<Anchor> It is a
friendly economic time. Today (21st) will be with reporter Kim Hye-min. Reporter Kim, I don't know if cryptocurrency investments should be called real investments or speculation these days, but I personally think that it looks like speculation, but there is a story that'Dojicoin' has also risen a lot. But what on earth is this Dogecoin?
<Reporter>
'Doji Coin' is actually a cryptocurrency made by developers for fun at first.
In 2013, when software developers Billy Marcus and Jackson Palmer created Doge Coin, they chose the popular Japanese Shiba Inu as their mascot, and the currency name was'Do-ji', which means Shiba Inu meme.
It was made as a joke, so in the beginning, there were no places of use or business plans, and the amount of issuance was not limited. It's virtually useless.
However, these coins have suddenly surged enormously lately. Dogecoin was in the 0.003 dollar mark in December of last year, but it exceeded $0.40 on the 16th. It has risen more than 130 times.
In Korea, about 17 trillion won worth of Dogecoin was bought and sold over the past 24 hours on the 16th. The previous day, the transaction price of KOSPI was about 15 trillion won, which is beyond this.
It is a little difficult to compare the cryptocurrency market that runs around the clock and the KOSPI market that only trades at a fixed time, but it can be seen that many domestic investors flock to Dogecoin.
<anchor>
Really, the expression that this is a frenzy is really colorless, I think this expression is appropriate. I'm a little worried, but what is the reason why coins that were so useless have risen so much?
<Reporter>
Perhaps Elon Musk played a big role. Musk has mentioned Dogecoin as one of his favorite cryptocurrencies.
Recently, he posted a post on his Twitter, entitled "Toji Barking at the Moon" with images of famous works of art. 'Moon' is a slang word for soaring prices in the capital market.
In addition, the Dogecoin'Meme' shared in July last year was again published, a picture depicting the hopes of investors that Dogecoin will become the standard in the global financial system.
In addition, I posted a slightly erratic tweet saying that the ancient Romans offered Dojicoin as a sacrifice, saying that it was ``the origin of the Dojiday afternoon''. This date is also known to have little or no meaning.
<Anchor>
Recently there was a story about the Musk effect, but once Musk tweeted like this, the cryptocurrency suddenly went up and then fell out, and these things seem to repeat itself, but I'm not sure. First of all, if you really want to talk a little bit more about Dogecoin, it's the afternoon of the 20th in the US right now.
<Reporter>
This is also the reason why I introduce this in accordance with Doji Day. If you have known Doji Coin, you may wake up this morning and wonder if the price of this coin has really increased a lot.
I've just seen it, but it's been down quite a bit. Compared to 24 hours ago, it is down by about 20% to the 0.3 dollar level.
In the meantime, there was a movement like this when raising up to $1 on Dog Day, but it wasn't far from that.
Cryptocurrencies such as bitcoin are on the decline in recent years, and Doji-day, which was expected to be the highest peak for Dojicoin, has passed, so it is expected that it will continue to fall in the future.
The Wall Street Journal reported a few days ago that "the blast of Dojicoin reminds me of individual investors who bought huge gamestop stocks earlier this year."
At that time, individual investors gathered in an online community called Reddit and bought GameStop against short selling. Right now, they are talking about Dogecoin at the Reddit Stock Exchange.
He also evaluated that "In the past, institutional investors used to crush Wall Street, but now ants are leading Wall Street."
<Anchor>
Anyway, in recent years, real estate, stocks, and even virtual currency have been invested in the capital market, and some experts have even talked about bubbles.But isn't it a really risky investment even if it rises so much?
<Reporter>
In fact, don't ask, it's the epitome of investment.
It's called the'bigger fool' theory. I mean investing in a product or price because you know that there is a bubble in it, but you have the expectation that other investors will live at a higher price than you.
So, it's not the intrinsic value, but the irrational beliefs and expectations of investors that make the price of the product.
Experts warned that "Dojicoin is a typical speculation," and "If you drive money and invest, you will lose it."
In addition, he said, "the whole cryptocurrency market is leading a'bomb-spin' type of market, mainly for ant investors," he said.