Dogecoin cryptocurrency physical coin.
While many will be thinking, “what now for Tesla?” now that Elon Musk is Chief Twit and there might really be no CEO in sight, crypto lovers are thinking, “what next for Dogecoin
Now that Musk is the boss at Twitter, Tesla investors could be forgiven in simply wondering about the prospect for him now that he is in charge of the asylum. Musk clearly doesn’t give a tinker’s cuss about anything that would worry us. He bids for Twitter, then tries to escape, then does the deed at massive cost. It’s all very post-modern in a new-norm kind of way. It is of course inconceivable to us all how he lands rockets backwards from space while running a company responsible for making him the world’s richest man, but I guess this is how genius rolls.
I am left kicking myself that on the news I didn’t jump into some dogecoin and here is the chart to show what I missed:
The Dogecoin chart in the last year
The reason is I’m disengaged from trading on all fronts as the global economy dices with economic Armageddon brought on by spiking interest rates.
Yet even hiding under a rock I can see the attraction of this chart.
Long term:
The Dogecoin chart from the start
Short term:
The last month of the Dogecoin chart
The short-term chart is also a dog whistle for the risk addicted.
A crypto attached to a big social network is a kind of no brainer, if you don’t give a damn that the authorities might come down on your head like a ton of bricks. Musk of course is the U.S.’ only hope in space and the U.S. would have to decapitate their “Space Race” to retain the defense high frontier if they were to hit him for jamming a crypto into Twitter. As such he has a level of insulation as he grasps the “third rail” of Twitter. Musk has swallowed a Mungerian “rat poison squared” with or without a crypto attached, so why not go the whole enchilada?
Dogecoin is an inflationary coin, which I like. Deflationary coins and inflationary coins should follow Gresham’s law, which is “bad money drives out good,” which means deflationary coins get stashed and inflationary coins get used. You can see how a deflationary coin will have a hard time as a currency, it is more likely to be used by people as a hoarded haven asset. There are more currencies with much greater market cap than there are haven assets.
It would make more sense, however, for Twitter to make its own coin, which is a simple matter. That way they get all the seigniorage and that could be way more than the $42 billion Musk has spent on buying the Twitter cesspool.
For Musk to survive its septic depths he will really have to show mighty genius and it just might be crypto that delivers that. Will it be dogecoin or will it be twittercoin? I’d guess the latter but dogecoin would be just the kind of joke Musk seems to like to crack.
