Earlier, the first satellite mission to the moon fully funded by Dogecoin, named “Doge-1,” has received approval from the Federal Communications Commission (FCC) in the United States. Once DOGE-1 is launched into space, the micro-screen on the satellite will display advertisements and images and broadcast them to Earth. This article, sourced from the author MIIX Capital, has been compiled, translated, and written by PANews.
Summary:
Dogecoin celebrates its 10th anniversary! DOGE surged over 20% and surpassed $0.1, reclaiming its position as the 9th largest cryptocurrency.
Background:
Musk clarifies “will not” issue X tokens, community asks for Dogecoin only.
Table of Contents:
“Doge-1” spreads awareness of Dogecoin
SpaceX’s “Doge-1” project obtains FCC approval
“DOGE-1” project sponsored by Dogecoin
About Dogecoin
Originated as a meme token
Deviation from mainstream token design rules
Unexpected market cap and price increase
The Musk effect
Factors to consider when investing in Dogecoin (please note the risks)
Reflections brought by Dogecoin
The power of emotional value beyond imagination
Consensus as a value generator in the crypto market
The influence of brand effect can transcend application scenarios
Conclusion
“Doge-1” spreads awareness of Dogecoin
According to PANews on December 1st, Samuel Reid, CEO of space technology company Geometric Energy Corporation, confirmed on the X platform that SpaceX’s “Doge-1” lunar mission has obtained approval from the Federal Communications Commission (FCC) in the United States. Previously, on November 29th, SpaceX’s “Doge-1” satellite had obtained approval from the National Telecommunications and Information Administration (NTIA) in the US and is currently seeking final approval from the FCC.
SpaceX founder Elon Musk announced the DOGE-1 satellite launch project in 2021. As a collaboration between Intuitive Machines and NASA’s US space program, “DOGE-1” was developed by space technology company Geometric Energy Corporation, funded by Dogecoin, and launched using the SpaceX Falcon 9 rocket. The micro-screen on the DOGE-1 satellite will display advertisements, images, and logos, and then broadcast them to Earth. DOGE-1 is the first satellite launch project fully funded by Dogecoin.
About Dogecoin
Dogecoin originated as a fork of LTC and has advantages such as fast transactions, convenience, and no need for real-name authentication. It was founded and issued by programmer Billy Markus in December 2013, with the aim of being used for all kinds of tipping and small payments. Dogecoin is positioned as a digital currency with entertainment and social attributes, which has attracted widespread attention from social media users since its inception.
Extended reading:
Dogecoin core developer: PoS consensus has flaws, he will withdraw if DOGE abandons PoW.
The name and logo of Dogecoin are derived from Shiba Inu culture. In the crypto field, Dogecoin also represents a friendly, fun, and cute image, attracting many dog lovers to pay attention to and participate in it.
However, it cannot be denied that the creation of Dogecoin is more of a mockery and entertainment in contrast to the seriousness of Bitcoin, and it has a deliberate contrary meaning to various altcoins at that time. It can be said that Dogecoin is a pure product of internet culture, spreading itself through viral jokes and culture, forming a unique meme culture.
Dogecoin is the originator of meme coins and has always been the benchmark and leader of meme coins. It also represents internet-based meme culture, which has gathered a highly engaged user group to spread its concept and adoption. Even the founder, Billy Markus, certainly did not expect Dogecoin to skyrocket by 800% at its launch and lead the meme trend, with a market cap exceeding $14 billion, becoming a banner in the crypto industry.
Dogecoin deviates from mainstream token thinking in many ways, such as:
– Its original intention was to ridicule and parody altcoins, rather than being based on a solution.
– The icon is a dog, completely opposite to the seriousness of currency.
– The supply is unlimited, unlike mainstream coins that have a predetermined limit, such as BTC’s 21 million.
– The initial use case was for creators’ tips, similar to likes, with almost no difference in nature between tokens and coins.
– Over time, Dogecoin seems to have proven to people that there is another path besides mainstream design and rules, providing unlimited enjoyment space for the diversity of crypto.
According to the latest data from Coinmarketcap, Dogecoin ranks 9th in market cap, at around $13 billion, with a 24-hour trading volume of $1.1 billion and a circulating supply of 142.12 billion.
According to a November report by Binance, Dogecoin had a monthly increase of 15.72%, second only to SOL, LINK, and ADA. Especially after SpaceX’s “Doge-1” lunar mission obtained FCC approval, it brought a new round of nearly 20% daily price surge.
Dogecoin’s valuation and growth path have been strongly influenced by Musk, attracting more hodlers and long-term holders. Especially by linking Dogecoin to SpaceX and Tesla, such as the belief that “Dogecoin can be the currency of Mars” and the creation of FOMO phrases like “Dogecoin can buy Cybertruck,” non-crypto industry investors have developed a strong perception and investment sentiment towards it.
Extended reading:
Musk denies speculation! Insults Dogecoin investors “want to profit from losses” and requests dismissal of DOGE class action lawsuit.
Also based on Musk, Dogecoin has received high attention on social media and has a significantly higher positive sentiment than negative sentiment. Taking Telegram as an example, with about 10,000 members, over the past month, neutral sentiment accounted for over 60%, while negative sentiment fluctuated between 10% and 30%.
