After the GameStop frenzy this week, I’ve never been more bullish on Dogecoin. In fact, I believe Dogecoin could reach one dollar per coin. Powered by meme virality, unique branding, and its eventual utility as a currency, Dogecoin is a perfect storm that is poised to soar. Let me explain.
1. Dogecoin is a Meme. That gives it power.
Memes are ideas, they are decentralized inside-jokes. Their hive mind virality spreads like wildfire in the cultural zeitgeist. Like a virus, memes mutate and adapt, blending with other memes to appropriate trends. Their parabolic growth is expedited due to the inter-connectedness of our social media world.
Like the GameStop phenomenon, Dogecoin is fueled by memes, fervor, and a decentralized community of retail investors. The GameStop short squeeze was propelled by viral memes in the WallStreetBets Reddit community. Memes like “we like the stock!” and “diamond hands” lit a fire under the movement, with jokes about tendies, stonks, and degenerate trading fueling the blaze. Doge is a meme, and as we’ve seen, memes take on a life of their own. They are not to be underestimated.
Most memes usually peak and die out, but some stick around. And here’s the thing with Doge: it’s Lindy. It’s been around for an unusually long time. That gives it a higher probability of surviving even longer.
As the meme expands and its utility as a cryptocurrency is actualized, Dogecoin will grow in popularity and value. Although currently floating around four cents, it could eventually reach a dollar. Dogecoin to a dollar has become a part of the meme. “#DogecoinToADollar”, which has recently been trending on twitter, may be a prophesy of what’s to come.
2. Dogecoin has strong and unique branding
Branding is important. It influences our purchasing decisions and our sentiment towards products, services, and ideas. There are thousands of cryptocurrencies, so branding matters for public adoption. Bitcoin is at the forefront of the cryptocurrency revolution because of its strong and unique branding.
For Bitcoin to act as its intended purpose as the reserve currency of the world, it cannot be beholden to any state, country, or individual. Satoshi Nakamoto, the pseudonymous creator of Bitcoin, fortified the integrity of the Bitcoin system by remaining anonymous and never cashing out his early coffers. This, along with its originality and resilience, gives Bitcoin a strong brand foundation.
Similar to Bitcoin, Dogecoin also has strong and unique branding. Dogecoin is symbolized by the Shiba Inu dog meme. Its logo is a cute dog. Other cryptocurrencies don’t have a logo as memorable or funny. It’s ironic for something so silly like a dog-meme to be associated with such a serious financial asset. It makes a mockery of traditional cryptocurrency networks. Plus, who doesn’t love dogs?
Propelling the Dogecoin zeal is Elon Musk, who regularly tweets about the coin and previously touted himself as the “former CEO of Dogecoin”. Decentralized ideas are often helmed by an unofficial but bonafide leader. Satoshi Nakamoto for Bitcoin, u/DeepFuckingValue for GameStop, and now Elon Musk for Dogecoin.
With influential individuals like Elon Musk leading the Dogecoin choir, the cryptocurrency stands to gain from its growing brand popularity as hoards of young people share #DogecoinArmy, #DogecoinToTheMoon, and #DogeToADollar, spreading the meme mania on Reddit, TikTok, and Twitter.
3. Dogecoin is an anti-establishment movement. This fuels growth.
The GameStop short squeeze has shown us that people are fed up with the financial establishment. Cryptocurrency and blockchain technology is a movement away from centralization, and Dogecoin has a role to play in this revolution. Uniting behind a cause like Dogecoin allows regular folks to have a say in what they perceive as valuable. The future is digital and decentralized, and Dogecoin is contributing to this anti-establishment narrative.
Gemini cofounder Cameron Winklevoss said, “If people believe Doge is money then it’s money.” Money is just a shared idea, and ideas that are memes tend to spread fast. It’s up to the people to decide what has value. With enough individuals backing it, there’s nothing to stop Dogecoin from becoming a legitimate asset.
Dogecoin is a perfect storm of clever branding and utility, fomenting into a rebellion for regular folks to protest against the monetary system that has enabled the rich to profit in the shadows. Like GameStop, Dogecoin is a movement for the little guy. The brand gives it force.
4. Dogecoin has utility in a digital future.
Ask around — young people want Bitcoin, not gold. If I own Bitcoin, I don’t want to use it as a currency. It makes more sense to keep it as a store of value, as its scarcity gives it its worth. But I would be willing to part with some Dogecoin. If Bitcoin is Gold 2.0, then Dogecoin is the US Dollar 2.0. There’s plenty of Dogecoin to go around.
Dogecoin isn’t capped at a certain amount of coins like Bitcoin’s famous 21 million supply. Dogecoin is designed to inflate, with 5 billion coins being added to the 100 billion surplus each year. This allows Dogecoin to be spent more liberally, without hoarding from early adopters that speculate its asset value from its limited supply.
Imagine using Dogecoin as a way to tip your favorite content creators online. Imagine spending 6 Dogecoin to tip a YouTuber instead of spending 0.000182 Bitcoin to do the same thing. I know that a Satoshi is the smallest unit of Bitcoin, but the psychological impact of such a small amount of Bitcoin matters to everyday folks. People want 1 of something, not a fraction of it.
This psychological effect plays to Dogecoin’s advantage, as accumulating and spending the cryptocurrency online becomes a fun and convenient way for people to exchange goods and value. With fast transaction speeds and comparably low fees, Dogecoin has utility in a digital future. For this reality to actualize, Dogecoin will have to become more accessible.
5. Increased accessibility will help Dogecoin reach new highs.
When Dogecoin is easy to buy, store, and exchange, then the flood-gates of popular demand will catapult its worth to new heights. Accessibility and popularity will revitalize the coin.
Right now, Robinhood is limiting Dogecoin purchases on their app. Coinbase, the most popular US cryptocurrency exchange, currently doesn’t allow Dogecoin because, well, it’s always just been a shitcoin. It was a joke. It’s just a meme, right? That is, until it’s not. It’s only a matter of time until retail demand pressures exchanges like Coinbase and Gemini to fully open their platforms to Dogecoin.
Dogecoin to a dollar is a meme, but it’s one that shouldn’t be underestimated. When Dogecoin hits one dollar, it’s sure to break the internet. As a cryptocurrency that has utility, strong branding, and is cheap enough for regular folks to afford a single unit of, Dogecoin may prove to be a force to be reckoned with.
How high could Dogecoin go? I estimate it could reach a dollar within a year, but prepare to be patient. The market cap of Dogecoin is about $5 billion, and it’s currently trading at around $0.041 per coin. If anything, Dogecoin isn’t to be underestimated. It could be going to a dollar sooner than you think.
Do you think Dogecoin will reach $1? Let me know!
Remember, Dogecoin is risky. But then again, it’s all risky!
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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. Dogecoin is a speculative and highly volatile asset susceptible to pump-and-dump schemes. Content, news, research, tools, and 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, cryptocurrency, industry, sector, market, or financial product does not guarantee future results or returns. I am not liable for any loss that you may experience from optionally reading my free opinions.
Disclosure: I currently own some Dogecoin and Bitcoin