The cryptocurrency Dogecoin has been skyrocketing recently and hip-hop artist Meek Mill wants to know why.
The “What’s Free” MC asked his 10.8 million followers on Twitter to educate him on the cryptocurrency’s appeal. “What’s up wit doge coin ..give me a quick break down of why it’s moving?” Mill tweeted on Wednesday, May 5, along with a screenshot of Dogecoin’s activity.
Helped along by Tesla CEO Elon Musk and billionaire Dallas Mavericks owner Mark Cuban’s advocacy, plus access to easy trading on Robinhood, Dogecoin hit an all-time high of 69 cents Wednesday, May 5.
According to CNBC, that’s an increase of $12,000 percent since Jan. 2021. The outlet calculates that someone who invested $1,00 into Dogecoin in Jan. would have assets worth $121,052 currently.
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However, stock and trading experts expressed their concern that the trend is a fad that can’t sustain itself in the long-term.
“My guess is that [the rally] won’t last, especially for something like dogecoin which was never meant to be a payment system or a store of value,” BRD’s Chief Operating Officer Adam Zadikoff told CNBC Make It last month. “Yes, you can make a quick buck if you time it right, but timing the market is a terrible thing to try to do. It does not work.”
“I worry that, once the enthusiasm rolls out, there’s no developers on it, there’s no institutions coming in. But it’s got this moniker of the people’s coin right now,” Galaxy Digital’s Michael Novogratz said.
Mill got mixed responses from his followers ranging from optimism to those who agreed with experts in response to his question.
“Elon going on the tonight show on the 8th and may possibly talk about it. That’s all,” user fellow MC Skrizzy responded.
“No no no. It’s moving bc EToro and Webull have listed it and it’s also now being accepted as payment for Dallas Mavs and Oakland A’s and being pushed by many vendors!!!” user @HelpMeImBored79 responded.
“Cause no one is bothering to google it, it’s running on hype and while its going up now, it will not end this way. Anyone whos been in the crypto space for a few years will tell you this,” Twitter user @CVBVDVSS chimed in.