Editors Note: This article comes fromBlocklike（ID：iblocklike）, reprinted by Odaily with authorization.
Editors Note: This article comes from
, reprinted by Odaily with authorization.More digital currency enthusiasts are looking at Dogecoin from a new perspective.The Dogecoin community has always been a lot of fun. On March 2, Elon Musks new tweet once again pointed to the Internet celebrity currency Dogecoin. In the picture, Meme acts as a shield to protect Dogecoin.Since the end of January, the price of Dogecoin has fluctuated violently. As sudden as the previous surges in history, on January 29, Dogecoin rose by 800% within a day. In the next few days, the market value of DOGE even surpassed that of LTC in the short term. CoinMetrics data speculates that almost all of the buyers driving this rise came from Robinhood, an American stock trading platform known as the retail investor base.Regarding Dogecoin, Musk keeps tweeting, which has attracted a lot of followers. In the encryption community, this Shiba Inu pattern has aroused the communitys creative enthusiasm, and emoji packs, videos, and animations continue to spread.In any case, this cryptocurrency with its own Meme concept has ushered in batch after batch of followers.Since the boundaries of how the SEC characterizes DOGE are still vague, and Dogecoin has already been returned to the community, this may make it difficult for the SEC to investigate DOGEs market manipulation.
It is still unknown when the SEC investigation will come, but the Dogecoin community has already taken action, and many Dogecoin supporters are accelerating the mining of new opportunities for community coins.
Faced with a large number of attention at the end of last year, the Dogecoin community has recently become more active.On the one hand, the Dogecoin community has become a community in a broad sense. Since the founding team has already announced its disbandment, from 2014 to 2019, the progress of Dogecoin mainnet development was almost entirely carried out by the community independently, like a typical project being pushed away by the community. In this wave of enthusiasm, more people spontaneously joined the Dogecoin community, and based on this, they developed or innovated.On the other hand, Dogecoin community developers released a new version Dogecoin Core 1.14.3. In the new version, the node synchronization speed can be improved, and the expiration time of the default memory pool can be reduced. This update removes the need to perform an expensive integrity check every time a block is sent to another node, improving the speed with which DOGE nodes can upload blocks.Peng Song, the former founder of the Dogecoin China community, said that Dogecoin volunteers are promoting more issues recently, including DEX, cross-chain transactions, repurchase of DOGE with handling fees, etc.On February 20th, in the live broadcast room of ClubHouse, Bao Erye said that he will start raising 100 million Dogecoin funds for the development and governance of the Dogecoin community.On March 1, Bitcoin ATM operator CoinFlip announced support for DOGE. Afterwards, U.S. residents will be able to buy Dogecoin at ATMs in 45 states. The reason, according to the CoinFlip CEO, is the recent mass adoption of the token.There are many reasons to pay attention to Dogecoin: Some people want to hold Dogecoin for profit, some because of Musks multiple tweets, and some just because it is fun. Looking back at the data since March, the increase of Dogecoin has reached 1352.88%.
Dogecoin has no shortage of stories.Meme is a concept put forward by Dawkins, the author of The Selfish Gene. It refers to the concept that can be spread, multiplied and copied in culture. It echoes the concept of gene. Meme also bears the responsibility of copying and multiplying. responsibility.Meme exists widely in various cultures, and Dogecoin is undoubtedly a MemeCoin recognized by the encryption community. The official definition of Dogecoin is interesting and friendly network currency. Its circulation is as high as 100 billion pieces, and an additional 5% will be issued every year, which makes the value of Dogecoin relatively low (supplement). The long-term vitality of Dogecoin is closely related to community communication.Dogecoin was born in December 2013. Based on the Scrypt algorithm, it is deeply rooted in the hearts of the people with the expression and image of Shiba Inu. On Reddit, a community forum with a large number of users, Dogecoin has more than 100,000 fans, and has already squeezed into the 100,000 Fan Club that includes Bitcoin, Ethereum, and Litecoin. On Twitter, Dogecoin has 630,000 followers.Some community views believe that Dogecoin was once regarded as a joke, but ignored the fact that it is precisely because of this joke that Dogecoin has an interesting, optimistic, and inclusive core.In the past month, most of the mainstream media at home and abroad have attributed the rise of Dogecoin to the praise of Musk and a group of entertainment stars. Due to the huge social influence of these people, the price of Dogecoin has been greatly changed. For example, a cartoon of Dogecoin Landing on the Moon can increase the price of Dogecoin by 10%. Musk tweeted The introduction was changed to Doge all day, Doge all night, and the dog responded, rising by more than 21% within 24 hours.To some extent, this is regarded by the community as the next round of Robinhoods retail movement.There is a precedent for US stock investors and retail investors to choose Dogecoin. The currency information is very easy to generate viral spread in the community.Previously, in July 2020, Dogecoin also encountered a situation where individual investors pushed up the price, and the reason was only that a TikTok user named James Galante posted a short video titled Lets all get rich , the video went viral on the social media platform and attracted a lot of attention, driving the price of Dogecoin up by 20% in 24 hours.On the other hand, Dogecoin is still controversial due to the centralization of the division. According to BitInfoChart’s data, there are mysterious giant whale addresses hoarding a large amount of Dogecoin, the top 10 addresses of Dogecoin holdings hold 41% of the total coins, and some giant whales hoarding Dogecoin accounts for almost 30% of the total circulation. %. This leaves the price of Dogecoin vulnerable to manipulation. Critics say the recent surge in Dogecoin is due entirely to speculation rather than fundamental value.In the past, Dogecoin has been used as a barometer of sentiment in the crypto market, as most of the participants in the transaction were retail investors.In this way, the community attribute is more like a vague concept.However, Billy Markus, one of the founders of Dogecoin, described this concept more clearly. A few days ago, Billy Markus wrote a letter to all Dogecoin enthusiasts on Reddit. His explanation is: the real value of Dogecoin is not to pull and smash, but to bring positive energy to the world. The existence of joy, kindness, learning, giving, empathy, fun, community, inspiration, creativity, generosity and other factors made him feel that Dogecoin deserves to exist. If the community embodies these things, thats real value.
Decentralized finance is changing the investment perspectiveSome people believe that behind the popularity of Dogecoin, the market has also seen a change in the investment paradigm in the new DeFi scenario.Behind the traditional industry and the Internet industry, investment institutions, funds or individuals can invest in the companys equity or stocks. The rights and interests behind the equity or stocks are clear, such as stock dividends, dividend discounts, and participation in company decision-making. However, in DeFi and In the blockchain industry, the object of investment is Token. Under the innovation of decentralized finance, more data such as the number of coins held by Token, transaction volume, transfer amount and frequency, number of Dapps, and transaction volume have emerged.The blockchain industry is extremely innovative, and the data dimension of project valuation is not yet mature. Practitioners are still exploring how to establish a reasonable valuation theory system.Today, the internal and external factors of the new round of the market have undergone tremendous changes from the past. From a macro perspective, we are still facing the impact of the unfinished global epidemic and the economic impact of various countries with expected declines. Whether it is the relative valuation of traditional fields Method, discounted cash flow method, or PE or VC investment theory, all have deviations in the investment of innovative blockchain projects.
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