In 2013, two friends created Dogecoin — a parody of a cryptocurrency that was meant to be worthless. It definitely did not stay worthless. Dogecoin’s value has rocketed up 18,000 per cent over the past year. Even as Bitcoin dipped dramatically over the weekend, Dogecoin was trading near all-time highs.
Elon Musk tweeted about this. Dallas Mavericks owner Mark Cuban believes and quotes,” it’s educational and entertaining”. And crypto bull Mike Novogratz says,”he’d be “very, very worried” if one of his friends was investing in it”.
On Tuesday, Dogecoin was trading near 35 cents. Earlier it had risen above 42 cents — evidence that not everyone is paying heed to Novogratz’s skepticism. Many are even seeing unexpected gains.