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A Challenge For Doge Detectives
THIS Is Why Another Dogecoin Satellite Could Be In The Works...
As its name suggests, an element of secretiveness pervades cryptocurrency.
From the identity of Satoshi Nakamoto to the movements of markets, so much of what happens with digital currency is shrouded in mystery.
Last week, a big player in the crypto world sent a coded message on 𝕏 involving Dogecoin. Let’s see if we can demystify it.
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Last week, Samuel Reid posted this message to his 𝕏 account: “Flash3: wave2: WTB 2,000,000 DOGE OTC DM IYKYK.” The message was accompanied by a drawing of a crescent moon on a grid
Reid is the CEO of Geometric Energy Corporation (GEC), the company which paid SpaceX in Dogecoin to launch the Doge-1 lunar satellite.
The transaction took place in 2021, and Elon announced news of the satellite the day after his Dogecoin SNL appearance. Doge-1 is planned to launch this November.
When asked about paying for the mission in Dogecoin, Reid said, "we paid SpaceX in full with DOGE, and it was many millions of dollars in fiat value." Here’s a video of Reid explaining how the Doge transaction came about:
By virtue of this transaction alone, Reid has become one of the main characters in the Dogecoin saga.
I asked ChatGPT what his cryptic post could mean. Before you read the answer, take your own stab at interpreting it—what do you think?
The AI broke down the message one code-word at a time. Here’s what it came up with:
Flash3: This could refer to a specific type of communication or alert. In some online communities, "flash" can be used to indicate urgency or a quick action. The number "3" might signify a level of importance or a sub-category.
wave2: Similarly, "wave2" might represent another type of alert or communication channel. It can also indicate a phase or step.
WTB 2,000,000 DOGE OTC: This seems to be the core of the message. "WTB" stands for "Want To Buy." "DOGE" is the ticker symbol for Dogecoin, a popular cryptocurrency. "2,000,000 DOGE" indicates the amount they want to buy. "OTC" stands for "Over The Counter," meaning they want to make a private transaction without going through a public exchange.
DM IYKYK: "DM" stands for "Direct Message," implying they'd like to be contacted privately. "IYKYK" stands for "If You Know, You Know." It's a way of saying that the message is intended for those who understand its meaning or are in-the-know about a specific situation or context.
The drawing of a crescent moon on a grid could be symbolic or represent a specific timing (like a certain phase of the moon). It might also be a logo or emblem for a group.
In summary, the sender of this message is signaling that they urgently want to buy 2,000,000 Dogecoins in a private, over-the-counter transaction and would like to be contacted directly by those who understand the context or have the means to facilitate this transaction. The crescent moon might provide additional context or a timing element.
ChatGPT’s decode looks accurate, but leads to further questions.
Why does Reid want to do a private OTC transaction? OTC transactions are frequently done in order to avoid causing market volatility—if Reid were to market-buy two million Dogecoin from Coinbase, the sudden spike in demand for Doge would likely cause its price to increase. OTC transactions don’t move markets because they’re done in private between two parties, rather than on public exchanges. So maybe Reid doesn’t want to cause volatility in the Doge market—but why?
I’m guessing Reid/GEC plan to use the Dogecoin to make a purchase at some point down the road. What is he buying? From whom?
As head of a satellite company, Reid is presumably well connected—why would he seek out a seller by issuing a public statement on 𝕏?
At Dogecoin’s current price of six cents, two million Doge is worth about $120,000. This sum is unlikely to pay for another rocket launch from SpaceX, whose cost Reid said runs in the millions. Is Reid buying something else with Dogecoin, or is he planning on Doge’s price appreciating between now and when he makes his purchase?
In the replies to Reid’s original post, someone suggested Reid could be arranging payment for DOGE-2 from SpaceX.
In an interview from 2021, Reid said GEC was indeed planning to make a DOGE-2 satellite: “Note that it’s called DOGE-1 and Geometric-1. So, this implies we seek one day for a -2.”
So what do you think? Is DOGE-2 in the works, or is something else afoot? One thing’s for sure: if GEC makes another big Doge-related announcement soon, we’ll know where the trail of breadcrumbs began…
Update: the transaction was completed
Dogey Treats: News Bites
Dogecoin Core developers released a September update.
The Doge-Ethereum bridge appears to be shutting down, and holders of Wrapped Doge are encouraged to swap their tokens back to Dogecoin. The developer behind the project said it was shutting down because of “no traction.”
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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. Always assume that the author of the article is actively trading and that the opinions expressed may be biased towards the author’s holdings. 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.
At the time of publication, Dogecoin is around $0.06 per coin.