Ask Doctor Bitcoin: Is Dogecoin having its moment? [Free, #6]
Dogecoin is delighting it's hodlers and advocates, and frustrating its detractors. We look back on its history and to help grok it's future this week.
Of the many interesting brands that have co-opted the date “4/20” as their “national day of recognition,” one must admit that the most appropriate has been Dogecoin. Given it’s meteoric rise this week and in honor of DogeDay, ADB’s focusing primarily on Dogecoin.
I had originally planned to plod through the history of Dogecoin in my normally semi-didactic method of happening upon key concepts, but instead I opted for just having Tina tell her front row seat view of Dogecoin.
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Blockchain Bulletin
Coinbase marks its IPO with memo on the Bitcoin blockchain. Cryptocurrency wallet Coinbase Inc. marked its IPO on Nasdaq by posting a memo on the Bitcoin blockchain by embedding a New York Times headline.
Hype pushes Dogecoin to new all-time-high of 43 cents. The well-known spoof cryptocurrency Dogecoin gets a massive spike of attention on traditional media, social media, and speculators that drove it up to $0.43 USD over the weekend.
Blockchain Behind the Scenes
CaseMail certified by USPS as first blockchain-generated ePostage. Communications-as-a-service company VeriTus Corp. gets certification from the USPS to allow ePostage to be generated on the blockchain
Ethereum blockchain developer ConsenSys raises $65M in funding. The blockchain developer will use its new funding to work on its software stack and provide protocols to prepare for Ethereum 2.0 and Ethereum-adjacent services.
Blockchain Deepdive: An interview with Dogecon founder Tina Hiu
Dogecoin is a joke made real.
Dogecoin has had an incredible rally this year. When I sat to write this intro, the price has more than doubled in the last 14 hours, from $.17 to $.38, which caps off almost a quarter of explosive price action and almost two full years of sideways price action. On Monday and Tuesday, there were significant dips across all markets, but Dogecoin somehow maintained it’s price floor above $.34 for most of the day! Today the price sits slightly below that, affected by many of the same blues the rest of the market seems afflicted by.
As the story goes, Adobe’s Jackson Palmer created in response to the reception a 2013 throwaway tweet of his: “Investing in Dogecoin, pretty sure it's the next big thing.”
IBM’s Billy Markus reached out to Palmer and did the heavy lifting on the engineering side to make the joke a reality.
Hui: “Dogecoin’s community, playful memes and events were the most positive wonderful uplifting movements and marketing in crypto. We used to say that Dogecoin is the marketing engine for Bitcoin, and I think there’s still truth to that.”
Dogecon was originally planned to be a meetup between Hui, Palmer and Andreas Antonopolous for the viewers of Follow the Coin. It turned into a 3000 person festival for crypto in general and Doge in particular.
Palmer and many of the original Doge luminaries left the community in 2015 due to community toxicity and scams.
In the interim between 2015 and 2019, Dogecoin’s community had become homogenized with the rest of the crypto community
In 2019, Elon Musk revived shades of the original Dogecon with his now somewhat historic tweet.
Technical Analysis: Focus on Dogecoin
From VirtualBaconDAO’s Dennis Liu
The “Doge Dream” is to get to $1.
Now that Dogecoin is above $.30, the dream to get it to $1 isn't so far-fetched anymore.
This is a risky bet if you’re entering the market right now.
We have a potential loss of 75% and a potential gain of around 3X.
We do have a bit of support from $.23 to $.27.