Doge Energy Rising
THIS Is Why Doge Is Surging into the 𝕏 Zeitgeist
For the most part, Dogecoin is a niche community on social media.
In the last few weeks, subtle signs are emerging that Doge is finding its way in to the broader zeitgeist on 𝕏.
Let’s take a look at why Doge Energy is rising, and what it means for the future of finance and Internet culture.
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I. Elon still holds Dogecoin
Last week, during a Spaces discussion with ARK Invest’s Cathie Wood in anticipation of the Bitcoin ETF launch, Elon confirmed that he still holds Dogecoin, telling listeners, “I still own a bunch of Dogecoin.”
The fact that Elon threw his weight behind Doge at such a historical moment for Bitcoin is a telling sign. The advent of Bitcoin ETF could prove an inflection point for the future of both Bitcoin and Doge.
Increasingly, Bitcoin is viewed as more of an investment vehicle and store of value than a transactional currency.
BlackRock’s Larry Fink articulated this sentiment in an interview about his firm’s Bitcoin ETF: “I’m a believer in cryptocurrency as an asset class, not a currency."
The growing recognition that Bitcoin is unlikely to achieve dominance as a currency paves the way for Dogecoin as the leading form of digital cash—a fast, fun, and low-cost way to transact over the Internet.
With Wall Street moving in on Bitcoin territory, Dogecoin’s appeal as “the people’s crypto” has never been stronger.
Die-hard Bitcoiners continue to stack sats with conviction, but their unwavering belief in orange coin has yet to translate into a grassroots monetary revolution they’ve been predicting for over a decade.
Instead, big money now has its hooks in Bitcoin more than ever. It’s not clear if Wall Street ever plans to relinquish control, or how that might play out.
At some point, Wall Street’s play will probably enrich Bitcoin’s early adopters. But the idea that banks’ promotion of Bitcoin will lead to the abolition of the banking industry seems unlikely.
The combination of Dogecoin and 𝕏 is a better bet. Doge is optimized for small payments, meaning it’s poised for wide adoption among regular people.
Meanwhile, 𝕏 has built a track record of of standing up to government and corporate censors.
Together, Doge and 𝕏 embody the ethos of using technology empower the little guy to fight back against centralized power—that may be the true meaning of 𝕏Ɖ.
The crypto landscape is becoming clearer every day: Bitcoin is for the suits, but Dogecoin is for the people.
II. Doge-to-Cell Service
In a talk with SpaceX employees to start the year, Elon announced that Starlink satellites are rolling out direct to cell Internet service to some T-Mobile phones.
To commemorate the advent of direct-to-cell, SpaceX posted a photo of some of its first text messages, which included the phrases “much wow” and “such signal”, as well as a dog emoji.
Elon confirmed with SpaceX employees that the messages were “in fact real” and “some Dogecoin jokes.”
Direct-to-cell satellite service could become the most reliable Internet infrastructure on Earth.
In the future, satellite Internet will mean the elimination of dead zones: any phone should be able to get high-speed Internet anywhere on Earth, even in the Amazon rainforest or Arctic tundra.
The advent of satellite Internet will be important infrastructure to help Dogecoin to become digital cash.
People are unlikely to adopt digital currency as a medium of exchange unless they can dependably send and receive it without worrying about poor service or outages. Physical cash never fails in this way, and any competing technology will need to match its reliability.
It’s no coincidence that some of the first messages sent over direct-to-cell Internet were Dogecoin jokes, foretelling Starlink’s role as the backbone of the digital financial system.
Such signal! Much wow! And most importantly, many Doge!
III. Cheems Meme Renaissance
The Swole Doge vs Cheems meme template rose to fame in May 2020 as a hilarious way to compare two unlike things.
The format stayed hot through 2021, but lost steam after Dogecoin peaked during Elon’s SNL appearance.
Throughout 2022 and 2023, Swole/Cheems still popped up from time to time, but at no point did it achieve the same level of virality as its first run.
In recent weeks, though, the meme has begun to emerge from its hibernation.
It’s not clear why, but the template is heating up, and going viral on 𝕏 with increasing regularity across a variety of topics. We may be in the early stages of a Swole/Cheems revival.
The growing popularity of Swole/Cheems is a great sign for Dogecoin. The DogeArmy stands apart from other cryptocurrencies because of its relationship to meme creation.
While most crypto tribes spend their time watching charts and news, the fundamental activity of the DogeArmy is crafting hilarious, low-effort memes.
Making memes is the quintessential art form of the Internet Age. The more people create and circulate Doge memes, the better the odds for Dogecoin to leave its mark on history.
Swole/Cheems is a powerful meme because of its simplicity. Anyone can use the template to make a funny comparison, and a quick google search reveals the meme’s spread to all corners of the Internet.
Like pamphlets in the colonial age, memes are a form of benevolent citizen propaganda, allowing regular folk to spread grassroots messages for low cost while maintaining anonymity.
Going forward, the circulation of Swole/Cheems memes is a powerful indicator for populist Doge energy on the 𝕏 platform.
If the Doge memes continue to flow, it’s a good sign the groundwork is being laid for another Dogecoin Rise, and this time, one that includes not just a few early meme coin investors, but the whole of 𝕏.
Keep your finger to the wind, and an ear on the memesphere: that rumbling off in the distance is the sound of Doge energy rising, and it’s getting closer by the day.
Dogey Treats: News Bites
The past week contained several updates on the fate of the Peregrine lander and its physical Dogecoin cargo.
As disclosed after its launch, the lander started losing propellant shortly after its launch. At the end of last week, new hope sprang that the lander might still make a crash landing into the moon because the lander was losing propellant at a slower-than-expected rate.
The lander actually travelled from Earth out to lunar distance as planned, but missed the moon, which was on the other side of the Earth. As the lander returned toward Earth orbit, Astrobotic made the decision to allow it to burn up in Earth atmosphere rather than attempt another loop and crash landing into the moon, as detailed in the company’s 17th update.
Memes of the Week
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This article was written in collaboration with @CryptoDogDivine, give them a follow!
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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 $0.08 per coin.