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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"

trying to force fit a model that doesn't make sense is like the clod father saying "hey, life is wonderful, stop cutting yourself and having suicidal thoughts, that's not rational." the feelings may not make sense but denying the reality of their existence makes less sense

you cannot look at real blood being spilt and just dismiss it just because you cannot understand it

this is not to say that the current price is sustainable. what i suspect is happening right now is that massive amounts of doge are now stuck behind people getting their ids validated so that they can transfer to an exchange and get some usd

once that supply hits, it will flood the demand and drive it back down, causing a panic which will increase supply even more, etc... etc...https://twitter.com/a_yawning_cat/status/1389472515962019841 …

the reason this is happening w/ doge more than other coins is because it was a joke coin so it was not supported by many exchanges. thus it has a supply bottleneck while the other coins do not. (also it's easy to just buy one doge as keepsake since the price is so small)

in that sense, the current price of doge is easily manipulated because the people active in the market are not representative of "real" buyers. just like if a few billionaires trade a few NFTs between themselves at millions of dollars to stoke the market

this again matches how real popularity/coolness works you need an elite group of hipsters to say "this is cool" BEFORE it gets actually cool.