Nothing says 2021 like dogecoin, a dog-themed cryptocurrency that has recently skyrocketed in value, thanks in part to the support of Elon Musk and other celebrities. For a time it was the 10th largest cryptocurrency. Dogecoin finished 2020 at less than half a penny per DOGE, according to CoinDesk’s dogecoin price index. It now trades at or above 5 cents, putting its year-to-date returns at around 1,000%.
It may be tempting to write this off as a speculative frenzy or just a fluke, but that would be missing the larger picture. We should take note of dogecoin’s rise, if only because it reflects some of the key tensions of this moment in time.
Emily Parker is CoinDesk’s Global Macro Editor.
Here are just a few things that dogecoin mania says about the world we live in now.
There is a thin line between absurdity and seriousness