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Why Doge is Preparing for Liftoff
After a placid July, Dogecoin has roared to life in August.
With bullish price action, positive news, and hints of mega-partnerships to come, Doge looks stronger than ever.
Let’s look at why Doge could be in the final countdown to launch its moon mission to a dollar and beyond.
The Doge Days of Summer
Over the last month, Bitcoin and Ethereum have woken up, raising the possibility that cryptocurrency is ready to enter its next bull run.
While the top two cryptos were making giant gains, Dogecoin barely budged, hovering around $0.20 for most of July and the start of August.
Is Doge's lagging price an indicator of weakness?
Signs point to another explanation: Doge is a sleeping giant.
For investors who believe both coins will hit their targets, Doge's low, flat price has made it a more forgiving investment than Bitcoin.
During the recent correction, Bitcoin briefly hit a low of $29k on two separate days. Investors who timed their entry perfectly will have a chance to 3x their investment if Bitcoin reaches its meme target of $100k.
With Doge trading consistently at twenty cents over the last month, investors could target a 5x return when Doge hits a dollar without having to anticipate the bottom at all.
Dogecoin's bargain-basement prices and stable price action reduce pressure on retail investors to time the market perfectly, making it worthy of the moniker "the people's crypto."
Wild price swings in the past have indicated market manipulation. Steadier prices could be a sign that crypto markets are maturing, with Dogecoin leading the way.
In May, Mark Cuban said he believed once Doge hits a dollar it will start acting like a stablecoin—a cryptocurrency with a fixed value.
For most of the past month, Dogecoin gave a preview of what it would look like as a stablecoin by staying tethered to $0.20.
Part of Dogecoin's democratic appeal is that it is an accessible investment for the masses, giving the greatest number of people the opportunity to buy at a good price.
Doge's low, stable price looks like a sign not of weakness, but of strength.
With August heating up, Doge appears to be on the move again, reaching $0.25 last weekend with no signs of slowing down.
Dogecoin snoozed through July, giving investors an ample opportunity to accumulate it cheaply.
With its recent power move, the lazy days of summer may be coming to an end.
Has the sleeping Doge awoken?
Doge on Deck for AMC
During AMC Cinema's August earnings call, CEO Adam Aaron announced the movie theater chain's plan accept Bitcoin in 2021, a move he called "a breakthrough."
With Bitcoin's foot in the door, the cryptoverse can't help but wonder: how long until Doge follows?
If AMC is serious about adopting crypto payments, then they will eventually accept Dogecoin.
It's unlikely that many Bitcoin HODLers will fork over their digital gold to buy movie tickets or popcorn.
Dogecoin, on the other hand, has a history of being used for gifts, tips, and other small transactions.
People want to save their Bitcoin and spend their Doge. Accepting Doge will put butts in seats.
In a follow-up interview, Aaron said he thinks AMC has the "opportunity to get much more active in the world of cryptocurrency."
YouTube host Matt Wallace cited unnamed sources within AMC claiming that it will "most likely" accept Dogecoin, though it is "not a guarantee."
AMC is quickly developing a reputation as a company that listens to its shareholders.
The Doge bloc of the Apes has the power to determine the direction of the company and give Dogecoin its biggest corporate supporter yet.
AMC recently opened a platform to invite investors to ask and upvote questions.
A question about accepting Doge received 8,000 votes from owners with a combined nine million shares.
In the earnings call, Aaron also said he planned to reach out to GameStop about working together.
A partnership could ultimately create dizzying levels of meme-asset synergy among AMC, GameStop, and Dogecoin.
It's possible that GameStop will host events held in AMC theaters, payable with Dogecoin.
The scenario would be equivalent to meme-stock nirvana for Apes and Shibes.
Coinbase, which has been integrating with Apple and Google payment platforms, got in on the action with a tweet hinting at their involvement in AMC's crypto plans.
Coinbase could handle crypto transactions and provide custody services for AMC.
Since going public, Coinbase has been racking up clients, including SpaceX, Tesla, and several hedge funds.
Together, Coinbase, SpaceX, Tesla, AMC, and GameStop could form a formidable corporate base for launching Doge's moon mission to a dollar.
Twitter CEO Jack Dorsey has embraced Bitcoin, saying it has the potential to bring about world peace and is the most important thing he's worked on in his life.
The day after his B Word event, he trolled the the broader crypto ecosystem, tweeting "#eth" along with an emoji of the Ethiopian flag.
Last week, Dorsey tweeted out the Doge catchphrase "Wow."
Elon responded by tweeting "DMTwitter." The acronym has been sarcastically interpreted to mean Doge Money, Doge Meme, or Doge Moon, as well as a reference to the consciousness-altering substance DMT.
Did Elon's advocacy at The B Word have a Doge-perception-altering effect on Jack?
Support from Dorsey would be a giant catalyst for Dogecoin.
So far, he's spoken about these projects exclusively in terms of Bitcoin, but that could change with a single tweet.
He's also said it's "only a matter of time" before Twitter supports Bitcoin transactions for its more than 300 million users.
For the most part, the social media giants have shied away from cryptocurrencies.
In Doge's quest to become digital cash, integration with Twitter would transform the consciousness of the Internet, fusing the hive mind with digital dog dollars.
Embracing Dogecoin would require Jack to give up his goal of making Bitcoin the Internet's exclusive native currency.
At the same time, the chance to ally with the Doge and its band of loyal Shibes might be too good to pass up.
There are no guarantees in crypto, but Doge Money Twitter could shock the world.
Cleared for Launch
After a long summer slumber, Dogecoin is waking up.
The combination of Doge and social media platforms would shake the firmament of the Internet.
As it assembles its corporate base, Doge is clearing for liftoff.
For the galaxy's leading meme-asset, the sky is not the limit.
Dogey Treats: News Bites
Some people are claiming to see a Doge on the rocket of Elon's newest profile picture.
Doge creator @BillyM2k called for more sharing of Doge meme templates.
Geometric Energy Corporation will partner with SpaceX launch a satellite with a large screen displaying advertisements in space. Ads will be payable in Dogecoin.
A hedge fund analyst explained why the Dogethereum bridge is a major event for crypto.
Chainalysis, a blockchain analytics firm, is now providing coverage of Dogecoin.
Burger King retweeted a meme of a Doge riding a BK rocket ship along with the text "Watch out Bezos."
Travel agencies continue warming to Dogecoin.
A Utah man selling his house offered a 10% discount if the buyer paid in Dogecoin.
A Uruguayan Senator proposed a bill making cryptocurrency legal tender.
Starlink is now providing Internet service to 90,000 users across twelve countries.
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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. At the time of publication, Dogecoin is around $0.27 per coin.