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even though this feels "fake" it is NOT. the entire fashion industry works this way and more abstractly.. the entire notion of Popularity or Coolness itself relies on this "fakeness" to operate

thus dogecoin's market price DOES reflect correctly its current popularity and coolness. it just does not correctly reflect marketCAP which is just current price multiplied by outstanding doges

but WHY is marketcap even calculated like that anyway? it doesn't make sense to take a price that is only accurate in the present moment and multiply it across all doges across all history in all wallets it's like having a marketcap for rice, or water.

and this... is GOOD fashion/popularity/coolness is good because it's bubbles and bursts actually contribute quite a bit to culture. "man cannot live by bread alone"

just like a huge price spike triggers margin calls and wipes out a hedge fund, spikes in attention focusing actually bring certain ideas into the collective conscious the discrete event carves deeply into reality producing real effects even if they r not ECONOMICALLY measurable

so the individuals buying dogecoin just for the sake of owning one are not so different than the individuals who buy luxury bags or diamonds or even gold yet we don't suddenly say that luxury brand companies and mining companies don't deserve their marketcap

the difference is that traditional companies that make money out of thin air via the artificial scarcity of fashion and popularity have a cashflows in fiat. because the flow of fiat is REAL then the company feels real

but crypto's whole argument is "my doge or whatever it is just bought is just as good as your dollar" or "my black clothing and vaping is just as good your straight A's and perfect SAT scores"