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Dogecoin Is A People's Movement
THIS is Why Doge Will Catch The Wave Of Economic Populism
A new movement is taking social media by storm: economic populism.
Across the political spectrum, there’s a growing feeling that the system is rigged for Big Money and against the little guy.
Let’s take a look at why the time is ripe for a populist financial movement, and how Dogecoin restores power to the people.
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A wave of economic populism is sweeping across social media.
Regular folks are waking up to the reality that the financial system is rigged against them.
This idea has broad appeal as a meme because it effects everyone and crosses party lines.
Contemporary people’s economic movements trace to the Great Financial Crisis of 2008, when Wall Street institutions nearly collapsed the global economy by betting on risky mortgage-backed securities.
Banks were bailed out by taxpayers and criminal executives went unpunished.
Meanwhile, at least 10 million Americans lost their houses to foreclosure, while nine million lost their jobs.
For many, the American Dream ended with the crisis: opportunities for young people to buy a home, start a family, and follow the path of their parents became scarce.
In 2011, Occupy Wall Street sprung up as a reaction to 2008.
In September, protestors took over Zuccotti Park in NYC’s financial district to fight back against the corporate influence on Democracy. Their rallying cry was, “We are the 99%.”
The occupation lasted two months and inspired countless likeminded protests across the country
In November, NYC police in riot gear forcibly broke up the encampment after it was declared a “health and safety threat.”
While the protest was scuttled, the feeling of economic injustice remained.
In response to the simmering populist unrest, corporate America adopted woke progressivism as a moral cloak to insulate itself from criticism.
Now, instead of being target of populist movements, big corporations assumed the mantle of moral arbiter, co-opting peoples’ sincere desire for social justice as a canny advertising strategy.
The same banks and corporations who’d previously drawn the ire of the people began lecturing Americans on which opinions were socially acceptable.
Newspapers, tv stations, and social media giants amplified the message: the most important social categories were no longer economic, but based on identity and background.
Race, gender, and sexuality became the foundation for new justice movements. Class was pushed to the side.
For the remainder of the 2010’s, the strategy seemed to work: inequality grew worse, but economic populism remained dormant and identity took center stage.
However, in 2021 class burst into the open again with Reddit Rebellion.
The Redditors took the fight directly to the banks and hedge funds. The plan was to trap predatory Wall Street short sellers who gambled that the price of certain stocks going down.
Retailers used social media to coordinate and take the opposite side of the trade, betting en masse that GameStop, AMC, and other businesses would bounce back.
The rebels used memes to spread their message, leading to the phrase meme stock.
Like OWS, the Reddit Rebellion was kneecapped at a pivotal moment
On January 28, 2021, with GameStop going viral, several brokerages paused trading. Prices of all meme stocks simultaneously plummeted, and have never recovered.
Theories of underhanded Wall Street manipulation—synthetic shares, naked shorts, failures to deliver, algorithmic price suppression—persist to this day among Ape communities who still hold their beloved meme stocks.
The movement itself was short-circuited, but the popular sentiment that the money men created a rigged game has intensified in the years since, especially on social media.
Today on 𝕏, several independent news sources offer an economic populist perspective on the news forged in the crucible of the meme stock movement.
The focus of the populist narrative is inflation: banks printed trillions of dollars out of thin air, doled most of them out to their cronies, and then stuck regular folks with the bill in the form of permanently rising food, energy, and housing prices.
"Rich Men North of Richmond" struck a chord with the masses because it articulates something everyone is dealing with but, until recently, has hovered beneath the surface of public awareness.
Right now, the hot topic among economic populists is housing inflation.
Homeownership is fundamental to the American dream, but it’s increasingly out of reach for regular Americans.
Folks are watching America becoming a nation of renters. There has to be a better economic arrangement that allows more people to own their homes.
Some folks are starting to connect the dots that housing prices are a result of Wall Street meddling.
Populist politicians on the left (RFK Jr.) and the right (Vivek Ramaswamy) have capitalized on dissatisfaction, calling out giant asset managers like BlackRock and Vanguard for intentionally driving up housing to skim wealth from regular Americans.
This video of RFK Jr telling The Breakfast Club about BlackRock and Vanguard’s housing racket went viral last week, accruing at least six million views.
The rise in populist sentiment deeply connected to social media.
Populist politicians like RFK, Argentina’s Javier Milei, and El Salvador’s Nayib Bukele have built huge followings by talking about financial corruption in a commonsense way, using 𝕏 to bring their message directly to the people.
By contrast, legacy media tends to look askance at populism, portraying it as a negative and sometimes dangerous political development.
Newspapers and TV tend to depict the financial system as flawed but safe, in need of incremental rather than radical reform.
However, the fairy tale that the current system can be incrementally reformed to serve the masses is wearing thin.
Folks have caught on to the fact that the political class has no intention of solving their economic problems. On the contrary, it often appears politicians are actively making things worse.
A big reason is that they're on the take from Wall Street.
A truly radical solution would be to replace the current financial system with a fairer one, with inbuilt protections against corruption.
As circumstance would have it, just such a proposal caught fire at the end of the meme stock boom.
The lesson from GameStop was that the money-men controlled the markets, the political process, and the currency itself. As long as the banksters wielded these levers of power, they would be playing on home turf.
True to form, Elon sought a first-principles solution by proposing a brand new people-powered financial system based on Dogecoin. He even branded Dogecoin “the people’s crypto” to project his populist vision.
The first chapter of the Dogecoin saga came to an end a few months after the meme stock boom, when Wall Street Bitcoin Baron Barry Silbert shorted Doge just as it closed in on a dollar.
Old media was quick to jump on the story, eulogizing Dogecoin or shifting attention to knock-offs like Shiba Inu coin.
However, in the intervening years, the Dogecoin community has rallied around the idea of preparing Dogecoin for the big stage.
Dogecoin developers have steadily built out Dogecoin’s capability to the point where it can serve as the monetary base layer for the Internet, and later, the world itself.
Elon has kept his foot on the gas by phasing in Dogecoin adoption for SpaceX, Tesla, and The Boring Company.
When he bought 𝕏 and started talking up the idea of making Dogecoin its official currency, it looked like the people’s crypto finally had its own launch pad.
When he changed the bird to a Doge earlier this year, many saw it as confirmation that he was indeed serious about the joke currency becoming the real currency.
For now, populist energy continues to simmer while 𝕏 employees work behind the scenes to integrate Dogecoin. It’s anyone’s guess what happens from here.
Maybe economic conditions improve, inflation cools, and dissatisfaction abates.
Or maybe things just level off and we habituate to a "new normal" of everything being more expensive.
But if people start to conclude that the system is irremediably rigged against them, the stage is set for an exodus into crypto. A blockchain-based dollar alternative would allow the people to compete on equal footing with banks, corporations, and government cronies.
If that's how it plays out, The People's Crypto will be waiting with open arms, and 𝕏 could be the platform to onboard millions.
What do you think: Will the people take back their power once and for all with dog money? Is Dogecoin the logical conclusion to economic populism?
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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.