Dogecoin: Does investing “in currency with a dog” make sense for this section?
The adage “You work hard for your money and your money should work hard for you” may never get old over time. Investing is important, if not essential, to make your money work for you. Until a few years ago, the masses mainly relied only on stocks and physical assets like gold and real estate as investments. In fact, for older generations, the traditional array of assets is a must-have option every day.
Nonetheless, with the emergence of digital assets like cryptocurrencies, market players now have a wide range of assets to choose from. In fact, new assets resonate well with new generations. Even in times of market adversity, the younger generations express their enthusiasm and keep affirming that they are “for the technology”.
A meme that highlighted the different strengths chosen by people of different generations has been making the rounds on social media lately. However, he managed to gain traction mainly because the self-proclaimed “DogeFather” reacted to his irony, thus instigating the Dogecoin v. Immovable.
– Elon Musk (@elonmusk) June 24, 2021
Interestingly, in May 2020, Elon Musk took to social media to announce that he was giving up most of his possessions. In addition, he has explicitly stated that he will no longer own a home from now on.
I sell almost all physical goods. Will not own any house.
– Elon Musk (@elonmusk) May 1, 2020
Apparently, prior to the aforementioned Twitter announcement, Musk owned several luxury mansions in California that had a cumulative valuation of over $ 100 million. Musk’s reaction to the meme makes even more sense when the above dots are connected. Well, apart from the mainstream asset promoters, even people close to Musk were apparently “mad“to him for taking such a call.
A recent study pointed out that Generation Z and Millennial investors prefer to use a fusion of new and old investment strategies. Cryptocurrency, however, remained the second most likely asset to be owned by Gen Z investors. Well, according to age stratification, Musk falls into the Gen X category, which is generally characterized as “conservativeWith their investment choices.
Now, even though Tesla’s ‘Techno-King’ doesn’t fall into the Gen-Z or Millennial category, he’s clearly been fond of cryptos, especially Dogecoin in recent months. However, the value of the meme-coin has recently plunged and the community felt that even Elon wouldn’t be able to save it.
Now, since real estate is most likely out of Musk’s equation, the odds of Musk resurrecting the coin and taking it on a “ride to the moon” have increased. On the back of Elon’s tweets, Dogecoin managed to register a YTD return of +4112.69%.
Subscribe to our Newsletter