From Wall Street Bets members to bitcoin memers alike, there has been a rally cry to send Dogecoin to new all time highs for 4/20 to give the period a new meaning as Doge Day. As I say it, I am baffled by how ridiculous the internet can be, and how this can even be considered news, however, at the same time it is an intriguing social experiment!
All jokes aside, Dogecoin,whether you find it silly or not, fits the criteria of currency as it: 1. Is a fixed unit of account 2. Functions as a medium of exchange and 3. Is a store of value. Does this mean you should buy it? No, probably not. Just because something can function as currency doesn't mean it is a good store of value. As it stands, “Ten thousand new Dogecoins are programmed to be issued every minute for the rest of eternity, meaning the value will never hold” (Fortune). This makes it very difficult for Dogecoin to appreciate. Nevertheless, the internet and its army of teenagers and basement dwellers won't give in. They seem to be hell bent on making this digital currency, that originated as a meme, the next big thing.
However delusional these internet trolls may be, they have proven one very powerful point: Currency is what we, the people, decide it is!
If the people decide that they want to transact in a currency named after a Shiba Inu, then it is settled: Dogecoin is the currency of choice.
And again, if the people decide to transact in US dollars then that is the currency of choice.
But the question is: should you?
Shoutout to Fredy Molfino for inspiring me to write this short article.