The Wolf Den #362 - The Dog Meme Madness Continues
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This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $1200 worth. I really encourage you to check them out.Dog meme tokens are still all the rage in the crypto space and beyond, so I will do a quick overview of everything important that happened over the weekend and share my thoughts.First, a Shiba Inu billboard popped up in Times Square. Is this a top signal? Not necessarily. This is another sign that Shib is here to stay for the moment, even if it is just the finance world's biggest practical joke. The entire world is seemingly talking about Shib.Second, Elon Musk is back to moving markets with his twitter account. A joke over the weekend about Doge sent the coin’s market cap up over $3 billion dollars in a matter of minutes. When Tesla once again begins accepting cryptocurrency, we will likely see the market rise and other companies following suit.Lastly, a number of influencers have finally begun to warn their followers about the madness. Edward Snowden came out with the following statement: “I say this with love: If you got talked into exchanging your hard-earned savings for some new dog money because a meme said you'd get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*. Also, if you are mad at this tweet you probably need to reduce your position size.”Does Doge deserve the hate?The two largest criticisms are that Doge “has no utility” and that it is simply, “a pump and dump.” Doge has performed well over time. It does tend to "pump and dump" but has always found its way to new highs. This is unlikely to change before the bull market completes. If you happen to hold Doge and bought near the highs, there's a decent chance that you will be ok. That said, the 70 cent highs were the most gratuitous and obvious local "top" that I have ever seen in markets. As far as the criticism about Doge not having utility? I think, at this point, that this is false, but that it has a different type of utility than other cryptos. Doge is a gateway drug to crypto, often the first stop that new retail traders and investors take because of its welcoming community, cheap price, and brilliant marketing. The "utility" is that Doge is simultaneously easy to adopt and simple to grasp. Doge is a huge magnet for newcomers. Of course, Doge only scratches the surface of the true importance of crypto.The dog meme madness will eventually subside, but I doubt it will end any time soon. There are too many investors involved and more flooding into each day. That being said, practice extreme caution with these coins, because we all know that the music eventually stops and that you may be the one left without a chair.In This Issue:The Dog Meme Madness ContinuesBitcoin Thoughts And AnalysisAltcoin ChartsFind An Accountability PartnerBitcoin White Paper AnniversaryBitcoin Supply On Exchanges At Three-Year LowEthereum Has Its First Deflationary WeekMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #362 - The Dog Meme Madness Continues
The Wolf Den #362 - The Dog Meme Madness…
The Wolf Den #362 - The Dog Meme Madness Continues
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $1200 worth. I really encourage you to check them out.Dog meme tokens are still all the rage in the crypto space and beyond, so I will do a quick overview of everything important that happened over the weekend and share my thoughts.First, a Shiba Inu billboard popped up in Times Square. Is this a top signal? Not necessarily. This is another sign that Shib is here to stay for the moment, even if it is just the finance world's biggest practical joke. The entire world is seemingly talking about Shib.Second, Elon Musk is back to moving markets with his twitter account. A joke over the weekend about Doge sent the coin’s market cap up over $3 billion dollars in a matter of minutes. When Tesla once again begins accepting cryptocurrency, we will likely see the market rise and other companies following suit.Lastly, a number of influencers have finally begun to warn their followers about the madness. Edward Snowden came out with the following statement: “I say this with love: If you got talked into exchanging your hard-earned savings for some new dog money because a meme said you'd get rich, please carefully consider your odds of outsmarting a market that sold to you its stake in *not even dog money but a CLONE of dog money*. Also, if you are mad at this tweet you probably need to reduce your position size.”Does Doge deserve the hate?The two largest criticisms are that Doge “has no utility” and that it is simply, “a pump and dump.” Doge has performed well over time. It does tend to "pump and dump" but has always found its way to new highs. This is unlikely to change before the bull market completes. If you happen to hold Doge and bought near the highs, there's a decent chance that you will be ok. That said, the 70 cent highs were the most gratuitous and obvious local "top" that I have ever seen in markets. As far as the criticism about Doge not having utility? I think, at this point, that this is false, but that it has a different type of utility than other cryptos. Doge is a gateway drug to crypto, often the first stop that new retail traders and investors take because of its welcoming community, cheap price, and brilliant marketing. The "utility" is that Doge is simultaneously easy to adopt and simple to grasp. Doge is a huge magnet for newcomers. Of course, Doge only scratches the surface of the true importance of crypto.The dog meme madness will eventually subside, but I doubt it will end any time soon. There are too many investors involved and more flooding into each day. That being said, practice extreme caution with these coins, because we all know that the music eventually stops and that you may be the one left without a chair.In This Issue:The Dog Meme Madness ContinuesBitcoin Thoughts And AnalysisAltcoin ChartsFind An Accountability PartnerBitcoin White Paper AnniversaryBitcoin Supply On Exchanges At Three-Year LowEthereum Has Its First Deflationary WeekMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO