Dogecoin Barks But Britcoin Would Bite
Dogecoin mania fits the pandemic present, but governments have their own ideas about the future of digital cash. They need to make them a reality.
Every dog has its day.
Photographer: Yuriko Nakao/Getty Images
Every dog has its day. For Dogecoin, it’s April 20. The dog-themed digital currency that was started as a joke in 2013 jumped more than 200% in five days as part of a meme-driven mass trade to mark International Weed Day. It has already fallen back by 24%.
This is a normal state of affairs for a volatile memecoin where two wallets control 40% of the tokens. It also fits our pandemic present, as trust in institutions erodes and narratives about digital disruption fill the void. Crypto’s killer app of mass speculation has also helped Bitcoin to an all-time high and Coinbase Global Inc. to a $64 billion market capitalization.