Who let the Dogecoin out?

Here’s a topic I have not written about in years, but the moment seems right on multiple levels.

Bitcoin and other cryptocurrencies are having a strong mainstream moment.

The big players are moving in and since cryptos have a very limited supply, the prices are soaring. Bitcoin itself is trading just off its all-time high at around $47,000 a coin after Elon Musk announced his Tesla company had purchased roughly $1.5 billion in the digital asset and would be accepting it for purchase in the future.

We could see another big move as a Wall Street analyst has written that Apple could take a billion dollar position in the altcoin to bolster its Apple Wallet offerings.

But let’s go to the other end of the altcoin pricing spectrum. Dogecoin — named after the Japanese hunting breed called Shiba Inu, which is often used in memes on the web.

Launched at the end of 2013, Dogecoin has seen plenty of interest recently since the GameStop/Reddit short squeeze. This altcoin has risen more that 700 percent since late January. 

Over this past weekend Musk along with musicians Snoop Dogg and Gene Simmons have expressed their interest in Dogecoin bringing the value up to nearly 8 cents, marking its all-time high.

Dogecoin now has a market cap just under $10 billion with more than 113 billion coins outstanding out of the 127 billion offering. This means there is a robust amount of liquidity in the offering. As a point of comparison Bitcoin has a limit of roughly 21 million coins.

Here’s what you should not do with your cryptos. Back in maybe 2012 or so a Manhattan pizza joint was one of the first eateries accepting Bitcoin. Since I was writing about these new cryptos at the time, I ordered a pie for the office and paid with two Bitcoins.

As I recall the pizza was so-so, but I can tell you today that the pie was not worth $95,000 in today’s Bitcoin value.

So none of the above is meant to be investing advice, with the possible exception of not buying a piece of Bazooka with Dogecoin today.