The advance of Dogecoin in the markets has become a true sign of identity of our time. In which, speculative investments have become part of the day-to-day, as happened with GameStop on the stock exchange. However, and despite Dogecoin being created as a virtual joke currency, many Americans believe that Dogecoin is the future of the world economy.
Rise and fall of Dogecoin
The rise in the price of Dogecoin has been as fast as unexpected. And it is that, although Dogecoin has always had a strong community of users around it, which used to use it as a means to give tips to creators on the Internet. Cryptocurrency had never been anything more than a technological curiosity in the midst of a much larger crypto world.
That changed a few months ago thanks to two simultaneous forces. First, the increase in the availability of financial resources thanks to the US stimulus plans. Which they injected into the world economy with dollars that went into the financial market. And secondly, the influence of Elon Musk, the second richest man in the world, who with his comments in favor of virtual currency has boosted its price.
However, this bullish rally in the price of Dogecoin, which has led the cryptocurrency to move from trading on the order of $ 0.01 by January 1, 2021, to an all-time high of $ 0.66 a few days ago, is entirely based on speculation. There is no technological project behind that supports the value of Dogecoin, leaving it vulnerable to falls as experienced since last Saturday, losing more than a third of its value.
Americans continue to trust
Despite all this, Americans still trust Dogecoin. At least according to a survey recently published on the website Gamblerspick.com A total of 1,001 U.S. citizens participated, answering several questions related to Dogecoin. According to this, at least 23% of participants still trust Dogecoin, hoping it will reach a price of 1 dollar for this year.
Thus, the study reflects that 27.6% of respondents had invested money in Dogecoin, while 30% believe that DOGE is the new Bitcoin. In addition, when questioned about Elon Musk’s role in the market, 43.6% approve of his participation promoting Dogecoin, 15.2% disapprove of it, and 41.1% are neither for nor against the actions of the billionaire.
However, not all are signs of support. By contrast, 40% of respondents regret investing in Dogecoin, and 48.8% regret investing in Reddit-driven stocks like GameStop. Finally, one in four Americans surveyed said they consider Dogecoin to be the future, with 46.4% of those who invested in the virtual currency admitting they did it just for fun, while 53.6% did it “to get rich.”