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What Are the Top 3 Things People Get Wrong About DOGE?
Dogecoin warrants special attention in the world of crypto. Blockchain technology alone is enough to wrap your head around. Now we have a dog meme coin that is billions of dollars in size, that technically is and might remain one of the world’s internet currencies.
Alas, there are some misconceptions about Dogecoin that need to be weeded out. What is Elon Musk’s degree of involvement with DOGE, where did the DOGE meme come from, and what real utility is there to Dogecoin? Below you will find the answers so we can dispel DOGE’s more popular misconceptions.
1) Elon Musk Regulates Dogecoin
It is easy to interrelate Elon Musk and Dogecoin, and think that he may play a part in DOGE’s operations. Elon, however, is not part of the Dogecoin team, though DOGE does appreciate Mr. Musk’s tweets. Elon has been known to meet with Dogecoin’s team, and has disclosed that he HODLs Dogecoin. It is unclear how much DOGE Elon has collected. Elon Musk seems to appreciate simplicity and irony, and it appears that Dogecoin has met those qualifications for him. Dogecoin is indeed relatively simple to explain compared to other cryptocurrency projects, and it would truly be ironic if Dogecoin became a widely-accepted currency. That, and the narrative of Dogecoin as “the people’s money” are what keep Elon interested.
Perhaps the ironic thing would be if Elon Musk did take over control of Dogecoin’s development, and used it or a close parallel as the currency for his future Mars colony. He does mention the necessity for a distinct currency for the red planet on his latest appearance on the Lex Friedman podcast. He explains that it would be necessary due to the complications of updating a blockchain ledger across vast distances relative to the speed of light. For the time being, DOGE is a lone wolf.
2) Dogecoin Has No Cultural Value
Of course, the main idea behind Dogecoin’s journey to the moon is that it has the potential to become a global currency (and make everyone millionaires, of course). To an extent, DOGE has already become that within a dedicated crowd of the internet. But there is more behind the success of Dogecoin than adoption as a currency. As we have seen with Shiba Inu, memecoins are a replicable phenomena that have the potential to amass billions of dollars in value. What is behind the public’s love of Shiba Inu meme coins?
Dogecoin was started as a joke. Not even the founders suspected that a meme of a small breed of Japanese dog would run in the pack with global digital currency contenders. As it turns out, there is an art movement behind DOGE’s good looks. It’s called Dada. As Wikipedia puts it, “the Dada movement consisted of artists who rejected the logic, reason, and aestheticism of modern capitalist society, instead expressing nonsense, irrationality, and anti-bourgeois protest in their works”. One could say that Dogecoin carries meme status as a Dada idea existing during modern capitalist society’s discovery of a new monetary system. The point is, DOGE was started as a joke in light of the flaws of modern capitalist society.
Whatever momentum Dogecoin carries, it carries by the weight of the idea behind it. And at least a portion of the weight of the idea behind Dogecoin can be attributed to Dadaism. DOGE goes against the grain; along the contrarian groove of Dadaism.
3) Dogecoin Lacks Utility and Purpose
I’ll review the above two sections to help clarify Dogecoin’s utility before adding a few more points. At “The B Word” event in July of 2021, Elon Musk referenced the Occam’s Razor principle in acknowledgement of the way nature chooses unlikely winners. Following this reasoning, he stated that he recognizes in Dogecoin the potential for an ironically successful currency. Dadaism is premised on the idea that there is value in being counter to the capitalist mainstream, and Dogecoin seems to be a real world test for that idea.
Whether you can see value in Dogecoin or not can be up to subjective interpretation, but the fact remains that people are using Dogecoin as a means to transact value. This is perhaps the most direct way to view Dogecoin’s utility. For example, this superyacht project is accepting DOGE as one of its accepted forms of payment. As of writing, Dogecoin’s 24 hour trading volume is about $1 billion.
Taking a broader view, it looks like DOGE’s current value is in the brand behind Dogecoin, and the loyal community who transact with it. What this represents for Dogecoin’s future is that they have staying power. The DOGE community is very small compared to the whole internet pie, but what Dogecoin has proven is that they are an image, a meme, that has remained in our collective brand awareness. If Dogecoin can maintain its position in the public eye, then it may continue to stand a chance to be a sustainable and accepted currency.
Dogecoin Demystified
DOGE has become more than anyone could have expected. It is valued in tens of billions of dollars, Elon Musk is in cahoots with Dogecoin, and now DOGE even represents art. What all started as a joke has become a movement for Dogecoin toward becoming one of the world’s magic internet currencies. What most people get right about Dogecoin is that it started as a joke, but this is also where their understanding often ends. Behind Elon Musk’s tweets, and the absurdity of Dada is value that seems to be perpetuated through the brand of Dogecoin. Once you see that, then you shouldn’t have any trouble with the top 3 things people get wrong about DOGE.
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