DOGECOIN: A joke is surging, outpacing nearly every other investment

Dogecoin, the cryptocurrency launched after a viral dog meme in 2013, currentyly has a market capitalization of about $86 billion following a six-month climb of nearly 25,000 percent.

Although, bitcoin has a capped supply of 21 million coins, there is currently no limit to the number of dogecoins that can be created.

According to CoinMarketCap, the S&P was up 19 percent, while crypto rivals Bitcoin and Ether were up 286 percent and 698 percent, respectively.

“The joke is on Wall Street this time,” said Mati Greenspan, portfolio manager and founder of Quantum Economics.

“What you have is a situation where teens on TikTok are outperforming even the smartest suits by thousands of percentage points.”

Recall that Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of Bitcoin and the many other  altcoin boasting grand plans to take over the world.

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Although, it isn’t totally clear when or why dogecoin captured the heart of Elon Musk, the billionaire has spent years talking about the coin.

His tweets, know doubt has always make references to dogecoin, which in recent times has dragged the interest of retail investors.

“You have this one guy who is sort of like the cult leader,” someone described Elon Musk

Musk, however, isn’t alone in his celebrity endorsement of the animal-branded token. Americans like Dallas Mavericks owner Mark Cuban, Snoop Dogg and Kiss bassist Gene Simmons have all publicly rallied behind dogecoin.

However, investors are looking at the outcome of the Saturday Night Live which Elon Musk said he will feature dogecoin. Most predicted that the coin may hit $1 anytime soon.

Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq

— Elon Musk (@elonmusk) May 7, 2021