elon has mentioned Dogecoin sometimes. Which, in their frantic minds, means that somehow Dogecoin is going to explode in value. Or something.
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You can see this reflected in the volume, which had died down to almost nothing but now has roared into the billions again. I seriously sometimes think I am the last sane person on the planet. Honest. I would hasten to add that a big chunk of this pop has already fizzled away, but, for the short-term, that downtrend break is undeniable.
Here is the longer-term picture. As you can see, DOGE is still a tiny fraction of its SNL self, but it isn’t crashing to $0 yet either. I can only shake my head in astonishment that the world is trying to pretend that this concoction as any value, utility, or worth.
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