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Here's How Doge Could Eat the Crypto Market
In turbulent crypto markets, conviction is a superpower.
An investment thesis is an important tool for building conviction amid short-term uncertainty.
The top thesis for Doge is that it is vying to become the dominant cryptocurrency for digital transactions. If it succeeds, it will grow exponentially.
As the year comes to a close, let’s take a look at my #FatDogeThesis for how Doge could eat the crypto market in 2022 and beyond.
1. Robinhood releases crypto wallets
The more Dogecoin circulates, the more powerful the Doge meme becomes.
30% of Dogecoin is locked on Robinhood until the company rolls out crypto wallets.
Last week, Robinhood COO Christine Brown said that wallets will go live in Q1 of 2022.
Wallets will allow Robinhood customers to spend Doge directly from their phones.
Businesses are lining up to #AcceptDoge, likely coordinating with the release of Robinhood wallets.
When Robinhood finally Releases the Doge, the results could be explosive.
2. Doge becomes the fastest/cheapest L1
In a demo transaction for Robinhood wallets, Brown pointed out recent upgrades in Doge fees.
According to Brown, transactions from Robinhood will cost "less than 100th of 1 cent" in order to "ensure a fast processing time."
Thanks to its development team, Doge is becoming one of the most efficient monetary networks in the world, outcompeting other Layer 1 cryptos like Bitcoin and Ethereum.
Brown contrasted Doge's fees with Ethereum's. A recent spike in Eth gas fees has made small transactions prohibitively expensive.
In response to a Coindesk article on Ethereum's runaway fees, Elon tweeted "Doooge."
Doge's low fees will prevent retail from getting priced out, boosting its cred as "the people's crypto."
In the race to become the most efficient Layer 1 crypto for transactions, Doge could win hands down.
3. SpaceX Doge-1 moon mission
In May, Elon announced the Doge-1 lunar satellite would launch in 2022.
The global space race is heating up. SpaceX launches are becoming events of world-historical importance.
According to Elon, Starship will "enable a quantum leap in deep space & planetary science."
The Doge-1 satellite could have a comparable impact, introducing crypto to the world as the preferred method for transacting in outer space.
4. Starlink integrates Dogecoin nodes
SpaceX has been launching hundreds of satellites into orbit as it builds out its Starlink internet service.
Starlink has expanded its high speed, low latency coverage to 140,000 users in 20 countries, with an emphasis on rural and remote communities.
Dogecoin developer Michi Lumin has been working to set up a Dogecoin node using Starlink.
Integration with Starlink could make Doge one of the fastest, most secure monetary networks in existence by eliminating liabilities associated with terrestrial Internet's outdated, patchwork infrastructure.
In time, Starlink could become the preferred Internet service for Earth—and Mars.
If it does, Doge could go interstellar.
5. Tesla accepts Doge
Clamor for Tesla to accept Dogecoin continues unabated.
Last week, Binance CEO CZ caused #DogeForTesla to trend after announcing a giveaway of a custom Doge Tesla and $50,000 worth of Dogecoin.
The video featured a winking Doge, suggesting that CZ and others are in on Tesla's plans.
Anticipation first started to build in May when Elon polled Twitter, asking "Do you want Tesla to Accept Doge?"
78% of 4 million voters chose "Yes."
In October, an Internet sleuth discovered inactive code on Tesla's website that linked to a Dogecoin wallet.
Whenever Tesla does accept Dogecoin it will likely keep it as crypto rather than converting to inflationary USD.
Doing so could quickly make Tesla the largest de facto Dogecoin bank in the world and put Doge on a full self-driving path to the moon.
6. Retail meme-frenzy
Petrodollars have funded wars, bank bailouts, environmental disasters, and other crimes against regular folks.
Money printing and inflation are pushing people to explore dollar alternatives at just the moment that viral, high-vibe meme coins are popping up.
The combination of memes, social media, and blockchain technology appears especially potent. Meme cryptos have collectively been one of the best-performing asset classes of 2021, with Doge leading the way.
As more people get hip to the value of meme money, Doge could go viral across the globe, knocking USD from its perch and igniting a retail-driven frenzy to buy and spend Doge.
7. Doge eats the crypto market
The new, blockchain-based version of the Internet—known variously as the internet of value, the internet of blockchains, or Web3—will benefit from having a consensus currency.
A handful cryptos are vying to become the Internet's first universal coin. The winner stands to benefit massively.
Dogecoin's main competitors are Bitcoin and Ethereum.
Currently, Bitcoin is acting like digital gold, while Ethereum is the preferred currency for digital objects like NFTs. Neither has definitively crossed over into the real world, but they're close.
A healthy crypto ecosystem has room enough for all three to prosper, but only one will reign as the top transaction crypto.
Just as the software of web 2.0 "ate the world," the winner of the crypto battle royale will grow fat devouring the old system, which is ripe for disruption.
Will Fat Doge wear the crown?
Follow the memes
Meme assets have delivered some of the most stunning successes of 2021.
As we round the bend into 2022, Dogecoin is once again looking like a contender for the world's most powerful meme, with a number of exciting catalysts on the horizon.
Doge could eat the crypto market—and the world—sooner than you think!
Dogey Treats: News Bites
Twitter is testing tipping with Ethereum.
SEC Chairman Gary Gensler said Bitcoin competes with the US Banking system, calling it an "off-the-grid" alternative.
Federal Reserve Chairman Jerome Powell said it's time to stop describing inflation as "transitory." European Central Bank President Christine Lagarde characterized inflation "a hump" that will "eventually decline" over the course of 2022.
Tesla quickly sold out of the Cyberwhistle, a meme item reminiscent of the Tungsten cube.
An Elon tweet about the sun kicked off a lively discussion about energy, life, and health.
SpaceX will offer Starlink to airlines as soon as possible
Some users are still reporting troubles withdrawing Doge from Binance.
A $10 million dollar yacht was listed for sale. The sellers are accepting payment in Dogecoin.
Charlie Munger said he wished crypto had never been invented and admired China for banning it.
Goldman Sachs is exploring entering the crypto options market.
NASA will award SpaceX three contracts to perform missions to the International Space Station.
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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.
At the time of publication, Dogecoin is around $0.17 per coin.