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THIS Is Why Elon's Crypto Alter-Ego Will Make A Comeback
Elon’s crypto alter-ego, The Dogefather, burst onto the scene during the euphoria of 2021’s Dogecoin Rise.
Since then, Dogefather has disappeared from public view.
But lately, Elon has been dropping hints that Dogefather is getting ready to step into the public spotlight once more and shake up the crypto game forever…
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Way back in 2021, at the height of the Dogecoin Rise, Elon introduced the world to financial advisor Lloyd Ostertag, also known as “The Dogefather.”
On SNL, Ostertag talked up the virtues of Dogecoin with comedian Michael Che, calling it “the future of currency—it’s an unstoppable financial vehicle that’s going to take over the world.”
The Dogefather alter-ego instantly became a powerful meme.
Part of its appeal was that it captured something real about the way crypto seems to work.
Since crypto’s early days, there has always been a shady cartel-like aspect to digital currency markets.
Like casinos or strip clubs (also favored businesses of the mob) crypto isn’t technically against the law, but operates within a legalistic gray area that allows organized criminals to prey on the unsuspecting.
Anyone who’s spent a few days observing crypto will know that there exists a well coordinated yet faceless element that keeps the crypto casino flush with scams, and diverts attention from the few upstanding projects in the space.
For bad actors, the name of the game is to separate the masses from their money and send it up the pyramid to the top mafiosos—whoever they are.
Similar to traditional organized crime, part of the operation involves bribing government regulators—who should be using the state’s police power to combat fraud—to look the other way so the racket can continue.
In this digital Wild West, 𝕏 (formerly the bird app) functioned as a sort of Las Vegas of the Internet.
While Facebook, Google, and other big sites banned crypto altogether, 𝕏 functioned as an loosely supervised zone where both the few good crypto projects and the many scams were free to vie for users’ attention and dollar.
When Elon came along and took the title of Dogefather, he both articulated that crypto worked on the principles of organized crime, and crowned himself the new top Don.
Best of all, he championed Dogecoin as a way for the little guy to beat the house. By elevating “the people’s crypto”, Elon seemed to give retail investors the opportunity to join an ascendant crypto mafia: the DogeArmy.
No sooner did Elon take the title of Dogefather than he faced a challenge from another top family.
The day of Elon’s “Dogefather” SNL appearance, Wall Street’s Bitcoin Don Barry Silbert openly shorted Dogecoin at its peak, and encouraged others to do the same on the fraudulent and now-defunct exchange FTX.
Worse, Silbert did it while declaring a turf war on crypto retail investors: either join team Bitcoin or get beat.
It’s not in Elon’s nature to duck a challenge, and ignoring a direct insult runs the risk of appearing vulnerable. Yet surprisingly, he never came back on Silbert for shorting Doge.
Since the day of the SNL episode, the Dogefather has gone underground. Was his silence a sign of weakness, or is he biding his time, waiting for the perfect moment to exact revenge?
In the intervening period, Silbert and his Wall Street goombahs found troubles of his own.
His crypto operation Digital Currency Group (DCG), which houses Grayscale Bitcoin Trust, has been on the verge of collapse since the beginning of the year after being exposed for accounting fraud. Grayscale owns roughly 3% of all Bitcoin in existence.
Lately, Silbert has been locked in a feud with the Winklevoss twins, who accused him of stealing their customers’ funds. The battle escalated into a lawsuit which Silbert seems destined to lose.
Is it just a coincidence that the man who went against the Dogefather is watching his empire crumble. Or are deeper workings afoot?
While Dogecoin’s price has yet to recover from Silbert’s short attack, the project itself has grown ever stronger: improved transaction efficiency, adoption by SpaceX and Tesla, and the possibility of integrating with 𝕏 as the preferred tipping currency of the Internet. The vision of Dogecoin becoming the People’s Crypto has never been closer.
Recently, Elon has dropped a few hints that Dogefather may be getting ready to return to public view and complete his crypto takeover.
In late July, he responded to an original post from the first meme stock rally: “I am become meme, Destroyer of shorts”, made right before Doge started its parabolic rally.
Underneath it, he wrote, “And they keep coming back for more…”, implying that he has unfinished business in his battle with short sellers.
Then, just a few days ago, he liked a meme featuring Dogefather as Time Person of the Year.
The next day, he liked a classic Dogefather meme from Doge community member WSB Chairman. The post was made in response to a question, “What would be the title of the movie based on the life of Elon Musk?”
He also poured cold water on rumors that 𝕏 could launch its own in-app currency.
Elon wrote “correct” in response to a post that said, “𝕏 is not going to launch any 𝕏-coin. The team is focused more on making real money work on the app rather than some substitute currency.”
The unspoken subtext of the exchange is that Dogecoin is, in fact, real money.
When 𝕏 integrates with Dogecoin, it will mark the full realization of “the people’s cryptocurrency.”
Overnight, millions will be inducted into the Dogecoin mafia, which could become one of the most powerful financial alliances on the planet.
Sunday, Dogefather dropped yet another hint, liking a post suggesting that 𝕏 could make ad revenue sharing payouts with Dogecoin.
Dogefather burst onto the scene during the euphoric early days of the Dogecoin Rise before receding from public view.
Since his disappearance, his enemies have fallen on hard times, while Dogecoin has grown ever stronger.
Recently, Elon has hinted that rumors of Dogefather’s demise have been greatly exaggerated. The stage is set for his dramatic return, inaugurating a new era to the crypto game and the people’s currency.
So what do you think: have we heard the last from the Dogefather? Or is his return as inevitable as Dogecoin itself?
Dogey Treats: News Bites
Elon expressed frustration at how morey transmitter licenses have to be acquired state-by-state.
Dogecoin developer Timothy Stebbing gave a demonstration showing how GigaWallet works.
Walter Isaacson’s biography of Elon reportedly claims that he has funded Dogecoin’s development.
Elon is now following 420 accounts on 𝕏.
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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 $0.06 per coin.