Dogecoin Meme Analysis
Dogecoin hit one cent this week! This may sound like nothing, but it’s a 500% increase year over year. Dogecoin was the first ever memecoin, a cryptocurrency built on memes, and you know memes matter. So why do meme coins matter? Quite simply, they are bridges to the Future.
I have explained in previous videos how Doge himself is a bridging meme. He was the path from relatable animal memes, to surreal memes, and then again to Ironic memes. What we find in Dogecoins’ meteoric rise and mass popularity is the promise of a bridge. A bridge between the currency of the past, and the cryptocurrency of the future.
Memecoins are not simply a possible future though, they embody a change in consciousness around economics itself. To understand this lets take a look at a figure intertwined with the success of Dogecoin: Elon Musk. Elon Musk is a super rich billionaire,currently the worlds richest man, but unlike Jeff Bezos or Bill Gates, people love Elon Musk. One might even say, his popularity led to his becoming the richest of the billionaires. So what makes him different?
Memes.
Elon Musk understood the power of memes, and has been using them to value his own businesses, and more importantly, his Persona, the thing that really brings attention to his projects. He is a meme magician, knowing to use powerful symbolic elements, like space travel, and mad scientists like Nikola Tesla. The fact that he sees the potential in dogecoin is unsurprising, as it uses the same symbolic powers.
These energies, memetics and economics have been at play throughout all of human history, but it was only in the last two centuries that they began to be understood. Materialist economics cannot account for the success of Doge, understanding only a narrow aspect. Only libidinal economics, which I have shown to be Memetics, can explain the popularity of Musk and Dogecoin.
In the mid 2000’s libertarians like Ron Paul brought attention to the concept of Fiat currency, or currency based on trust. Trust in what? A nation, a government, or an economy, they will tell you.
But what are those things really? You will hear people say all the time, “money isn’t real” or “the government is a made up idea”. This is true, but it misses out on the truly important thing, which is why these ideas do well and others don't. They are super effective memes. Symbols shared nearly universally. They are magic. Dogecoin brings this idea to the surface. Instead of relying on an unrecognized meme, like a country, it says “Yes, this is a currency based on memes.”
The 2016 US election also revealed politics as an entirely memetic game, shedding the pretenses of traditional political etiquette. The forces behind these memes are not going away, but countries, economies, and ideas will. When you invest in memetics itself, you invest in the future.
And so, while you should of course invest responsibly, throw a few bucks into Dogecoin. The fact that it hit one cent, is a promise that it will hit one dollar. Invest in the memetic forces at play in this universe. Invest in the future. Remember, memecoins matter.