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 Dogecoin is undoubtedly the currency that has attracted the most attention in the currency circle in recent times. The currency has surged 260 times in half a year. However, Dogecoin experienced another plunge due to Tesla CEO Elon Musk’s words on an entertainment variety show. On May 8, U.S. time, Tesla CEO Elon Musk participated in hosting the veteran American entertainment variety show Saturday Night Live. He said: “Cryptocurrency is a digital currency that achieves decentralization through blockchain technology. Dogecoin is the future of money, an unstoppable financial instrument. ” However, when the host jokingly asked, then this is a "scam"? Musk laughed and responded, "Yes, it's a 'scam.' ” Yesterday, Dogecoin once fell by 40%, falling to around $0.43. Around 11 o'clock today, the price of Dogecoin rebounded, returning to $0.54, a decrease of about 15%. In this regard, "Understand the Economy" invited several experts who understand the APP to provide an in-depth interpretation of this topic.  Guo Yuxuan Researcher at Beijing Institute of Understanding Economics If the surge in Dogecoin is related to Musk’s “bringing goods”, it is a special event and is not universal. So it can hardly be regarded as a coincidence that mainstream virtual currencies such as Bitcoin, Ethereum and other places have generally surged in the past year. The total market value of the top 10 virtual currencies has increased tenfold from US$200 billion to US$2 trillion in the past year. It is undeniable that although it is difficult for us to accept virtual currencies that have broken the traditional financial ecosystem, its development cannot be ignored. It represents more of a possibility of equalization, security and wealth redistribution of the financial system in the future digital era. As for investment, you can be cautious and choose not to follow high prices without understanding it. However, it is very meaningful to use digital virtual currency to understand and imagine the future financial market, to broaden your thinking space, and to embrace the future financial system.  Wang Chikun independent economist The direct reason for the sharp rise of Dogecoin during the year was promoted by Musk. Musk and others claimed to buy Dogecoin and announced that they would accept digital currency to purchase Tesla and other products. Musk used his own traffic to endorse and endorse Dogecoin. The second level of logic behind the surge in Dogecoin and "Shiba Inu Coin" is similar to the stock valuation in the secondary market. The leading currency Bitcoin has been rising all year round, driving the overall price increase expectations of the overall digital currency and widening the gap with other digital currencies. Compared with the number one Bitcoin, the industry is usually considered undervalued, and the valuation needs to be repaired based on the number one in the industry. The repair process causes the prices of other digital currencies to accelerate, and the rise of other digital currencies further promotes the price increase of the entire industry. ETH is up about 300% so far in 2021, while Bitcoin is up 95%. From the asset side, the leading digital currencies in the industry, led by Bitcoin and Ethereum, have been in business for many years. Bitcoin and Ethereum are already at high levels and have accumulated huge risk momentum. The slightest disturbance will cause skyrocketing and plummeting. The market trend in the past year has been fully reflected. From the perspective of investment demand, conservative investors are taking profits and need to find new investment targets. In addition, with the entry of more investors and more funds, people are no longer satisfied with the investment needs of old digital coins and are turning to more diversified digital coins. Under this circumstance, coins such as Dogecoin and SHIB "Shiba Inu Coin" have repeatedly become hot spots in the market and been speculated. The circulation of these digital currencies is smaller, and more digital coins are locked by bookmakers. The bookmakers can easily control the transactions of these digital coins, and easily control the transaction prices of these digital coins and the entire network contract trading market. Whether it is "long order liquidation" or "short order liquidation", it is a method used by bookmakers to control transactions and harvest ordinary investors. A large number of buying and selling and speculation have caused the prices of these digital currencies to skyrocket and plummet. At present, digital currencies represented by Bitcoin and ETH are themselves trading tools. In view of the current suspicion of speculation, similar to Dogecoin and SHIB "Shiba Inu Coin", which are investment performances, bubbles are bound to exist. If governments further tighten regulations, the bubble may be punctured. In view of the above, non-professionals should avoid allocating these risks.  Zhang Shule Columnist for People's Daily Online and People's Post and Telecommunications In essence, Musk became the richest man on earth by relying on the skyrocketing stock price of Tesla. As the richest man, he endorsed Dogecoin, adding a huge amount of influence to it, just like Musk's pursuit of voice social networking and the popularity it brought. In addition, the overall trend of Bitcoin began to explode at the beginning of the year, which also had a certain impact. Dogecoin currently feels like it has gone too far. Musk himself has also reserved a "retreat" in his external remarks, that is, while singing the praises of Dogecoin, he also emphasizes that Bitcoin has risks. Investing as a form of speculation has natural value. But if it is invested as a form of financial management, investors can easily be injured. As for Musk's "admission" in the interview that it was a hoax, it can be regarded as a kind of self-deprecating humor and should not be taken seriously. However, its excessive premium status can easily turn into a tulip mania. A correct understanding of the value of cryptocurrency does not lie in the ratio between it and real currency, but in its encryption and irreversible characteristics. As a form of digital currency, its real value lies in the way that financial technology can better ensure the interests of users and the safety of funds, as well as the significance of its source ability and uniqueness in solving the inflation problem of currency issuance and global economic integration, rather than being a short-term investment outlet for speculation.  Wang Juan Professor, OECD BEPAB expert The main reason for Dogecoin's sharp surge during the year is that Musk, including some of his good friends and institutions, jointly promoted the cryptocurrency from a capital perspective and continued to rise round after round. We know that in the investment market, many times we buy up and not down. When many people think that Dogecoin is unlikely to rise again, some hip-hop singers, including Musk himself, recently went on TV to talk about the investment value of Dogecoin. It can be said that they are a positive platform and do not shy away from it. In fact, investment in the United States, including its social ecology, and individual choices often come from a belief-like pursuit of community, culture, and emerging things. Therefore, the direct expectation of many retail investors in the United States is to make profits and hedge. Now, due to the reduction in people's actual currency holdings caused by the additional currency issuance, retail investors in the market, including all types of investors, will definitely be looking for an investment product that can maintain value, including Citigroup, Goldman Sachs and other investment banking institutions. They will also see their customers switching from gold, which we inherently believe to be value-preserving investments, to the cryptocurrency market. But in the market, we have also seen that recently, Ether has actually risen faster than Bitcoin. This sector-like rotation is very consistent with the stage we see in the investment market, especially the structure formed by the entire market as it matures. Therefore, we believe that Dogecoin should not be thought of as a separate currency. In investment products with relatively large currency values such as Bitcoin, the ability of retail investors to intervene is limited. However, we have recently seen that including Dogecoin, its currency value is relatively small, so it is easier for investors to intervene. As long as there is a buyer's market, and the price increases, the investment logic will continue to appear, which is to buy up and not down. This is a kind of social ecology where groups believe that individuals can compete with currency issuance. Institutions such as the Federal Reserve have a confrontation mechanism. We in the cryptocurrency market continue to ask whether this is a scam, and now we still have this question. Is it a little too late? You should take a look at the phenomena that have already happened around you, and then judge the changes in the world. For us Chinese investors, the topic may be more contagious. From an investor's point of view, things with high risks must have high returns. No pain, no gain is normal, so in the short term we can see that Dogecoin has risen by 250%, and the data is being refreshed round after round, which is constantly changing. So it must be a very high-risk market. Every time we see policies, including many domestic banks, they have started to issue similar policies, which is a capital account for you to buy coins, starting with CITIC Bank. Such risk risk indicators will definitely cause very big changes in the market, so high risks. This is a reality that investors must recognize one by one. Don't laugh when you make money, and then call it a scam when you lose. This kind of behavior is not what mature investors should do.    |
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