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Data: Coindesk; Chart: Axios Visuals

Unlike bitcoin or GameStop stock, dogecoin — a literal joke of a cryptocurrency — is not supply-constrained. If you want more of it, you can mine it — and then, presumably, sell it, given the profit margin of about 57%.

Why it matters: The irrational price rises in cryptocurrencies like dogecoin perhaps help explain why 62% of crypto investors, including 58% of investors with less than $10,000 in crypto investments, expect that they will get rich from their investments in cryptocurrency.

  • Only 18% of crypto investors think it "unlikely" that their activity will make them rich.

The big picture: While most investment advice says that wealthier people can afford to take on more risk, that might not be happening in crypto.

  • Driving the news: 30% of Black investors own cryptocurrency, partly thanks to Clubhouse groups like Black Bitcoin Billionaires.
  • Tani Chambers, of Black Women Who Invest, told Bloomberg that "We have to take some high risks and make the investments that maybe are a little bit more risky than conservative because we are playing catch-up."

Go deeper

Cryptocurrency giant Coinbase heads to Wall Street

Illustration: Annelise Capossela/Axios

Coinbase, the country's largest cryptocurrency exchange, is expected to go public today at what could be a valuation north of $100 billion.

Why it matters: This gives crypto a Wall Street seal of legitimacy, after an early existence marred by ties to illicit goods.

Coinbase's choppy day one

Data: FactSet; Chart: Axios Visuals

Coinbase's highly anticipated public listing finished with a bit of a whiff.

What happened: Cryptocurrency exchange platform Coinbase initially blew past a $100 billion valuation — more than Target, Zoom or CVS (for context) — before ending the day around $86 billion.

What to watch as Wall Street prepares for blockbuster Coinbase listing

Illustration: Eniola Odetunde/Axios

Cryptocurrency will come to Wall Street like never before when Coinbase becomes a publicly-traded company on Wednesday.

Why it matters: The listing could value the company at upwards of $100 billion.