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 Original author of shenrancaijing | Edited by Wei Jie | Liming On the afternoon of April 28, 2021, Musk, the "Tesla Electronic Music King and Mars Emperor" tweeted that he would host NBC's popular late-night show "Saturday Night Live" (SNL) on May 8, and called himself "The Dogefather" in this tweet. Shortly after the tweet was issued, Dogecoin surged in the short term, soaring 21% during the session, and the price once reached 34 cents. Under every tweet by Musk promoting Dogecoin, it can be called a cyber carnival: the big star Musk shouted orders on the stage, and the fans below waved and screamed - "Let Dogecoin go to the moon!" ”  Under Musk's Twitter, fans made the heads of Musk and Shiba Inu into various emoticons Source/Twitter On May 5, the price of Dogecoin skyrocketed again, with a 24-hour increase of more than 56%, setting another record high. If calculated based on the price of US$0.004662 per coin at the beginning of the year, as of May 6, the price of Dogecoin has increased 130 times this year. The absurd thing is that this popular currency that has skyrocketed was born out of a joke. In order to satirize the speculative atmosphere of the Bitcoin circle, the founder used the exaggerated and playful Doge dog head emoticon as a symbol. However, the joke later became bigger and bigger, attracting Musk to support it, and constantly brought the excitement of Dogecoin to new heights. What is Dogecoin? Who is hyping it? Shenran will take you to study now.  What is the skyrocketing Dogecoin? 2021 is the year when cryptocurrencies are completely out of the circle. When people thought that the sharp rise and fall of Bitcoin were enough to represent the characteristics of cryptocurrencies, another even crazier currency, Dogecoin, began to enter people's field of vision. “"Dogecoin is really outrageous", "Dogecoin has reached a new high", "Musk is going to take Dogecoin to the moon"... At home and abroad, Dogecoin has become an "investment method" that people are hotly discussing and starting to try. The reason why I put the quotation marks is because unlike Bitcoin’s so-called “consensus” of “decentralization and resistance to over-issuance”, Dogecoin’s value is carried by a kind of joking and fanatical emotion, and whether recharging emotions counts as an investment method is not a “consensus” in the currency circle. No currency has a dog's head as its logo. Different from the common impression that currency is inherently serious, Dogecoin has catered to the needs of Internet natives to pursue fun and resist rules from the beginning, becoming a unique virtual currency with community culture.  Source/Pexels The story begins in 2013. Jackson Palmer, an Australian marketer engaged in virtual currency research, saw a Shiba Inu becoming popular on the Internet, so he registered the domain name Dogecoin.com and posted a joke tweet promoting Dogecoin on Twitter. Later, Billy Markus, an American programmer who was interested in virtual currency systems, saw the tweet. The two hit it off immediately, and the Dogecoin system based on Litecoin's cryptography and Scrypt algorithm was launched. After the Dogecoin system was launched, it was quickly included in the American social software Reddit and became a way to reward people in Reddit. People who post and share content online only need to leave a string of their own wallet codes, and others can easily use Dogecoin to reward them. Coupled with the extremely low price of Dogecoin, Reddit users continue to share Dogecoin back and forth, expanding Dogecoin's user base. In 2013, the highest price of Dogecoin was only $0.00142. Later, from rewards and tips to Internet services, people were not satisfied with limiting Dogecoin to a small circle. Currently, Facebook can use Dogecoin as a tip, the mainstream media video platform Twitch accepts Dogecoin as its subscription payment currency, and the American high school e-sports league uses Dogecoin as prize money. On April 22, according to foreign media reports, more than 140,000 people have signed a petition calling on Amazon to accept Dogecoin as a payment method. Data from CoinMarketCap shows that the price of Dogecoin has soared recently. Its total market value reached US$50 billion on April 20, surpassing Ford Motor Company. On May 6, its market value reached US$87 billion, surpassing FedEx and becoming the fourth largest digital currency after Bitcoin, Ethereum, and Binance Coin.  Who is sending Dogecoin to the moon? There is no doubt that Musk is the king of cryptocurrency. The emergence of Dogecoin is inseparable from his vigorous shouting on Twitter. “We don’t need to be billionaires to own Dogecoin,” “Dogecoin is the people’s virtual currency,” “I didn’t drink too much, and I wasn’t depressed, I only had Dogecoin in my heart.” On February 4, Musk sent multiple tweets in support of Dogecoin, and Dogecoin soared by 50%. On April 1, April Fool’s Day, Musk also stated that he would use SpaceX to bring a Dogecoin to the moon. As soon as the news came out, Dogecoin skyrocketed, rising 15% that day. Since then, Dogecoin has started a rapid rise mode - after breaking through 0.1 US dollars on April 14, it hit a record high price of 0.43 US dollars on April 19, and the currency price soared 336% in just one week. Since then, "Sending Dogecoin to the moon" has become a code of communication between Musk and his fans. It can be called a pun. On the one hand, it refers to "going to the moon" in a physical sense, and on the other hand, it refers to the expectation that the price of Dogecoin will skyrocket. Musk calls for orders, and fans make money.  