Discover more from Risky Reads
Dogecoin's Secret Weapon
Dogecoin has a secret weapon that most folks don’t fully understand: Dogecoin is a meme.
Being a meme endows Dogecoin with considerable power, and the extent of that power isn’t completely understood.
If anything, it’s not to be underestimated.
Let’s explore why this secret weapon is a big deal and how it has the potential to launch Dogecoin literally to the moon.
Memes control the Universe
We don't fully understand memes.
Memes are a relatively new concept, and they take on many forms, spreading through various mediums at viral speeds.
At their core, memes are shared ideas.
They are decentralized inside-jokes.
Like a virus, memes mutate, evolve, and adapt, blending with other memes to appropriate trends.
Like a financial asset, memes gain and lose perceived value based on their relevance and appeal in the social marketplace of ideas.
Dogecoin borrows its prefix and logo from Doge, a meme featuring the adorably surprised Shiba Inu dog pictured above.
As such, Dogecoin has become a meme-coin, a cryptocurrency unlike its peers, with memes, satire, and good-will perpetuating its ridiculousness across the web.
This wasn't a big deal until last month, when similarly dubbed meme-stocks such as GameStop and AMC surged in price and snowballed into a global phenomenon.
For the first time, memes got fiscal.
We saw that memes can culminate to express demonstrable power.
Memes can rattle hedge funds and summon CEOs before congress.
Memes can halt financial markets and transfer millions of dollars across the web.
It begs the question: What else can memes do?
Just how powerful can a meme become?
The message behind the meme
In a Clubhouse discussion, Elon Musk described memes like this:
"I think memes are a complex form of communication. A picture says 1000 words, and maybe a meme says 10,000 words. It's a complex picture with a whole bunch of meaning in it" - Elon Musk
If Elon's right, and "a meme says 10,000 words", what exactly is the Dogecoin meme trying to communicate?
This is worth thinking about, especially when considering that memes have impacted the price-action of financial assets in the past.
The message behind the meme is ripe with humor, hope, and anti-establishment fervor, the same conglomerate that carried GameStop to viral fame.
Like GameStop, it seems that Dogecoin is a meme with a financial goal: its aim is to raise the value of the Dogecoin cryptocurrency for the sake of irony.
The meme is on a mission, and it may not be complete until its premise is fulfilled.
More than just a meme
Memes like Doge feed on collective self-expression, wielding individual art, humor, and creativity to pollinate the hive mind in which they dwell.
Using the internet, memes infiltrate our minds, where they have considerable influence on our thoughts, feelings, and behaviors.
Memes weaponize social media to propagate their mission, commandeering virality as artillery for their cause.
Memes also play defense, acting as a shield against perceived vulnerabilities and deflecting negativity to solicit good-will.
They ricochet vitriol from skeptics and detractors with the armor of humor.
Being a meme is Dogecoin's secret weapon in a war that other cryptos don't even realize they're in.
The meme has even amassed an army: The pet name #DogeArmy has been adopted by litters of Dogecoin supporters on Twitter.
Dogecoin has a hidden arsenal in meme-power, fortifying its base and rallying folks to its cause.
Even if Dogecoin is losing temporary battles, it may be winning the war.
Interestingly, as we'll examine next, Doge and Dogecoin have been in the spotlight for an unusually long time.
Teaching an old Doge new tricks
Doge as a meme has been around for the better half of a decade.
This is interesting, because the average life-span of a meme is only about 4 months.
Most memes usually peak and die out fast, but there are rare exceptions.
Doge is Lindy.
According to the Lindy effect, the life expectancy of non-perishable things like memes and ideas is proportional to their current age.
So if a meme has been around for a while, then we can expect it to continue surviving even longer than one that's relatively new.
Doge is Lindy: It's been around for an unusually long time.
This is especially noteworthy because the meme is linked to a financial asset.
Dogecoin as a cryptocurrency is Lindy as well, establishing itself as an elder among its younger cryptocurrency brethren.
If a meme can be thought of as being alive, like a virus, then Doge may have drank from the elixir of life.
Fulfilling the prophecy
It seems as though Doge and Dogecoin still have a story to tell.
In fact, Dogecoin could literally be going to the moon.
The rallying cry "To the moon!" has become a prophecy of sorts, and Elon is playing along.
This crescendo ramped up last week, when a rocket engine labeled "Under Doge" was spotted being delivered to a SpaceX facility.
Doge is potentially preparing for takeoff.
Elon Musk might literally be sending Doge to the moon on one of his company's rockets.
Dogecoin's secret weapon could launch Doge literally into space, fulfilling its punchline in an epic manner.
If Doge ends up on the literal moon, the meme will undoubtedly grow stronger, continuing its rise in social and financial value.
Once on the moon, the price shouldn't be far behind, with "Dogecoin to a dollar!" as the next progression in the meme's destiny.
At that point, Dogecoin would metaphorically break the internet, causing an influx of new attention and celebrity involvement.
The ironic finale of Dogecoin becoming the official currency of the internet may not be far off after all.
Elon has teased that Dogecoin may become the global new Earth currency because "fate loves irony."
If this is true, then the evolution of Dogecoin could lead to its eventual rise and utility as the leading currency of the internet, which may be more practical than you think.
With continued celebrity endorsement, improved accessibility, and the perpetuation of its secret weapon, Dogecoin may just be getting started.
Pandora's box has been opened, perhaps by Elon himself, and the meme has taken on a life of its own.
The question is, is Elon using the meme, or is the meme using Elon?
Thank you, kind reader, for reading, I appreciate it!
Please subscribe to this newsletter if you enjoyed it.
Also, please forward it to a friend and share it on social media.
What do you think? Is Dogecoin more than just a meme? Let me know!
Remember, Dogecoin is risky. But then again, it’s all risky!
Follow me on twitter at @itsALLrisky
Email me at itsALLrisky@gmail.com
If you want to send me an optional cryptocurrency tip you can do so using my wallet address below. Thank you, and thank you to everyone who has tipped!
Meme of the week
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 and Bitcoin. At the time of posting, Dogecoin is around $0.050 per coin.