Good artists copy, great artists steal. The pithy observation often attached to Picasso appears to apply not only to the art world, but to cryptocurrency as well.
Back in 2013, the creators of Dogecoin never intended the virtual currency to serve as anything more than a comedic parody of Bitcoin. They certainly never envisioned it as an investment that stores any appreciable value or represents a material holding in someone’s diversified portfolio.
In fact, they first positioned the altcoin, or non-Bitcoin cryptocurrency, as a joke – not an actual investment to hold in your portfolio.
Because when you fast-forward to 2021, you’d be hard-pressed to see that was the intent. Rocketing northward of 50 cents per Dogecoin recently, up from roughly half a cent at the year’s beginning, the altcoin is now up by more than 10,500% so far this year. As a result, it holds a total market capitalization of more than $65 billion and makes the virtual currency anything but “a joke” – at least in the eyes of those buying it in droves.