Bitcoin Smashes All-Time High—Here's Why Doge Could Be Next
Bitcoin Smashes All-Time High—Here's Why Doge Could Be Next
Hey everyone,
With Bitcoin Crypto is going mainstream, and a handful of currencies are jockeying for position in the new digital economy.
Bitcoin, the undisputed king, has long had its eye on the market for digital transactions.
But an improbable underdoge has emerged…
The King holds court
Bitcoin has been on a tear lately.
A number of factors have contributed to the king crypto's explosive rally in October.
After months of anticipation, the SEC finally approved a Bitcoin ETF, likely the first of several. The approval opens the floodgates for institutional capital to enter Bitcoin, a catalyst which could send the entire crypto market to another level.
El Salvador's Bitcoin experiment is rocking. More Salvadorans now use the state-sponsored Chivo wallet than have bank accounts, while President Nayib Bukele has been adding to his country's stack by publicly buying dips on Twitter.
Twitter successfully rolled out Bitcoin tipping, turning the social media giant into a free global money remittance service overnight.
CEO Jack Dorsey also announced Square was planning to build an open-source mining system with the goal of making mining accessible to anyone.
Finally, BTC has hitched its star to the powerful meme of Uptober, generating optimism about the remainder of the year.
With Bitcoin reaching a all-time high and good news piling up, the king crypto's bullish momentum looks unstoppable.
Doge bides its time
While Bitcoin basks in the spotlight, Dogecoin has been waiting in the wings, quietly laying plans for the throne.
At the beginning of October, AMC CEO Adam Aron announced his company had started accepting "Dogecoin and other cryptocurrency" for gift card purchases through payments processor BitPay.
Instantly, AMC became one of the largest Doge-accepting merchants in the world.
While AMC's earlier crypto announcements in August and September featured Bitcoin, it's a telling sign that this time it led with Doge.
The big kahuna of Doge acceptance is still Tesla, whose stock has been on its own rally.
Elon's recent photo of his Shiba pup Floki in a Tesla was a reminder that, whenever Tesla starts accepting Bitcoin again, it could take Dogecoin too.
Will Tesla buyers prefer to pay in Bitcoin or Dogecoin? Telsa, already up a billion dollars on their original $1.5 billion Bitcoin purchase, wins either way.
The Floki photo comes in the middle of a string of bullish tweets and likes from Elon, who followed Doge co-creator Billy Markus on Twitter.
Doge's blockchain functionality has been getting a major upgrade as well.
Over twelve hundred nodes are currently running the version 1.14.4 update, representing more than two thirds of total nodes on the Dogecoin network.
The fee reductions enabled by 1.14.4 are critical for handling increased transaction volume as more businesses become Doge-friendly.
Lastly, details have started to leak from the Dogecoin Foundation about a technical blueprint for how stakeholders (miners, merchants, wallet providers, and other community members) can participate in the Dogecoin monetary network.
These positive developments aren't yet reflected in Doge's price, which has remained flat, but in terms of infrastructure and development, Doge is showing it can go toe-to-toe with the king.
Welcome to the Dogesurgency
The relationship between Bitcoin and Doge is mostly harmonious.
When Bitcoin thrives, so does the crypto space in general. For this reason alone, shibes usually find themselves cheering for Bitcoin.
Still, friction can arise when cryptos compete for the same use case. This is happening between Dogecoin and Bitcoin right now.
When a new form of.money emerges, it typically starts as a store of value and grows into a medium of exchange.
Among cryptocurrencies, Bitcoin's dominance as a store of value is largely unquestioned.
'Bitcoin maximalists' advocate for Bitcoin to become the leading digital medium of exchange in addition to a SOV.
Doge is also vying to become the world's top transactions crypto. As a result, there've been occasional dustups between Bitcoin maxis and shibes.
Saturday night featured a battle for the ages, as Doge-backer (and non-maxi Bitcoiner) Mark Cuban hopped into Twitter Spaces to debate a group of Bitcoin maxis while a live audience of 15,000 listened on.
People would rather spend Dogecoin than Bitcoin, Cuban argued, because Doge is a fun, low-risk, easy way to learn about crypto.
According to Cuban, the same thing that makes Bitcoin a great store of value—its scarcity causes it to continually appreciate in value—discourages people from spending it.
Doge, by comparison, is more like a lottery ticket that doubles as cash. If it goes up, great. If not, people can still use it to buy movie tickets.
The debate ended hilariously with Bitcoiner Preston Pysh pleading Cuban to "stop talking about Dogecoin."
Cuban replied "yeah, you know, it's a great introduction to cryptocurrency. I'll keep on talking about it."
Heavy is the head that wears the crown
With forward-thinking institutions across the world cozying up to Bitcoin, the top crypto is not quite the upstart, anti-establishment asset it once was.
As a challenger in the payments space, Dogecoin has shown it can hang with the king punch for punch.
Bitcoin is still the dominant crypto for transactions, but its days may be numbered.
Will the underdoge make a bid for the crown?
Dogey Treats: News Bites
Coinbase is partnering with the NBA to become the league's exclusive crypto platform.
Elon Musk became the wealthiest person in the world on the strength of Tesla stock's price surge.
Dogecoin CEO greg may participate in an upcoming Mr. Beast video.
A survey of 40,000 people in the Australian publication Finder showed that nearly a third of all US crypto owners hold Dogecoin.
A bronze gorilla statue was placed opposite the iconic Wall Street bull, whose feet were littered with bananas.
Memes of the week
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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 $0.25 per coin.