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2021: Year of the Doge?
September has had its share of Doge Drama.
Last week, AMC snubbed Doge while Robinhood teased wallets.
This week, AMC reversed course and is exploring plans to accept Doge for movie tickets, and Robinhood dropped the blockbuster news that wallets will begin rolling out in October.
Now, with long-awaited plans coming to fruition, Doge could be ready for a giant transformation.
With just a few months left in 2021, will it fulfill the prophecy of the Year of the Doge?
Let’s take a look at the latest twists and turns in the Dogecoin saga.
AMC Snubs, Unsnubs #DogeArmy
In August, AMC Cinemas CEO Adam Aron announced plans to accept Bitcoin for in-theater purchases.
At the time, he hinted AMC might get involved in other cryptocurrencies.
His comments fueled speculation that Dogecoin was next. The opportunity to create synergy between the two meme-powered enterprises seemed too great to pass up.
Last week, Aron tweeted that AMC was going to take Ethereum, Litecoin, and Bitcoin Cash for crypto payments.
AMC's growing involvement in crypto should've been a cause for celebration, but the absence of Doge overshadowed the news.
The DogeArmy mobilized swiftly, flooding Aron's comments to question his judgment and advocate for Doge.
This week, Aron responded by tweeting a poll asking if AMC should accept Doge after all.
77% of 140,000 respondents voted "yes."
The poll earned a "like" from Elon, who later added that Dogecoin's fee reductions would help facilitate small transactions.
In time, Tesla, AMC, the Dallas Mavericks, and a few other companies could form the start of a powerful pro-Doge business coalition.
Now, Aron is openly contemplating what it will take to get Shibes in seats at AMC theaters, tweeting a picture of a giant Dogecoin along with his reflections on his next moves.
While close, Doge for AMC hasn't been finalized.
There appears to be some kind of barrier stopping AMC from accepting Doge right this moment.
One possibility is that AMC's crypto payment processor isn't yet Doge-compatible, which should be an easy fix.
The Doge-AMC mini-drama is a reminder of how quickly and dramatically things can change in crypto, especially with Doge.
After a brief rift, Apes and Shibes are once more charting a unified meme-powered moon mission.
No CEO has taken more heat from Dogecoiners than Robinhood's Vlad Tenev.
On top of several dubious trading halts, Robinhood has prevented users from moving Doge off the platform, hampering its use case as a "transactions" currency.
Back in March, Tenev said Robinhood was working to add wallet functionality "as fast as possible."
In the months that followed, Robinhood provided scarcely any details about progress on wallets.
Without a clear timeline, the DogeArmy made a sport of spamming tweets by Vlad or Robinhood with irreverent demands for an update.
Now, after an agonizing wait, wallets appear imminent.
Hints started to drop last week, when Tenev tweeted an hourglass in response to a confused-John-Travolta meme calling for wallets.
The next day Tenev took part in the now time-honored tradition of roasting Robinhood's twitter handle with his own invocation of the DogeArmy battle cry WEN WALLETS???
With anticipation reaching a fever pitch, the news broke Tuesday that Robinhood's app included code for wallet beta testing.
Vlad confirmed the reports, reposting a thread by Robinhood COO Christina Brown, who provided details about the roll-out, which will begin in October and extend into 2022.
To celebrate the release of the wallets waitlist (www.wenwallets.com) Vlad stepped up his meme game.
The success of the wallet roll-out will be reflected in how many Doge holders decide to keep their coins on the platform.
Robinhood may try to entice users to keep their Doge on their app by giving them the option to earn interest with something like a Doge-based savings account.
If Robinhood executes, its app could challenge banks and credit card companies as a provider of digital payments.
The waitlist to beta test wallets has over two hundred of thousand people, while Robinhood is thought to hold at least 36 billion Dogecoin.
That's a lot of Doge pouring into the retail space looking for a place to be spent.
Businesses that adopt Dogecoin early stand to benefit most when it goes mainstream.
Early wallet users, meanwhile, have a historic opportunity to take part in building an alternative, Doge-powered economy.
Like AMC, wallets are tantalizingly close, but they're not a done deal yet.
When the dust does settle, it will be interesting to hear Vlad's full account of the wallets story, including the obstacles that prevented them from arriving sooner.
For now, the DogeArmy should celebrate this milestone in the meme-fueled transformation of personal finance.
Year of the Doge
With a little over three months left in 2021, a lot still needs to happen to consummate the Year of the Doge.
Robinhood and AMC are two giant dominos. They haven't fallen yet, but they're teetering.
When they do fall, it will be fascinating to watch how the legacy financial system reacts.
The DogeArmy should be proud. Its dogged advocacy is having an giant impact on the landscape of personal finance.
Doge is on the cusp. Buckle up!
Dogey Treats: News Bites
SpaceX's historic Inspiration4 all-civilian space mission was a success, with the Crew Dragon spacecraft orbiting the earth for three days before splashing down off the coast of Florida. The mission helped raise hundreds of millions of dollars for St. Jude's Children's Hospital. A picture from the mission appeared to show a stuffed dog in a spacesuit.
Real estate platform RedSwan is offering fractionalized ownership of two high-rise appartments, payable in Doge. The a combined value of the two buildings is $384 million.
Dogecoin's core code continues to receive updates.
Twitter added a Bitcoin tipping feature using the Lightning Network.
Elon reached 60 million followers on Twitter.
The Swiss crypto trading platform SwissBorg put out a poll asking "To Doge or not to Doge?"
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Disclaimer: This is not financial advice and I am not a financial advisor. The article above references an opinion for entertainment purposes only and it is not investment advice. Do your own research and consult with a licensed financial adviser before making any investment decision. Do not treat any opinion expressed in this newsletter as a specific inducement to make a particular investment. Content, news, research, tools, and securities symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or cryptocurrency or to engage in any particular investment strategy. The information provided is not warranted as to completeness or accuracy and is subject to change without notice. The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not guarantees of future results. All investments involve risk, losses may exceed the principal invested, and the past performance of a security, industry, sector, market, cryptocurrency, or financial product does not guarantee future results or returns. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes.
Disclosure: I currently own some Dogecoin, Bitcoin, and Ethereum. At the time of publication, Dogecoin is around $0.21 per coin.