According to The Telegraph, a senior Goldman Sachs executive has quit the firm after making millions from Dogecoin. Aziz McMahon, the Head of Emerging Market Sales, resigned after 14 years with the investment bank.
It’s reported McMahon has opened a hedge fund with his gains. But an exact figure on how much he made is unknown at this time. Since the start of the year, the value of DOGE is up approximately 10,000%, forcing a new narrative over what constitutes sound investing.
While the naysayers continue to blow cold on the idea of investing in DOGE, its popularity has spawned a new subcategory of doggy coins. At this stage, it’s difficult to know what to make of things.
The Dogefather Crashes and Burns
The price of Dogecoin posted an all-time high, of $0.74, during the weekend. But the euphoria was short-lived as DOGE tanked, by as much as 30%, following Elon Musk’s appearance on SNL later that day.
Weeks before his appearance on the show, speculation was building on whether he would mention Dogecoin, and he did over several scenes.
But, rather than send DOGE to the moon, markets instead headed south to find a local bottom at $0.41.
Source: DOGEUSD on TradingView.com
Despite that, there’s still no denying DOGE’s unreal gains to date. A fact not lost on McMahon, who was able to escape the corporate rat race thanks to Dogecoin.
The CEO of Galaxy Digital, Mike Novogratz, said the Dogecoin phenomenon has spawned into a movement whose overriding sentiment is to stick it to the system.
“When you think about the whole spirit of what this crypto revolution is, there’s something pure in what dogecoin has done… It’s a little bit of a middle finger to the system. People are unhappy with the current financial system. They just are.”
Dogecoin Mania Goes Barking Mad
Such is the popularity of Dogecoin that several imitators have come to market, including Dogelon Mars, Dogefi, and DogeMoon, to name a few.
But most successful to date has been Shiba Inu, which launched in August last year, but started gaining traction last month. Having posted an all-time high of $0.00003791 on Monday, a sell-off ensued, calling into question the sustainability of Doge-mania in general.
Binance listed the $SHIB token on Monday. But CEO Changpeng Zhao distanced himself from the decision, saying he believes people should be free to trade it if they please. He added that it’s a high-risk token, and listing it is not a personal endorsement on his part.
Looking to catch the doggy trend, Yearn Finance developer “banteg” recently tweeted about the up-and-coming Woofy token. This resulted in the YFI price spiking to $89.7k off the back of a rumored airdrop for Woofy.
Out of all the pretenders, Woofy holds 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 question whether things have gone too far?