The meme currency has dun it. Dogecoin has gone vertical in the past few days, rising from 0.1 cent to 0.8 cent, nearing parity with the penny, a very first.
While its market cap is close to $1 billion on trading volumes of around $200 million during the past 24 hours, much of it coming from the BTC trading pair.
The fun currency was having a party today in their meme land, with shibes walking on turtles, some reviving old memes, and the classic, 1 Doge is to hit 1 Doge.
Reviving times some dared forgot, during the last boom in 2013-14 when shibes would wash everyone in dogecoins, especially in anticipation of the shibe race car, which with hindsight was probably the culmination of those times.
Because tragedy, although considering how events have unfolded perhaps now a blessing, struck. MT Gox, the then biggest exchange, went under, taking with it some 750,000 bitcoin, leading to a two years long relentless bear market until ethereum saved the day starting in 2016 and unleashed the current bull run.
Fortunately, some found 200,000 bitcoins that belong to MT Gox. Now, with the astonishing price appreciation, Gox creditors are stupendously rich after forced hodling for almost four years and counting.
It is precisely because of those series of events that many are very nervous about Bitfinex in particular, and why more generally they advise full possession of your private keys.
But while that run in 2013 was brief, this run has now been going on for two years, a very first for this space which has never previously enjoyed festivity for more than a few weeks or a couple of months.
Thus dare we say that classic bubble top indication, a new paradigm? Why not, for in that woodoo magic manner, as long as they shout bubble or top neither might be the case.
Might, for of course it may, but a little heard refrain during the bear years was, without Gox who will come? Blockstream? – the market doesn’t seem to care about them. Bitfinex? – perhaps. Although by definition black swans are unforeseen, at least the timing.
Yet, has something fundamental actually changed? Although battles may have been lost, have we won the metaphorical war? Probably.
And if we are right, it is hopefully about time we enjoy the great peace, with popcorn on hand to watch the scalability race, as the masses seemingly no longer doubt, but ask when can we breed those kitties in peace.