DOG MONEY! People are going crazy over Dog Money. Will it be another Beanie Baby bust or is it a good investment?
If you collected and ‘invested’ in Beanie Babies in 1990’s you will recall their rise in value and their eventual bust. This article from 2015 attempted to define the craze:
It’s been about 20 years since the U.S. suddenly fell in love with the adorable 5-inch Beanie Baby dolls created by Ty Warner. In a new book called The Great Beanie Baby Bubble: Mass Delusion and the Dark Side of Cute, author Zac Bissonnette details how that passionate devotion rose up suddenly across the U.S. and then came to an end. Along the way, Bissonnette shows how Beanies helped foster the rise of ecommerce and all sorts of other unintended consequences, including — believe it or not — murder.
The Beanie Babies story at times reads like a Shakespearean tragedy as much as business school case study. It also is chock full of irony, such as the fact that an extremely unlikeable man such as Warner could be responsible for creating something so lovable. In an interview, Bissonnette likened Warner’s obsession with creating the “perfect” Beanie to the maniacal focus late Apple CEO Steve Jobs put on designing products such as the iPhone that became a ubiquitous part of the modern world.
Like Jobs, Warner wasn’t afraid to take risks. He ignored the naysayers after Beanie Babies flopped during their initial debut, and pressed forward with a product he believed in more than anyone else. Warner’s obsession even became an asset. When he would suddenly change product designs, collectors and wannabe entrepreneurs would snap up the $5 plushes and resell them on eBay at mark-ups topping 1,000 percent. In 1999, Jeffrey White, a career criminal from West Virginia, shot and killed a coworker at a lumberyard after an argument over Beanie Babies.
Eventually, the prices for most beanies dropped but the craze was real. The same can be said for the tech craze in the late 1990’s but clearly some of the stocks back then are some of the largest companies in market value today.
Now the cryptocurrency craze is growing by the day. The market value for these ‘currencies’ has reached epic proportions. But like the tech bubble, will some of these currencies make it and some not? Time will tell. But right now one cryptocurrency has a lot of support and excitement behind it – Doggie coin (DOGE).
Elon Musk helped make it popular and reportedly said that he will be talking about DOGE Saturday night on SNL which will no doubt be their most-watched show in ages.
Musk made some comments about DOGE recently:
The Doggie Coin backers have gone nuts in a very fun way:
— reason (@reason) April 29, 2021