Scroll to an old 2021 tweet. CZ lamented that DOGE was created—just for “something fun for the moment, avoiding traditional bank fees”—yet it became the most successful joke in human history, with a market cap exceeding $2 billion. He said this was only possible in the crypto world.

Five years later, the joke has grown into an entire track. Some people made a fortune; others chased the price. What’s valuable isn’t the punchline, but the consensus that’s willing to pay for it.