Dogecoin’s value has skyrocketed this week, prompting one Reddit user, whose dogecoin wallet is now worth over $1 million, to boast about being a dogecoin millionaire. But… will dogecoin crash? How high can Dogecoin go? And will it have a market cap? Let’s find out.
‘Hey guys I just became a Dogecoin millionaire 😎🐕🚀🌝’
Reddit user u/iUsedToCallDogeDodge took to Reddit’s r/dogecoin subreddit yesterday to inform the masses of their personal wealth.
The original post has picked up over 61K upvotes (85%) and many many comments, but not all of them are full of praise. Some are quite amusing, while others are openly dispassionate.
Accompanying the headline is a screenshot of a graph representing the value of the user’s dogecoin wallet.
It reads: “Investing $1,081,441.29”, up 699.74% since the initial purchase.
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Reactions from Redditors
Answering a question from a fellow Reddit user, the OP claimed to have bought 4 million dogecoins in February, at 0.047 cents apiece.
A series of comments, and comments on comments, then proceeded to name the OP “Pablo Escobark of the dog stonks”, “Slumdoge Millionaire” and “The Dogefather”.
Others replied: “Reservoir doge”, “Doge Day Afternoon”, “Doge of Wall Street”, and so on.
‘Well deserved gains’ versus ‘rich already’
Some users have praised the OP’s boldness in spending $188K on dogecoin.
Originally the stuff of memes, dogecoin was “meant as a joke”, yet “has sky rocketed without any news”. “He did well in my opinion and congratulation to him” (sic).
However, others have pointed out that anyone gambling nearly $200K “is clearly in pretty good shape financially to begin with”.
Or, as another user put it, “its not as exciting when a clearly rich dude gets richer” (sic).
In yet another’s tongue-in-cheek words: “Another inspiring riches to more riches story we can all learn from”.
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Will dogecoin crash? Why is dogecoin going up right now?
Dogecoin has increased in value substantially over the past two days, partly as a result of recent celebrity endorsements.
Among others, restaurateur Guy Fieri and entrepreneur Mark Cuban have endorsed the cryptocurrency in recent days.
Advocates of HODLing, as an investment practice, will urge investors to ride out any negative fluctuations that dogecoin experiences in the next days and weeks.
Meanwhile, sceptics will warn against, among other things, the environmental cost of cryptocurrencies, and the potential psychological impact of investing in so unstable a currency.
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