I think what is happening with Elon Musk and Doge is amazing. I think it could become one of crypto's greatest experiments. I agree with Musk that Dogecoin is "the people's crypto". For one thing, the coin supply is a better fit for a global population.
Dogecoin's liquid coin supply is: 128.6b
World Population is: 7.6b
So 16.76 DOGE exist per person (.67$)
w/ BTC only .0024 exist per person(89.44$)
The unit bias is more scalable and psychologically palettable.
.0024 is less than a penny and really expensive.
Doge has a well-earned reputation as a pump and dump. Bitcoin is a pump and dump too tho. The difference is that Bitcoin holds a higher floor each time it crashes after a mania because more people become incentivized to HODL. The victory for Doge isn't if it stops dumping after it pumps, it is if it can hold a higher floor after the sellers are done because more people are hodling. I am quite sure that is possible now.
Thru the last decade the floor for Doge was around 10-20 satoshis. My expectation is that 100-200 satoshis can be the new floor now. In dollar terms that's the Nickel to Dime range, which was where Elon stated his "full support" for the network. It hit resistance at a dime and found support at a Nickel. I think it will keep bouncing around these US coin denomination psychological levels as it heads higher.
I pulled the fractal out of the 30 minute chart of the first surge from doge over the last month. and then fit it to proportion based on the first of 4 pushes. I wondered if it would align with the US coin denominations like I thought and it did EXACTLY! Such WOW! Very Mystery!
So what happens when an empowered individual, that people trust, who is about to attain god-like wealth, offers economic support thru a cryptocurrency network that the whole world can access? I'm thrilled by this honestly. I think this age we are going into is primarily about unfolding the relationship between Network/Individual, as opposed to Citizen/Govt, or Consumer/Corporation. The idea of the richest person in the world, who people trust, unlocking a new potentiality in this regard makes me caffeinated just thinking about it. My other favorite thing about it is how it has the ability to slip past people hardened by the financial world or jaded thru trading crypto. There is charming lack of pretense that can make wannabe giga-chads grumble. The troll value is enormous.
The metaphor is beautiful too. Doge is "Man's Best Friend". Everyone can get some pet Doge and then Elon can feed the Doge to keep it healthy and everyone who commits and hodls long term will benefit. It is like a network where he can help out his dawgs.
Not sure what this looks like in a year or two but for now a big pump and a higher floor are what I expect. I will be putting some doge away for long term hodling from this entry at a nickel, without a doubt. This whole idea fits perfectly with the timing of my Bitcoin Tsunami Effect thesis from the last post.
Dogecoin's liquid coin supply is: 128.6b
World Population is: 7.6b
So 16.76 DOGE exist per person (.67$)
w/ BTC only .0024 exist per person(89.44$)
The unit bias is more scalable and psychologically palettable.
.0024 is less than a penny and really expensive.
Doge has a well-earned reputation as a pump and dump. Bitcoin is a pump and dump too tho. The difference is that Bitcoin holds a higher floor each time it crashes after a mania because more people become incentivized to HODL. The victory for Doge isn't if it stops dumping after it pumps, it is if it can hold a higher floor after the sellers are done because more people are hodling. I am quite sure that is possible now.
Thru the last decade the floor for Doge was around 10-20 satoshis. My expectation is that 100-200 satoshis can be the new floor now. In dollar terms that's the Nickel to Dime range, which was where Elon stated his "full support" for the network. It hit resistance at a dime and found support at a Nickel. I think it will keep bouncing around these US coin denomination psychological levels as it heads higher.
So what happens when an empowered individual, that people trust, who is about to attain god-like wealth, offers economic support thru a cryptocurrency network that the whole world can access? I'm thrilled by this honestly. I think this age we are going into is primarily about unfolding the relationship between Network/Individual, as opposed to Citizen/Govt, or Consumer/Corporation. The idea of the richest person in the world, who people trust, unlocking a new potentiality in this regard makes me caffeinated just thinking about it. My other favorite thing about it is how it has the ability to slip past people hardened by the financial world or jaded thru trading crypto. There is charming lack of pretense that can make wannabe giga-chads grumble. The troll value is enormous.
The metaphor is beautiful too. Doge is "Man's Best Friend". Everyone can get some pet Doge and then Elon can feed the Doge to keep it healthy and everyone who commits and hodls long term will benefit. It is like a network where he can help out his dawgs.
Not sure what this looks like in a year or two but for now a big pump and a higher floor are what I expect. I will be putting some doge away for long term hodling from this entry at a nickel, without a doubt. This whole idea fits perfectly with the timing of my Bitcoin Tsunami Effect thesis from the last post.
I think it will stall in the .80-1$ range.
I see people in my own life making money off of this without my help who I would not have expected to take the initiative in crypto. That's a very positive thing! It wont come without pain tho... The pullback here will be harsh but I do think it will hold a higher floor above the nickel entry I pointed out here, and continue to be relevant if not fundamental to the crypto-sphere.