Hey everyone,
2023 was a year of transformation for Dogecoin.
From the Doge taking the Twitter bird’s perch as the logo, to the mystery of 𝕏Ɖ, to Elon hinting at the revival of the Dogefather, there was no shortage of action for the future dog-themed currency of Earth.
More than ever before, we caught significant glimpses of where Doge is headed, and the future is wow. Let’s take a look at a few of the top moments from 2023, and gaze into the crystal ball to see what 2024 has in store for Doge.
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I. The Bird Becomes Doge
For three days in April, dogs ruled the roost at Twitter.
On an otherwise commonplace Monday afternoon, without warning, the iconic Twitter bird logo was swapped out for a Doge.
In a stretch reminiscent of the 2021 Dogecoin Rise, Doge flooded over Twitter, leaving doubters in disbelief as everyone from Dominos Pizza to the Russian Ministry of Foreign Affairs posted memes.
The event will go down in history: for the first time ever, a social media company made a meme into its mascot. While the change was only temporary, it offered a glimpse into the future of Dogely things to come.
II. 𝕏Ɖ
The bird-Doge switch was a prelude to a larger transformation: the demise of the blue bird logo and arrival of the long-awaited 𝕏.
The move to 𝕏 was more than just a cosmetic change: it signified the app’s transformation from primarily a text-based microblogging site to the much-anticipated “Everything App.”
Throughout 2023, 𝕏 took shape as a a go-to resource for long-form video, Spaces town halls, video game streaming, and the Grok AI chatbot, in addition to its well established dominance in the spheres of news and memes.
The transition to 𝕏 seemed to herald a big moment for Doge as well. No sooner did the app roll out its new brand than Elon changed his profile location to “𝕏Ɖ,” suggesting a fundamental connection between 𝕏 and Dogecoin.
To this day, 𝕏Ɖ remains on his profile.
The big domino yet to fall is 𝕏’s transformation into a financial services app to compete with PayPal, Venmo, and perhaps Coinbase as well.
Last week, Elon gave an update, telling ARK Invest’s Cathie Wood that he expected 𝕏 to receive all state money transmitter licenses in early 2024 and roll out payments by the middle of the year.
Of course, the big question is how Dogecoin will fit into the puzzle.
The possibilities are myriad: Doge tipping on posts, Dogecoin for Premium/Subscriptions, and Doge micropayments for individual pieces of content have all been discussed.
As 2023 draws to a close, we’re still waiting and wondering the ultimate meaning of 𝕏Ɖ. With any luck, 2024 will have answers.
III. Doge Rogan
Elon’s podcasts with Joe Rogan are always showstoppers, and this October’s interview was no exception.
Over the past few years, Rogan has made handful of references to Dogecoin during various episodes, but has never discussed the topic directly with Elon.
In the leadup to the latest interview, you couldn’t help but wonder: would Elon and Joe bring up Dogecoin this?
And believe it or not, they did! At least in their own sly way.
The interview’s opening segment featured Joe and Elon commenting on a Beeple NFT known as Gigachad, in which a buff and shirtless Elon walks a Shiba Inu Doge. The image carries historical meaning in the saga of Dogecoin Rise.
Joe and Elon never mentioned Dogecoin directly, but a bit of sleuthing made clear exactly what they were talking about. Take a look for yourself:
A week after the Rogan pod, Elon continued the trend of cold-opening with a Dogely reference. In his November interview with Lex Fridman, he began by whistling the theme to The Godfather.
The tune was a likely reference to Elon’s “Dogefather” alter-ego, first introduced to the world during his May 2021 SNL appearance.
We haven’t heard much from Dogefather since then, but the hints keep dropping that he waits in the shadows, watching the crypto chaos unfold and preparing to strike when the time is right.
IV. Community Hijinx
2023 saw two big efforts come to fruition on the part of the Dogecoin community.
In November, the community celebrated Kabosu’s 17th birthday, hereafter known as Doge Day, by unveiling a bronze Doge statue in Sakura Furusato Square in Chiba, Japan.
The statue was crowd-funded by the Dogecoin community, Dogecoin Foundation, and other pro-Doge organizations.
It’s the latest example of the community coming together across vast distances and using Dogecoin to make the world a better place. At the end of November, the Mayor of Sakura wrote a letter commending members of the Doge community for their work on the statue.
On December 6th, the community got together again to celebrate Dogecoin’s 10th birthday and reflect on the wild ride that has been the first decade of Doge. In an amazing instance of fate loving irony, Dogecoin hit ten cents on the day.
As we hurdle into the new year, Dogecoin remains, as ever, a mystery wrapped in a riddle. Here are three questions whose answers could define Doge in 2023:
1. Will Doge make it to the moon?
Two space missions featuring Dogecoin are scheduled to launch in early 2024.
The DOGE-1 lunar satellite is currently slated to launch on a SpaceX Falcon rocket no earlier than January 12th. The mission is a collaboration between Geometric Energy Corps, SpaceX, and Intuitive Machines.
Meanwhile, a Vulcan Centaur rocket is scheduled to launch on January 8th that will carry a physical Dogecoin into space. About a month after it’s launched, the Dogecoin is expected to touch down on the moon aboard the Peregrine-1 lunar lander, which will carry a DHL Moonbox housing the coin.
Lunar commerce is coming, and crypto could be a big part of it. If Dogecoin charts a new frontier as the first meme in space, it will go down in history.
2. Will X become a financial institution?
Elon’s vision for 𝕏 is grand: at one point last year, he that 𝕏 could ultimately become the home for half the money in the world.
With advertisers boycotting 𝕏 in an effort to influence its speech policies, the time is right for Elon to make his move on the banks and financial apps. Doing so would bring in new revenue streams and expand 𝕏’s reach.
𝕏 has been getting its ducks in a row for a while as money transmitter licenses have been trickling in. But the process depends on cooperation with state bureaucracies, and politically motivated actors have shown themselves willing to stall Elon’s plans. How soon into the year will 𝕏 be ready to launch its financial product? Hopefully we’ll find out soon!
3. What is the Most Entertaining Outcome?
The last time America had a presidential election, it was one of the craziest years ever.
Amidst the turmoil, Dogecoin arrived on the scene in a big way thanks to some timely tweets and memes.
As we enter another election year, Elon has already predicted that “2024 is going to be quite the encore for 2023.” At other points, he’s invoked his oft-repeated maxim, “The most entertaining outcome is the most likely.”
Are we in for more global financial turbulence? Could Elon ride to the rescue with an assist from Doge? Would that be the most entertaining outcome to the hilarious alien soap opera of life on Earth? We’ll find out soon!
Thank you for reading Risky Reads in 2023, the most entertaining year for Dogecoin yet.
This newsletter is nothing without readers, so much gratitude to all for making this possible. Merry Christmas and a Happy New Year, and see you in 2024!
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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 $0.09 per coin.