18th August 2021 > > DOGE.

tl;dr

DOGE is moving onwards and upwards from being a joke coin.

Market Snap

Market Wrap

With a 24-hour low nearly touching $44k, there is a small danger that this period of consolidation starts to turn into a minor sell-off. I don’t see any reason to panic or worry about that, but it might delay the day when we next get above the magical $50k.

Occasional Series – For those of us who are woke enough

Our collective cockles are cheerfully warmed by the news that Black, Hispanic, and LBGTQ Americans are more than twice as likely to invest in crypto than White Americans.

In response to this survey, Tyrone Ross, CEO of advisory firm Onramp Invest, said:

"This (cryptos) is very much a social movement [...] representation and equality are what crypto promotes, evokes and distributes”.

All crypto enthusiasts will nod their heads eagerly in agreement on reading that statement.

Curious Cryptos’ Commentary – You can’t keep DOGE down

The original meme coin, created as joke back in 2014, has not only refused to lie down and die, but appears to be going from strength to strength.

Currently trading around 30c, up from less than a cent at the beginning of the year, it has been as high as 65c or thereabouts. Self-proclaimed DOGE enthusiasts talk of little else other than DOGE reaching a dollar or more.

Part of its appeal appears to be the presence of some famous and vocal supporters, not least Mark Cuban and Elon Musk. Combined with a reddit brigade that overlaps very neatly with the meme stock pumping we saw earlier this year, one could be forgiven for treating DOGE as a joke.

But more serious events are stirring. The Dogecoin Foundation is being resurrected with Vitalik Buterin, the inventor of Ethereum, as an advisory board member. Vitalik may well be the most respected individual in the entire crypto world, and it is a strong statement of intent that he is involved at such a senior level.

The foundation has announced that new projects will be made public in the next few weeks that “increase Dogecoin uptake at a grassroots level”.

We may have to start taking DOGE seriously.