Doug Polk watches as Bill Perkins loses big on dogecoin

Jon Pill
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Posted on: May 6, 2021 8:59 pm EDT

The poker world and the crypto world are tightly intertwined, but success in one arena really doesn’t guarantee success in the other. In Bill Perkins’ case, both worlds are a swirling money sink.

Yesterday morning dogecoin peaked. Yesterday evening Perkins bought $100k worth of dogecoin. Today that coin is worth about 85% of its peak price.

“Dogecoin is at the top,” Perkins tweeted. “How do I know? I just fired 100k into Doge on a momentum trade and I will be punished.”

Turns out he might be right. Then again, maybe doge has another rally in it. It really depends how much more pumping the sharks think the meme-cycle can take.

You can feel Doug Polk rolling his eyes in his reply a few hours later. “Earlier today ‘Hey Bill, if you need any help with any crypto stuff let me know,'” Polk writes. “Then I check Twitter tonight and he’s firing 100k in on DOGE.”

Who’s a good doge?

Dogecoin remains a kind of cautionary tale for both crypto-investors and those who like to mock them. Originally put together as a joke, dogecoin has persisted as one of the second-tier cryptocurrencies more or less since it launched.

Crypto in general has been doing well the last year. Dogecoin followed suit last month.

The advantage of being valued at close to zero is that there is really only upward mobility for you. For most of the doge’s life, it has traded at hundredths of a penny per coin.

In February, dogecoin it shot up to was trading at five or six cents per coin. Then in early April, the pump and dump HODL-life crew got involved. Now it is worth ten times that. On the way, it made a lot of people a lot of money. “Doge to the moon” memes began to proliferate. Elon Musk got involved.

As of 5:30 AM UTC yesterday it hit a peak of $0.6929. The first wave broke and a few hours later Bill Perkins threw $100,000 dollars into the market.

And so begins the second wave of memes, familiar to anyone who follows the crypto market’s less salubrious side. The memes tell people that the “whales” are selling, and now is the time to buy. Those memes are largely circulated by those same whales.

Since then dogecoin has lost about 15% of its value falling to $0.5756 at the time of writing. That’s quite a hit in a little over 26-hours.

It gives Perkins’s book title a whole other meaning. He really does seem out to “Die With Nothing.”

Featured image source: Flickr by Aranami