THE GUARDIAN: The crypto asset is down more than 30% this week but is still up by more than 1,000% from the start of 2021
A senior manager at Goldman Sachs in London has quit the US investment bank after making millions from investing in Dogecoin, the joke crypto asset which has risen by more than 1,000% in value this year.
City sources said Aziz McMahon, a managing director and head of emerging market sales, had resigned from the bank after making money from investing in the digital currency based on the Doge internet meme.
Backed by famous supporters including the Tesla founder, Elon Musk, the rapper Snoop Dogg and the Kiss bassist Gene Simmons, the digital asset similar to bitcoin has soared in value over recent months.
Based on an internet meme – a humorous online phrase or photo, on this occasion a dog called Doge – the cryptocurrency rose above $0.72 (£0.51) against the dollar last week in anticipation of Musk’s appearance on the hit US TV show Saturday Night Live.
It has plunged by more than 30% this week since Musk’s appearance to about $0.50, according to Coindesk. However, it is still up by more than 1,000% from the start of 2021. » | Richard Partington | Tuesday, May 11, 2021
