By now many of you have heard of the cryptocurrency Dogecoin. For those of you who haven’t essentially it’s a joke or at least it started that way. The coin rocks a Shiba Inu dog as its mascot from a meme called Doge, which went viral in 2013 when the crypto meme was created.
In late 2020 a Reddit community by the name of Wallstreetbets targeted the volatile coin successfully turning the useless asset into a pump and dump for the majority of the year. Throughout this pump and dump we’ve seen the price of the coin continuously be by Elon Musk and his tweets.
In 2021 the coin achieved a cult status. It already had achieved cult status by the time Tesla CEO Elon Musk followed by other star power from the likes of Snoop Dog, Marc Cuban, and Guy Fieri. sending its value soaring. Today it stands at the number 8 cryptocurrency in the world being now one of the most-used altcoins.
Before all the hype around the memecurrency grew there was a boy from Chicago who many believe to now be a Dogecoin whale who bought in on April 21, 2016 for less that 0.00044 per coin. James Panos was just starting off college when he invested $1,800 in bonds he received over his life from his grandparents. Today the coin is worth $0.24 and just a week ago hit an all time high of $0.43.
He foresees the coin hitting $1.00 this year and though it is unclear what exactly his equity in the coin at the moment is, one can only assume it’s high based on his average cost per coin at a remarkable $0.00044. Many actually believe he is one of the biggest shareholders in Dogecoin to date.
Panos has touted on social media about this moment calling it the Silly Bandz Effect. Silly Bandz were rubber bands made of silicone rubber formed into shapes such as animals, objects, numbers, and letters. They were first introduced to the market in Japan and in 2010 when the silly rubber bands hit the U.S. market they became one of the most sold items of the year.
Panos’s argument when finding Dogecoin was that if Silly Bandz could take off the way it did, so can something as silly as Dogecoin. He believes the average U.S. consumer is a lot simpler minded now being surrounded by memes and persuaded by social media 24/7. Today, his theory is spot on proving this purchase all those years back might not have been a stroke of luck after all.
Today, Panos launched a Discord group promoting the cause to send Dogecoin to the moon this year flooding the group with memes and information on tweets and patterns. It’s very limited to who can get in but if you follow him on social media your chances of an invite are a lot more likely once you’re in his network.
To the Redditors this is all good fun, to James this is a moment in time he has anticipated patiently for years waiting perfectly for a moment like this to arise to take advantage of and grow his portfolio.
James Panos has had a hard 2020. In November he was diagnosed with stage 3 cancer and will be undergoing one last surgery sometime in May. We want to wish Panos a speedy recovery and let him know he is in our thoughts.