Dogecoin, a cryptocurrency inspired by an internet meme featuring a shiba inu dog, began skyrocketing in April, ultimately hitting an all-time high of nearly 74 cents last month. The mood only got more frenzied from there. What is Dogecoin? How a joke became hotter than bitcoin
Crypto platform Coinbase reported 6.1 million active retail users in the first quarter, more than double the last three months of 2020. In the first three months of the year, 9.5 million people traded cryptocurrencies on the Robinhood app popular among young investors, up from 1.7 million the previous quarter. (MA) and BNY Mellon, the oldest US bank, said they were expanding into crypto, signaling growing mainstream acceptance.Īmateur investors took notice - including many who were hunting for the next internet obsession after dabbling in GameStop Other top companies, including Mastercard (TSLA) announced that it would begin accepting bitcoin payments for its cars. “I don’t want to panic out of something I just ventured into,” said Akshaya Parthasarathy, a 24-year-old living in Chennai, India.Īfter a lackluster few years, bitcoin took off last December, quickly notching a string of record highs as risky investments soared following the US election. Now, on the heels of their first major sell-off, some are swearing off crypto investing for good, while others are determined to hold on, confident in its promise. Drawn in by the huge gains that started in late 2020 or excitement around dogecoin, they entered the market looking to make some quick money or to avoid missing out on the next big thing. McGurn is part of a legion of investors who are new to cryptocurrencies. Many digital coins ultimately lost almost half their value, or more. He heeded the warning and sold his crypto holdings in the middle of last month, just as a massive rout was taking hold. I don’t want to panic out of something I just ventured into.”Īkshaya Parthasarathy, a crypto investor in Chennai, India “He knew I had all my money in there and he was just like, ‘I’ve seen this before with the dot-com bubble crash, and I don’t want to see you lose thousands of dollars,’ ” McGurn told CNN Business. The 27-year-old office manager in Madison, Wisconsin, had put all of his investments into cryptocurrencies, including bitcoin, ethereum and dogecoin, a joke coin whose rapid ascent he considered entertaining if “ridiculous.” That alarmed his father, an experienced investor. Grant McGurn is really glad he jumped on a FaceTime call with his dad.
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