Last Sunday (May 9), Andrew Kang, Co-Founder and Partner at crypto-focused investment firm Mechanism Capital, talked about how the current popularity of Dogecoin ($DOGE) with retail investors is bullish for the whole of the crypto space.
This is Kang’s bio:
“Andrew Kang is a cryptocurrency entrepreneur and investor. He is the Co-Founder of Mechanism Capital which invests in cryptocurrency through prop trading, mining, ventures, and secondary markets. Kang previously worked in portfolio management and venture capital at Digital Capital Management. In 2020, Kang was deeply involved in various DeFi related ventures, he is also very active in providing analysis on DeFi projects through Twitter.“
On May 9, Kang wrote on Twitter:
“For many, Doge has been a gateway shitcoin into crypto kicking off a new wave of capital inflows… The first topic of discussion for these new investors is whether they should buy Doge… The second is usually what other coins to look at… Bullish“
Kang also believes that Dogecoin is “actually more bullish for crypto in terms of driving new inflows” than the recent direct listing of Coinbase stock (COIN) on Nasdaq.
Even more interestingly, the crypto investor said earlier today that his first exposure to crypto was when he bought Bitcoin seven years ago in order to use it to buy $DOGE.
— Andrew Køng (@Rewkang) May 11, 2021
Data by TradingView indicates that today (May 11), on crypto exchange Bittrex, the Dogecoin price hit $0.4943, which is the intraday high. Currently (as of 07:28 UTC on May 11), Dogecoin is trading around $0.4701, down 14.52% in the past 24-hour period.
The insane popularity of Dogecoin with retail investors in 2021 is mostly due to support from billionaires Elon Musk and Mark Cuban. This has inspired the creation of several other meme-based crypto assets, most notably Shiba Inu, also known as SHIB Token ($SHIB), which is up nearly 40,000% vs USD in the past 30-day period.
$SHIB is absolutely incredible. Many saw it coming from a mile away. Their logic was:
Elon => Doge
Doge => Shiba
It is inevitable
Hats off to all of them. pic.twitter.com/Fvh2fhCVR1
— Alex Krüger (@krugermacro) May 11, 2021
Here is how the creators of $SHIB introduce this altcoin:
“SHIB is an experiment in decentralized spontaneous community building. SHIB token is our first token and allows users to hold Billions or even Trillions of them. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking). Popular worldwide, and already up thousands of percent, Shiba token ($Shib) is the first cryptocurrency token to be listed and incentivized on ShibaSwap, our decentralized exchange.
“We locked the 50% of the total supply to Uniswap and threw away the keys!
The remaining 50% was burned to Vitalik Buterin and we were the first project following this path, so everyone has to buy on the open market, ensuring a fair and complete distribution where devs don’t own team tokens they can dump on the community.“
This is what Larry Cermak, Director of Research at The Block, said earlier today about the trading of these dog meme crypto assets on decentralized crypto exchange Uniswap (which is the main place to buy most of them):
I can’t do this anymore pic.twitter.com/FL6YDtgMjn
— Larry Cermak (@lawmaster) May 11, 2021
New Zealand based crypto analyst and influencer Lark Davis warned people investing in these meme-based coins to “book in profits”:
— Lark Davis (@TheCryptoLark) May 11, 2021
(Photo : SlashGear)