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This Is Why Dogecoin Is A "Hustle"
Crypto enjoyed a nice little breakout this past week, shaking off a months-long downtrend.
The bullish price action coincided with positive news for Dogecoin: meme makers can now get paid in Doge for their artistic creations!
Let’s take a look at how regular folks are hustling for Doge, and why the Dogeconomy may be the future of creative work on the Internet.
The bustling meme economy
The meme economy made a big leap forward this past week when MyDoge social wallet added meme functionality.
Users of the MyDoge app can now post their own meme creations for the rest of the Doge community to see.
Better yet, other MyDoge users are able to tip memers with a few quick taps on their phones.
Amazingly, the update makes it possible to launch a profitable side-hustle creating memes. When Elon said Doge was a hustle, he wasn't kidding!
It also adds more utility to Doge.
No other cryptocurrency makes it this easy for artistic creators to post their work and receive payment.
It's fun to tip meme-makers. With MyDoge, anyone can become a patron of the arts.
By engineering an easy way to express gratitude into the MyDoge app, its creators have raised the DogeArmy vibe even higher.
The update has sent the number of daily Doge transactions through the roof.
Since its launch a few months ago, MyDoge has been steadily improving.
Its spam filter, which is powered by Dogecoin, actually works. Time spent on the app isn't wasted wading through scams—it's 100% memes all the time.
Default tipping amounts have been adjusted, too. Users can now easily tip in meme-friendly quantities of Doge.
The wheel has come full circle: Dogecoin, the original meme coin, can now be used to fund the creation of new Doge memes.
Bullish for the meme economy!
Tesla's Diamond Paws
In surprising news, Tesla announced they'd sold 75% of their Bitcoin during Wednesday's Q2 earnings.
On Tesla's earnings call, Elon explained Tesla's recent decision to convert its BTC to USD:
"The reason we sold a bunch of our bitcoin holdings is we were uncertain as to when the covid lockdowns in China would alleviate, so it was important for us to maximize our cash position given the uncertainty. We are certainly open to increasing our bitcoin holdings in future, so this should not be taken as some verdict of bitcoin."
The sale generated close to a billion dollars and pushed Tesla from negative to positive cash flow in Q2.
Tesla's history with Bitcoin is intriguing. It's the most succesful company in the world to embrace crypto, and other businesses are watching their experiment to see how it goes.
Tesla bought $1.5 billion worth of Bitcoin at the beginning of 2021. When the news broke about the purchase, Bitcoin's price enjoyed its largest single-day increase ever, jumping from $38k to $46k.
In April 2021, Tesla sold 10% of its position at a $100 million profit to test market liquidity. Then, Tesla stopped taking Bitcoin for car purchases in May, citing environmental concerns.
The environmental pause came a few days after Elon's Dogecoin-themed SNL appearance.
It also coincided with growing hostility from the Bitcoin community, which began to see Doge as a legitimate threat to their goal of making Bitcoin the currency of the Internet.
Since then, serious discussion of Dogecoin became a forbidden topic for most Bitcoiners.
With Bitcoiners waging war against Doge, Tesla's crypto strategy has become more Doge-centric.
Tesla's merch store started accepting Dogecoin as payment for select items earlier this year.
While its Bitcoin holdings have dwindled, its Doge holdings continue to grow.
On the recent earnings call, Elon said Tesla has not sold any Dogecoin, only Bitcoin.
Bitcoin maxis will chirp about Elon's lettuce hands, but the truth is that he's always had diamond paws—for Dogecoin!
Dogecoin continues to evolve.
MyDoge's meme functionality is the latest example of Dogecoin's breakneck progress. Now, anyone can launch a legit side-hustle making memes and get paid in Doge.
Meme makers aren't the only ones stacking dog money. Tesla keeps flipping merch for Dogecoin, and holding it with diamond paws.
Macroeconomic uncertainty continues to hang over the crypto market, but the recent good stretch has everyone in positive spirits. When things turn decisively green, Dogecoin should lead the way.
Credit goes to all the hustlers who've been building the Dogeconomy, one meme at a time.
Dogey Treats: News Bites
Dogecoin's software got an update this week with the release of Dogecoin Core 1.14.6. The update makes the Doge network more secure and efficient. Elon celebrated the release of 1.14.6 by tweeting "Upgrades!"
A Delaware judge expedited Twitter's trial against Elon, which is set to happen in October.
Jim Cramer got into a war of words with the GME/AMC Apes, rattling off a series of bellicose tweets directed toward "Stonkers". He also called Elon's defense in the Twitter trial "frivolous" and predicted "there will be no Armageddon."
Boring company added 7-day passes for its Vegas Loop, payable in Doge.
Billy Markus tweeted, "if you could upload your brain to the cloud, and talk to a virtual version of yourself, would you be buddies?" Elon responded, "Already did it." At this point, it's reasonable to wonder which/how many Twitter accounts are bots modeled on Elon's consciousness.
The Wall Street Journal was roasted on Twitter for publishing a fake hit piece against Elon.
Unconfirmed reports claim that 3 Arrows Capital founders Su Zhu and Kyle Davies were detained in Dubai while boarding a private jet to Switzerland. Three former Coinbase employees were charged with insider trading by the DOJ and SEC.
Shirtless pics of Elon partying in Mykonos circulated on social media, garnering much attention. He tweeted that the attention was motivation to work out, eat well, and get more sun. He also tweeted to "free the nip." Elon liked a borderline nip pic from Grimes with the text, "Enemies with benefits."
After a video of a Boston Dynamics robot with a gun made the rounds on social media, Elon posted a meme with a similar robot and the text "Will it haunt the ruins when we are gone." He also posted memes about philosophy, archeology jokes, Optimus Prime, Queen, ticks, the number 69, and video games.
Unusual Whales created the "Tendies Index" to track the price of chicken, flour, and eggs. The Index recently hit a new all-time high.
Details keep trickling out about JP Morgan's manipulation of the precious metals market during a fraud trial of three former JPM traders. Asset management firm Blackrock reported $1.7 trillion loss for the first half of 2022, the largest sum ever lost by a firm in a six-month period.
Tensions between the pro-globalization West and multi-polar BRICS coalition continue to rise. US Treasury Secretary Yellen warned of severe penalties on countries who disrupt the economic order. Putin visited Iran and posed for photos holding hands with Turkish President Erdogan and Iranian President Raisi. Reports emerged of a new global reserve currency among BRICS nations, while Ukraine devalued its currency by 25% against dollar. The Russian embassy was reportedly suspended from Twitter for accusing the US of violating the Biological Weapons Convention.
Inflation protests continued in Panama, Malawi, and Ecuador. Tanks were deployed in China to protect banks from protestors after customer withdrawals were halted, and both the CEO and CFO of Chinese real estate giant Evergrande stepped down.
Vince McMahon retired from WWE.
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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.