Tech

Dogecoin: the most sought after cryptocurrency of the year

Although there is still a little more than a month to go until the end of the year, from the hand of the nougats, the information about «The most of the year» is also beginning to arrive, which helps us to make a quick summary of what happened in it. What I did not expect is that Dogecoin would star in one of those lists (or maybe even more, as I have already mentioned, there is still more than a month until the applications are closed).

This year we have talked a lot, a lot, about cryptocurrencies. I will not say that it has been the most active year in this regard, since for a long time they have had a prominent space among the interests of many, what happened this year has been nothing more than the logical consequence of what has been happening in previous years. . What no one would have imagined at the beginning of the year is that Dogecoin could steal part of the prominence from Bitcoin and Ethereum.

This is the information we found in Business Insider, where they tell us that Dogecoin has taken the gold medal when it comes to Google searches in the United States, leaving Bitcoin and Ethereum in second and third place respectively. Not bad for a cryptocurrency that was born as a meme and is, in fact, based on a very popular meme. Something that should already make us look at this whole matter with some concern, if we are honest.

Everything becomes even more murky, and puts the whole world of cryptocurrencies more in question, if we do a little history about Dogecoin and remember that, back in May, its value rose like foam, making it outperform Twitter, AMD, and other large companies. And why did this happen? For a couple of tweets from Elon Musk. And no, they were not tweets in which he profusely explained the values ​​of Dogecoin or anything like that, no. Rather, it was like a meme emerged from a meme.

This has not been the only example of the influence that a single billionaire businessman can have on cryptocurrencies. As with Dogecoin, lMusk’s influence on Bitcoin this year has been more than marked. It began at the beginning of the year, when Tesla began accepting payments in bitcoins, causing a huge rise in its price, it continued when shortly after it announced that it would stop doing so, causing a huge drop, and even had a third round, when it said it could start again, which again had a positive influence on its price.

Thus, something that has made clear what happened with both Dogecoin and Bitcoin this year, is how extremely influential cryptocurrencies are today. A simple move by a company can completely destabilize the market in a matter of days, or even hours. And this is a problem for anyone looking for a stable and reliable investment, something that in the short and medium term can play very against the future of crypto.

And with this I do not mean to say that crypto has no future, be careful, I do not have a crystal ball to know if in a few years we will be buying and selling with Bitcoin, Ethereum or Dogecoin. However, the lack of regulation, which has already become clear that it does not convince financial and political institutions at all, and if we experience a confrontation between the two, I have no doubt that the distribution of power in this case is neither will be fair.

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