Discover more from Risky Reads
This Is Why Dogecoin Is Not Going Away
For a long time, Dogecoin was the laughing stock of the cryptocurrency community.
Originally created as a joke, Dogecoin was destined to live out its days as just a funny dog meme.
While prominent cryptocurrencies like Bitcoin and Ether went mainstream, Dogecoin and other alt-coins were left in the dust.
That is, until now.
Dogecoin's unholy resurrection
Dogecoin has emerged from the ashes of the alt-coin graveyard, resurrected by an amalgamation of meme virality, celebrity endorsement, and a passionate community of retail investors.
Dogecoin is proving to be the Frankenstein's monster of the cryptocurrency establishment, and it might be out for revenge.
Dogecoin has an ace up its sleeve
Historically, memes have been relatively harmless.
Suddenly, with the GameStop short squeeze, memes got fiscal.
Now we've had a glimpse at their true power.
Memes can bankrupt hedge funds.
Being a meme is the ace up Dogecoin's sleeve.
It endows Dogecoin with considerable power that most folks haven't realized yet.
It begs the question: Just how powerful can a meme become?
If memes can disrupt Wall Street, what else can they wreak havoc on?
Can memes topple the global financial establishment?
Could Dogecoin, of all things, become the global new Earth currency, as Elon Musk has teased, paving the way for a revolutionarily novel monetary paradigm?
Wouldn't that be the greatest meme of all time?
Dogecoin is the joke that keeps on giving
The folks laughing off Dogecoin as a joke are missing the fact that being a joke is one of its greatest strengths.
The truth is, the joke's on them.
Dismissing Dogecoin as a joke only strengthens the punch line.
In this way, Dogecoin is antifragile.
It gains from any attempt to delegitimize it.
Its irony is its asset.
Can't you see the genius?
Dogecoin works because it's not supposed to.
Dogecoin makes cryptocurrency fun
Anyone who has been in the cryptocurrency space for a while knows that convincing friends and family to invest in crypto is a tough sell.
Even after Bitcoin has appreciated at over 200% every year for a decade, folks still aren't convinced it's worth their hard-earned cash.
The truth is, crypto has a branding problem.
Bitcoin isn't fun.
Now that Bitcoin has made early adopters filthy rich, it's harbored resentment among working class folks that could only ever dream about owning a single unit, which is currently floating around $46,000.
Enter: Dogecoin. The much wow cute and cheap cryptocurrency meme money endorsed by trendy millennials, zoomers, and celebrities alike.
Finally! A cryptocurrency that's likable.
Dogecoin has turned an ironic financial asset into a cryptocurrency onramp, introducing regular folks to the new financial revolution.
Most importantly, however, is that investors are having fun.
Fate loves irony
Elon has mused that fate loves irony.
He's even suggested that the most entertaining outcome is the most likely.
If this is true, then Dogecoin becoming the new global Earth currency would be the magnum opus of memes.
Even if it doesn't go that far, it seems like Dogecoin is taking roots in a new financial paradigm.
Strengthened by meme power, empowered by its irony, and emboldened by its much wow appeal, Dogecoin might not be going away any time soon.
The question is: When the Doge is let out, will it ever come back?
If not, then Dogecoin is here to stay.
Thank you for reading, please subscribe to this newsletter.
Thank you, kind reader, for reading. I appreciate it. If you haven’t already, please sign up to my email newsletter for more weekly articles like this one. Also, please share this if you enjoyed it.
What do you think? Is Dogecoin here to stay? Let me know!
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!
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 currently around 7 cents per coin.