By Jared Dillian
I’ve been either investing or writing about investing for 22 years, and I’ve seen a lot of weird stuff, but nothing as weird as Dogecoin, the lighthearted dog-themed cryptocurrency that was created as a joke. It’s now valued at more than $50 billion, exceeding Ford Motor Co. and many other companies with extensive histories. It’s not the first worthless financial instrument that I’ve seen soar to great heights—it happened to dot-com stocks at the start of my career—but the first one intentionally designed to be worthless. Elon Musk thinks this is funny. I don’t find the humor in it.