According to The Telegraph, a senior Goldman Sachs executive resigned from the company after making millions from Dogecoin. Aziz McMahon, director of emerging markets sales, resigned after 14 years at the investment bank.
McMahon is reported to have opened a hedge fund with his earnings. But at this time an exact figure for how much he earned is unknown. Since the beginning of the year, the value of DOGE has risen approximately 10,000%, forcing a new narrative on what constitutes a sound investment.
While naysayers remain entrenched in the idea of investing in DOGE, its popularity has spawned a new subcategory of dog coins. At this stage, it is difficult to know what to do with things.
The Dogefather crashes and burns
Dogecoin price hit an all-time high of $ 0.74 over the weekend. But the euphoria was short-lived when DOGE collapsed, by as much as 30%, following Elon Musk’s appearance on SNL later that day.
Weeks before his appearance on the show, there was speculation about whether he would mention Dogecoin, and he did so in various scenes.
But, instead of sending DOGE to the moon, markets headed south to find a local bottom at $ 0.41.
Source: DOGEUSD on TradingView.com
Despite that, there is still no denying DOGE’s unrealistic gains to date. A fact that did not go unnoticed by McMahon, who was able to escape the corporate rat race thanks to Dogecoin.
Galaxy Digital CEO Mike Novogratz said that the Dogecoin phenomenon has become a movement whose primary sentiment is to stick it to the system.
“When you think about the whole spirit of what this crypto revolution is, there is something pure about what Dogecoin has done… It is a little middle finger to the system. People are unhappy with the current financial system. They just are. “
Dogecoin Mania goes crazy barking
Such is the popularity of Dogecoin that several copycats have hit the market, including Dogelon Mars, Dogefi, and DogeMoon, to name a few.
But the most successful to date has been Shiba Inu, which launched in August last year but began to gain traction last month. After hitting an all-time high of $ 0.00003791 on Monday, a sell-off occurred, putting the sustainability of Doge-mania in general into question.
Binance listed the $ SHIB token on Monday. But CEO Changpeng Zhao distanced himself from the decision, saying he believes people should be free to change it if they want to. He added that it is a high-risk token and that including it is not a personal endorsement on his part.
Looking to catch the dog trend, Yearn Finance developer “banteg” recently tweeted about Woofy’s pop-up token. This resulted in the price of YFI skyrocketing to $ 89.7k on the back of a rumored Woofy airdrop.
Of all the suitors, Woofy has the most credibility due to Yearn Finance’s established reputation in the crypto space. However, with the sheer number of Dogecoin clones, one has to wonder if things have gone too far.