Can Doge “The Joke Coin” Actually Become the Top Crypto?
Let’s Go Far Into the Future and Think About Branding
I've always been a futurist. When people didn’t know what to think of the Web back in the mid-nineties, calling it a fad or even a joke, I saw the utility and went all in.
Now, another “joke” could someday become the fabric of finance. I know, I know, that’s a stretch, but hear me out…
First off, I own some Doge (at the time of this writing). But this article isn't to pump the meme coin, it’s to detail why I (a thinking human) actually own a chunk of what many consider absolute crap.
Even my own son (a Math major) considers Doge a joke. However, he does own around 14 Doge coin, currently worth about $3.00. That’s all he’s willing to invest. And that’s smart, because you should only invest what you can afford to lose.
He's only willing to lose $3.00.
I get it.
Let’s Time Warp into The Future for a Moment
Let's say Amazon does start taking crypto, and major credit card processors figure out a way to integrate crypto into their systems, making crypto a true currency.
In other words, crypto has gone mainstream. Global. The speculators were right, so we shall pretend.
However, there are a ton of cool coins out there, some with well-known names and some not so much. Which coins will benefit in such an environment? What if the world does fully accept this new currency?
To gain foresight, let’s go to a well-known concept in the financial world that most industries are dominated by three big players, known as “The Rule of Three”
The Rule of Three in Competitive Markets
Look no further than Verizon/ATT/T-Mobile to see the rule at play (there were four companies until Sprint merged into T-Mobile, succumbing to this seemingly almighty Rule of Three).
And which three coins are already leading the pack in terms of brand recognition? Bitcoin, Ethereum, and you guessed it, the joke coin Doge.
If Things Blow Up, Which Crypto Has the Coolest Brand?
- While the leader, Bitcoin admittedly has a sketchy past. Known as the Big Daddy in crypto, the King of the Hill, it’s also often criticized for energy consumption.
- Ethereum is more like the thinking-person’s crypto. But, it’s also criticized for energy consumption. However, Ethereum offers a lot more utility in terms of smart contracts, like selling digital art (NFTs).
- Then there's Doge, its icon is a cute Shiba Inu dog and its origins are comedic, fun, even sexy (in that most people look for a sense of humor as paramount when finding a mate).
If the followers of the Kardashians and Snoop Dogg's of the world are going to gravitate toward one of these, which do you think it'll be? In terms of licensing, who is most poised to mass market its charm?
Doge shoes? Doge soccer balls? Doge dolls? Really now, is it that hard to imagine who will be the most lovable crypto if the mainstream culture adopts this digital currency?
Doge: Already Greener Than the Leading Brands
If that’s not enough, many consumers look to make choices that can help the environment, when at all possible.
Incredibly, Doge ranks as one of the most green cryptos, using far less energy than Bitcoin and Etherium. It also out-greened Litecoin and even Cardano in a recent report.
Much green, right?
Simplicity + Irony + Entertainment = $$$
Elon Musk is no stranger to spotting trends. Check out what the man known as the Doge Father had to say in an interview with Twitter’s Jack Dorsey.
Discussing the idea that the simplest answer is often the most correct (Occam’s Razor mentality) Elon said:
“There’s a friend of mine who came up with a variant on that, that the most ironic outcome is the most likely one.
“And then I have a variant on that which is the most entertaining outcome as the most likely one.
“So, if that is true, then the most ironic and entertaining outcome would be the cryptocurrency that was started as a joke to make fun of cryptocurrencies ends up being the leading cryptocurrency.”
The power of irony combined with the power of a cute mascot and even slogans like “Much wow…” Perhaps they could be worth far more than the 21 cents a coin…?
Of course there are serious questions, some even call them issues, like Doge's unlimited supply. But perhaps those could be addressed if the likes of the Elon push forward supporting Doge devs to take the much-teased coin to the metaphorical moon.
Anything could happen.
Who knows, one day my son could use his 14 Doge coins to make a downpayment on a house, remarking, “Much irony.”
This is not financial advice, and meant for educational purposes only. Note the author may hold the coins mentioned. Remember: Trading cryptocurrency is extremely risky and people should only invest what they can afford to lose.