#Dogecoin soars# once again tops the Weibo hot search list and will the myth of a 2,100-fold increase in four years be shattered?

On the afternoon of April 28, #Dogecoin surges# once again topped the Weibo hot search list. On the news front, Tesla CEO Elon Musk once again posted a tweet related to Dogecoin and mentioned the "Saturday Night Live" show he will host on May 8.

Musk's support for Dogecoin can be traced back to April 2019, when the official Dogecoin account launched a vote on Twitter to select the CEO of Dogecoin, and Musk was elected with a high vote. Subsequently, Musk tweeted that Dogecoin is his favorite digital currency and changed his Twitter account information to "Former CEO of Dogecoin."

On February 4 this year, Musk suddenly tweeted "Doge", and Dogecoin quickly rose by 50%. He then posted several tweets related to Dogecoin in succession:

“We don’t need to be billionaires to own Dogecoin. Dogecoin is the people’s digital currency.”

“I’m not drunk, nor am I depressed, all I have in my mind is Dogecoin.”

“Dogecoin is the most interesting cryptocurrency in the world.”

In early April, Musk tweeted that he would use SpaceX to bring a Dogecoin to the moon. As soon as the news came out, Dogecoin soared, rising 15% that day.

Two weeks later, Coinbase, the largest cryptocurrency exchange in the United States, went public. The day after the listing, Musk tweeted that Dogecoin barked at the moon and attached relevant pictures. Dogecoin immediately soared, rising 50% that day. On April 16, Dogecoin continued to soar, with an increase of 250% in 24 hours, reaching a high of $0.47 per coin, and the total market value once exceeded $60 billion.

Today, from Musk to plumbers, many people buy Dogecoin every day. Dogecoin has also changed from a funny emoticon to an asset with a total market value of more than 50 billion US dollars, which has exceeded Marriott International and Ford Motor Company. Perhaps speculators are very clear about how much hype there is.

Billy Markus, co-founder of Dogecoin, said:

“This is ridiculous. I’ve never seen anything like this. Once Dogecoin starts going up, it may not stop.”

However, organized activities in online communities can have a huge impact on market prices. When market conditions change, huge gains can be wiped out in an instant. Robert Drach, asset manager at Drach Advisors in Tallahassee, Florida, said:

“Many investors have only been in the market for a short time and have not seen a Bitcoin crash. While there is no reason to worry about a big correction, the surge in Dogecoin looks like a bubble to me. I am worried about Dogecoin and ordinary stock investors.”