The rise of social media platforms and online communities could easily be described as one of the most impactful changes to our world within the last few decades. It has brought about the advent of influencers, altered our communications, and saw the rise of popular memes that nearly contain and create dialogues all on their own, without the need for words. Perhaps with such ubiquity, it should come as no surprise that social media would also have an impact on the world of finance.
Social networks such as Reddit, Twitter, and other platforms influence consumers’ product choices and have a clear and tangible impact on market exchanges. Even those unfamiliar with the New York Stock Exchange (NYSE) are suddenly keen to follow the markets after seeing the phrase “to the moon” trending. Indeed, social media trends seem to sway broader markets and individual stocks’ costs. Notable among these social media-inspired fluctuations are the changes to the Dogecoin price on a given day. Arguably quite meme-worthy, Dogecoin price fluctuations have a fascinating correlation with viral trending and celebrity endorsement.
What do You Meme the Price Changed?
Recent press has examined the history of Dogecoin, highlighting how memes and social media buzz have played a substantial role in the day-to-day changes of Dogecoin’s price. What was originally considered satirical has since seen quite the bull run as the popularity of Dogecoin has surged, which in turn has its price. Viewing Dogecoin through this lens, the hype and the doge appear to go hand in paw. The piece contended that Dogecoin “shows how decentralized communities and cultural movements can influence modern finance” and notes how Dogecoin is dubbed “the people’s currency.” With Dogecoin being widely considered by the people for the people, it has become a community feature rather than a bug; the currency and its price are inextricably tied to social media and trending.
Celebrities Say Good Doge
Celebrities and social media influencers, too, have been quick to join the crypto trend. Celebrity Dogecoin owners have ranged widely and grabbed the spotlight, adding to the hype. While celebrity endorsements are nothing new, the outsized impact of influencer trends on Dogecoin price is fascinating.
Perhaps the most notable figure in Dogecoin discourse, straddling the line between social media influencer de jour and celebrity, is Elon Musk. Arguably, there is no better example of the symbiotic relationship between the price of Dogecoin and social media trends. Following a series of late-night tweets, Dogecoin was up more than 50% in trading the following day. This was certainly no one-time occurrence either. Reports say the meme coin has risen 150% since November.
Musk has continued to feed into the hype, naming himself “The Dogefather” and calling for a D.O.G.E. or Department of Government Efficiency. In this media landscape, meme-ing seems to have jumped right off the social media page and become part of everyday existence, with Dogecoin as the agreed-upon currency.
Every Doge has its day, but are they numbered?
Undoubtedly, more traditionally minded investors may wonder if the hype can continue. Dogecoin appears to have stood the test of time and trending, moving from satirical outsider to right in the center of financial discourse. Indeed, the more the Wall Street crowd puzzles at how a dark horse doge seems to have outrun its competitors on the stock exchange, the greater the trending becomes on Reddit, Twitter, and everywhere else. And as trending, mentions, and hashtags further amplify the doge, the price likewise ticks upwards on market exchanges. Celebrities and influencers are keenly attuned to a social media ecosystem comprised of these dark horse outsiders who can capitalize on social media fervor, pushing the Dogecoin price ever higher and possibly ‘to the moon.’