Source of Musk’s Dogecoin on Twitter many times/Twitter “Just because I read the news and knew that Musk had tweeted several times and mentioned Dogecoin, I started to get excited.” Ye Hua, who is engaged in new media operations, bought 900 yuan of Dogecoin in early March. The price at that time was US$0.05 per coin. In April, Musk continued to bring goods for Dogecoin. Ye Hua waited until the internship salary was received and bought another 1,200 yuan of Dogecoin. There are many young people like Ye Hua. In March, Munan bought 5,000 yuan of Dogecoin at a price of US$0.049 per coin. The person who led him to the road of Dogecoin was a "big V in the currency circle". After spending 5,200 yuan as a membership fee, he learned about Dogecoin through the big V’s Knowledge Planet, Weibo, WeChat and other channels. And he believed from the beginning: "Dogecoin itself has no value. The logic of Dogecoin's rise is that there is a large fan base, there are many diaosi, and Musk leads the way." He calls Dogecoin friends "diaos", whose general characteristics are: straight men, don't have much money, are stubborn, like Musk, and have high enthusiasm. “We all have a sense of identity, and I enjoy the process. After buying it, I can communicate with currency friends and enjoy the thrill of skyrocketing prices." Munan said that the big V he followed analyzed that, "Musk will also pull the market in the later period, because Musk's Mars plan requires money. If it is through financing and selling cars, the speed is too slow. You can only choose a coin with a small initial investment and raise it crazily to get money quickly." ” After analyzing the transaction data related to Dogecoin this year, PAData, a cryptocurrency data agency, found that the transaction volume of the three exchanges Binance, OKEx, and Huobi accounted for more than 60% of the total transaction volume of DOGE. Within the market coverage of the three exchanges, the market that needs to use stablecoins as a trading medium is mainly the Chinese market, which may mean that the main buyers of DOGE are Chinese users.  Will the bubble eventually burst? How far can Dogecoin go? Will it become a passing "Internet celebrity" and then be forgotten? No one can give a clear answer. Not every Dogecoin player can calmly enjoy the fun of skyrocketing prices, and some players are gradually becoming unable to sit still. On April 20, Dogecoin began to fall, and on the 23rd, Dogecoin fell by more than 10%. “Hurry up and withdraw, my income will double, I will stop when I am good." At 9 pm on April 23, Ye Hua decided to “abandon” Dogecoin.  Ye Hua decided to withdraw from the Dogecoin circle/photo provided by the interviewee “I think the popularity of Dogecoin has passed, and I don’t know much about altcoins. I have no faith and can only speculate.” Ye Hua said that although when he sold Dogecoin, he felt that Dogecoin would have several surges, but he still planned to get out of the business. “This currency may return to zero, or it may skyrocket. I don’t want to bet on it. So I switched to platform currency and mainstream currency. ” Ye Hua feels that Dogecoin is too “exciting”. He said that every day he watched the Dogecoin in his hand change from 2,000 yuan to 6,000 yuan, and then from 6,000 yuan to 15,000 yuan, and then back to 6,000 yuan. Every day he thought about whether to increase his position or whether to retreat. He was too tired. “This currency is too volatile, and I don’t want to be disturbed by such short-term fluctuations in my normal life. After selling it, I felt a long-lost sense of peace. ” The future value direction of Dogecoin is difficult to define. Because initially, the number of Dogecoin was limited to 100 billion, but in the end, Dogecoin became a currency with an unfixed total amount and unlimited issuance. “The factors supporting the skyrocketing of Dogecoin are Musk's orders and high market sentiment, but these factors cannot always support the skyrocketing of Dogecoin." Cheng Zhipeng, head of Huobi Research Institute, analyzed to Shenran that unlike Bitcoin, the core value of Bitcoin is a decentralized encrypted asset, and its consensus is based on the positioning of "scarce digital gold," so people believe that Bitcoin can be valuable. The initial design of Dogecoin, including the development process of its community, was not centered around Dogecoin's value orientation, but around Dogecoin's social functions such as rewards. Moreover, Dogecoin's economic model is an inflation model, and its value imagination is not as good as Bitcoin's. In addition, the high concentration of holders also makes the future of Dogecoin full of uncertainty. On February 15, Musk tweeted: “I fully support the major holders of Dogecoin selling the majority of their currency. Too much concentration is the only real problem in my opinion. ”According to Coindesk, the top ten Dogecoin addresses account for approximately 41.35% of all circulating Dogecoins, which means that a small group of Dogecoin investors can easily manipulate the price of Dogecoin. Dogecoin holders also understand this. Ye Hua said that if one day the bankers smash the market and sell sharply, retail investors will only be reaped. Those who can run away before that day will win. *The title picture comes from Pexels. At the request of the interviewees, Ye Hua and Munan are pseudonyms in the article.  Highlights How much impact will the United States give up on the intellectual property rights of the new crown vaccine? “"May Day Golden Week", people are prosperous but not wealth? What is the secret to the success of Internet celebrity brands such as Yuanqi Forest and Wenheyou? 500 artists jointly declare, the ultimate battle of long and short videos begins! Who is the winner? 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