This Is Why Dogecoin Will Continue To Rise
This Is Why Dogecoin Will Continue To Rise
The Dogecoin saga isn’t over yet.
Everyone’s favorite Shiba-inspired meme money is prepared to rise again, with a mix of utility, accessibility, and meme power launching Dogecoin into orbit and beyond.
Establishing itself as a leading crypto contender in the battle against fiat, Dogecoin is poised to reestablish its dominance with potential DeFi upgrades and decentralized leadership paving the way.
Let’s take a look at 8 reasons why Dogecoin will rise again.
The Meme Revolution
To understand why Dogecoin has awoken and why it will continue to rise, it's important to understand the significance of memes and internet culture.
Memes are the language of the internet, and the spirit of this landscape has been dubbed internet culture.
Social media is where internet culture lives, thrives, and evolves, and memes are the Hermes messengers of this digital playground.
Internet memes are a relatively new form of communication, conveying multifaceted ideas, abstractions, and sentiments through images, gifs, videos, songs, and yes, even cryptocurrencies, at supersonically viral speeds.
Dogecoin, a cryptocurrency created from a meme, has been appropriately dubbed a meme-coin, the first of its kind.
Dogecoin is the meme currency, and being a meme gives it extraordinary power, as we're beginning to see now.
GameStop: The Messianic precursor to Doge
What's happening with Dogecoin's rise is the natural progression of the unprecedented phenomenon that we experienced with GameStop almost 3 months ago.
It's important to understand that the GameStop short squeeze, and the anti-establishment fervor surrounding the movement, was fueled by memes.
The memes in the Wall Street Bets Reddit community were GOOD — they were creative, viral, and hilarious.
What the mainstream media missed during the frenzy was the role that these memes were playing in catalyzing the movement.
The media thought it was just about money and beating the system, but the truth is that it was memes that were fueling the fire.
That's why when GameStop and AMC were dubbed "meme-stocks", I knew we had to start paying attention to Dogecoin, the "meme-coin" of the cryptocurrency universe.
The meme-stock mania didn't even reach its final crescendo because the movement was stifled when Robinhood halted trading.
Although the plug was pulled from the momentum, the fervor never died, and the anti-establishment, grass-roots, people-powered passion was still alive, albeit stagnant, in the zeitgeist of internet-culture.
When GameStop took off, I could hardly believe it — memes had gotten fiscal for the first time.
Memes exerted demonstrable power on financial systems, moving billions of dollars across the world, rattling hedge funds, and summoning CEOs in front of congress, all within a matter of weeks.
That's when I knew that we were on the brink of something incredible.
Dogecoin was up next, I knew it.
I realized that Dogecoin was going to go crazy viral, way bigger than GameStop, because Dogecoin was an actual currency with utility, while GameStop was just stock in a company.
GameStop, and the memes that fueled its virality, were preparing us for the inevitable Dogecoin rise.
A new financial paradigm
When I looked into Dogecoin more, I was fascinated to learn about its issuance model.
Dogecoin inflates, but at a reduced rate each year — the rate of inflation becomes negligible over time.
In this way, Dogecoin is disinflationary, which actually makes it useful as a currency for buying and selling goods online.
I recently wrote a Twitter thread explaining this in more detail.
The implications are staggering — it turns out that Dogecoin is a very practical joke.
Bitcoin can be thought of as a store of value — like Gold 2.0 — but it's not useful for small transactions due to its high fees and long processing times.
The truth is that we need a fast, cheap, and decentralized solution for value exchange online, and cryptocurrencies like Litecoin and Bitcoin Cash have popped up to try to fill in this hole.
But these coins are deflationary, and their branding simply doesn't fit the ethos of internet culture.
Dogecoin's does.
Dogecoin fits all the facets of internet culture.
Dogecoin is based on a meme, its logo is a cute dog, and its community is primarily composed of retail investors (the same "Robinhood investors" that rallied the GameStop rise).
Dogecoin is also ironic, which means that it's anti-establishment, and this is where Dogecoin takes the torch from the anti-hedge-fund passion that Wall Street Bets came to personify.
Dogecoin works because it was born from the internet and belongs to the people, not institutional investors.
Institutions and establishment figures won't touch Dogecoin, let alone consider its virtues, because it goes against the status-quo and until now was considered just a "joke".
But the joke is on the mockers and laughers, as we've seen this week from Dogecoin's meteoric rise.
It seems that this is only the beginning of a new financial paradigm — the sought after decentralized dollar has been under our noses this entire time.
Due to its practicality, irony, and its genesis from the depths of internet culture, Dogecoin, a dog-inspired meme coin, is gearing up to be the inevitable future currency of the internet — the greatest meme of all time.
Fate loves irony
The table for this monetary paradigm had been set early by the one and only Elon Musk, who had been posting Dogecoin memes for over a year.
Elon, a renowned engineer, entrepreneur, and frankly, polymathic genius, had always been fond of Dogecoin, which until now was just a counter-culture joke-coin.
Anyone paying attention to Elon's Twitter account, however, could see that he seemed to be leaving subtle clues about Dogecoin's future.
It was like Elon realized that Dogecoin had ironic utility that other folks hadn't seen yet.
After all, as Elon explained, fate loves irony.
Elon went on to claim that Dogecoin was "the people's crypto", further stoking the fire of anti-establishment fervor that had been swept under the societal rug from the GameStop phenomenon.
Dogecoin was the movement that GameStop was trying to be, and it seems like Elon saw this when others didn't.
What's more, Elon vowed to give his "full support" to Dogecoin if certain conditions were met, and we have yet to see the extent of what he may have meant.
The rise is only beginning
I believe that that Dogecoin is just getting started.
Going to a dollar is built into the meme — it's basically a self-fulfilling prophecy at this point — and with increased accessibility and eventual utility, Dogecoin has the chance to be the dog-themed decentralized dollar for internet commerce everywhere.
Right now, Dogecoin is hard to ignore.
Currently resting in the Top 10 Cryptocurrencies by Market Cap, Dogecoin has the attention of brands, exchanges, and investors worldwide.
Coinbase will eventually list the coin, and Robinhood will release wallets to allow it to be used for purchases.
More brands will accept it as payment through processing platforms like BitPay, and it's only a matter of time before it's available for use on services like Venmo, CashApp, and Apple Pay.
Memes will continue to be made about Dogecoin, and the communities centered around it will continue to grow in strength and numbers.
Elon may even get a Shiba Inu dog and literally send Dogecoin to the moon, which would further "break the internet" and shake the paradigm of what we consider money to be.
With meme-power, anti-establishment fervor, and Elon's support, along with an eventual Coinbase listing and Robinhood releasing wallets, Dogecoin's rise is only just beginning.
Strap in — we may be headed for the moon.
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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.
Disclosure: I currently own some Dogecoin, Bitcoin, and Ethereum (for NFTs). At the time of posting, Dogecoin is around $0.26 per coin.