According to CMC & Coincap data, there are about 5.7 million Dogecoin holding addresses, with most of the 4.9 million addresses holding positions below $1000, mainly held by whales and exchanges. The top holder occupies 23.16% of the holdings, the top 10 holders account for 45%, and the top 100 holders account for 66%.
Although Dogecoin already has a high market cap, its meme characteristics inevitably bring more uncertainties. Some investors like to use viral hype cycles to gain short-term profits, but the risks are still high. The following is a reference framework for factors to consider:
– Timeframe: The uncertainty of meme culture often leads to short-term drastic fluctuations.
– Risk tolerance: Relatively irregular and short-term drastic fluctuations require higher risk tolerance.
– Interest preference: Enjoying internet and meme culture and being willing to participate in it is more favorable for investment.
– Target return: Meme-type coins may bring exponential speculative returns and belong to high-risk, high-return types.
Reflections brought by Dogecoin
So far, Dogecoin’s large and highly active community has been an important part of its long-term value. Starting from the initial mockery and entertainment, Dogecoin, as an alternative token, has been helping people create and spread emotional value in various ways, including Elon Musk’s recognition and marketing efforts, which also reinforce people’s emotional value towards Dogecoin.
Clearly, emotional value has expanded the influence boundaries of Dogecoin and provided ongoing value:
– Emotional value shapes people’s value consensus of Dogecoin in a subtle way.
– The community size of Dogecoin, driven by emotional value, has long-lasting cohesion.
– More and more people are joining and paying attention to Dogecoin because of its emotional value, allowing them to understand crypto.
– Emotional value continues to spontaneously create application scenarios and solutions, building a positive feedback loop.
If emotional value has accomplished Dogecoin and led it on a unique path as a meme coin, then in this process, Dogecoin has proven to us that consensus has always been a value generator in the crypto market.
In the mainstream view of industry professionals, “consensus” is the embodiment and epitome of blockchain technology, and building consensus with technology and achieving consensus with technology seems to be an unbreakable truth. However, the growth trajectory of Dogecoin shows us another type of consensus, “crowd consensus.” We know that currency belongs to general equivalents, and the value of traditional currency comes from “credit value,” which in turn comes from “crowd consensus,” that is, consensus on government credit.
Le Bon wrote in “The Crowd: A Study of the Popular Mind”:
“Clearly, ‘crowd consensus’ is the cohesion of collective thinking. It can drive people to generate beliefs and shape common values and visions, all of which promote the occurrence and growth of value. From ancient times to the present, ‘consensus’ has always been a value generator and will continue to be a value generator in the crypto market.”
Meme is a type of internet culture, and Dogecoin is not just a cryptocurrency but also an internet brand shaped by this meme culture. When big IPs like Elon Musk and Mark Cuban are associated with Dogecoin, its brand effect and influence are greatly amplified, even without deliberately designing application scenarios, it can connect with more and more people.
From April Fool’s Day in 2019, when Elon Musk became associated with Dogecoin, to February 2021, when Elon Musk claimed to send a Dogecoin to the moon, and now the recent DOGE-1 launch project approval, all these are brand marketing activities.
These marketing activities align well with the internet effect of meme culture and viral dissemination factors, thus maintaining the long-term brand influence of Dogecoin globally and causing people to become aware of, accept, and spontaneously pay attention to and adopt Dogecoin in the process of tipping, trading, and investing. Well-known companies like Coinbase have started accepting Dogecoin as a payment method, and this increase in market recognition creates and provides more usage scenarios for holders.
Extended reading:
CoinPost joins the “Phygital” trend with Dogecoin DOGE to support animal welfare through actions.
Conclusion
Dogecoin, born on December 8, 2013, has the second-highest number of users after Bitcoin. While mainstream crypto projects are solving problems and building solutions through new architectures and features, Dogecoin’s main purpose is to spread viral awareness and appreciation for related memes, lacking serious development plans, and technical desires. However, it is also using mining and staking to protect the stable execution of its blockchain and has the Dogecoin community’s funding for the development of its core wallet.
The Dogecoin community is full of passion and creativity, and they promote and publicize Dogecoin in various ways to increase its exposure. This community power, combined with the Musk effect, ensures the lasting influence of Dogecoin in the market. It will continue to promote the stability and development of Dogecoin in the market and industry, leading more people to understand Dogecoin and join its community.
Due to its unique community and widespread dissemination, with Dogecoin’s market cap exceeding $10 billion and continuous brand exposure increasing its popularity, it has become a unique brand in the crypto industry.
It has been expanding its influence boundaries through meme culture and brand marketing and has gained more attention and adoption from an increasing number of people, influencing people inside and outside the industry, making more people aware of and understand cryptocurrencies. Dogecoin has become a banner in the crypto industry.
Related Reports:
Musk in trouble! “Important lawyer resigns” in the insider trading case against Dogecoin.
Musk saves the market! Support for Dogecoin in a post, DOGE surges 10%.
“Dogecoin Godfather” Musk advises against going all-in on DOGE.
Tags:
DOGE-1
Dogecoin
meme
SpaceX
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馬斯克