Business
After GameStop, the rise of Dogecoin shows us how memes can move markets – The Conversation AU
Despite having no real basis as a financial asset, cryptocurrency Dogecoin recently reached a market cap of more than A$12 billion.
One of the most difficult problems in finance right now is figuring out the fundamental economic value of cryptocurrencies. And the past week has complicated this further.
For many cryptocurrency investors, the value of Bitcoin is based on the fact it is artificially scarce. A hard cap on minting new coins means there will only ever be 21 million Bitcoin in existence. And unlike national currencies such as the Australian dollar, the rate of release for new Bitcoin is slowing down over time.
Dogecoin,…
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