The frenzy is receding, but dogcoins and the like will not go away, they will exist as part of the multicultural crypto industry.
Back in January, when WSBwallstreetbets was on the rise, our article judged that
From the Occupy Wall Street of the past, today’s WSB movement and Bitcoin can actually be said to be the product of this anti-Wall Street mindset. Both inherit the spiritual legacy of the Occupy Wall Street movement back then and represent the challenge of the traditionally marginalized groups (geeks, nerds, retail investors, etc.) to the pricing power of the traditional Wall Street elite.
Cryptocurrencies were born out of fighting the mainstream, but now mainstream institutions and retail investors are on the same page. Dogcoin, a product of community culture and not institutional recognition, has emotional parallels to GME in its surge. Regardless of how this GME incident ends, it is a sign that a whole new era has arrived.
(For more details, read Retailers vs. Wall Street: Why WSB was born. Will it enter the crypto space?
WSB soon died out, but the MEME culture that carried its spirit ignited in the crypto industry. Dogcoin rose 37 times on Musk’s call; dogcoin’s “cottage coin” SHIB rose 274 times in nearly 30 days and was registered on both OKEx and Firecoin on the 8th; and the Chinese community’s immature losercoin (lowb) raised concerns.
One reason may be that bitcoin and ethereum have become too elite (and too expensive). Bitcoin has become a game for Wall Street and the US government, and the ethereum ecosystem has become a playground for scientists. If you don’t understand finance and code, you simply can’t fit into the community.
As stated in the aforementioned article, Bitcoin is the product of “anti-Wall Street”, but today Bitcoin’s rise is driven by Wall Street institutions. The irony is that, in a way, its fate is already in the hands of Wall Street bankers, and the U.S. financial regulators who represent their interests. One word from a U.S. official can make bitcoin plummet. Ether and the DeFi ecosystem around it has become sophisticated and complex, with increasingly high barriers to entry and scientists becoming central to the DeFi ecosystem. In addition, Bitcoin and Ether are too expensive per unit for retail investors (MEME coins are set up in a way that the total amount is generally extremely large and the unit price is extremely low).
Against this backdrop, the long-standing “anti-Wall Street” tradition in the U.S. has spread from the stock market to the cryptocurrency market, and the sentiment of the masses of retail investors needs an outlet. WSB didn’t have it, so it soon failed.
Musk came along.
Imagine if there was no Musk, would Dogcoin/SHIB still be so frenzied? The answer is of course no.
Musk is the richest man in the world and the most rebellious innovator to send humans to Mars, he is the number one traffic on social media and has more followers than all the big V’s in the cryptocurrency world combined.
Musk has inexplicably become a staunch supporter of dogcoin, bringing emotions together. the same goes for SHIB (Shiba Inu), which, as a cottage coin of dogcoin, is somehow picking up where dogcoin left off. After Musk’s repeated shouting orders, dogcoin rose little in the last 7 days, while SHIB doubled 8 times.
The enthusiasm of retail investors comes and goes quickly. In fact, the fever of dogcoin on Twitter has started to fade. And SHIB discussion on Twitter was even cooler, only that the wave of enthusiasm was successfully drawn from the West to China due to the same day push by Firecoin and OK. This has also led to a locally built Chinese losercoin.
The Chinese losercoin suddenly became popular because of a “self-loathing” interview article (such an AMA in the cryptocurrency world, I can’t believe I saw it). In its community, you can experience the pleasure of Chinese MEME: getting rid of the anxiety of everyone in the Chinese coin circle “competing to make money”, ridiculing the retail investors who bought lowb in the group hoping to get rich, and telling them that the lowb project will run away and crash the market at any time.
However, the MEME mania is also beginning to meet with resistance from the elite.
The chairman of the SEC has repeatedly warned of social media “manipulation” of cryptocurrencies, again pointing the finger at Musk. Barry, the most powerful DCG boss in the cryptocurrency industry, wants everyone to shift their attention from dogcoin back to bitcoin, and is explicitly shorting dogcoin, prompting mockery across the internet. Industry elites went from thanking Musk in the early days to criticizing him, arguing that the MEME frenzy he started has kept society from seeing the true technological advancement and social value of the crypto industry.
The rebellious Musk may not care. For the foreseeable future, Musk, with his rebellious forces, will continue to instigate the emergence of one MEME after another. The anti-elite, anti-Wall Street tradition behind Dogcoin, as if the silent majority of Trump voters, will become an indispensable part of the cryptocurrency. The price becomes the fuel that carries the MEME culture, and each spike and plunge stimulates the rekindling of soon-to-be-dissipated enthusiasm.
Finally, let’s learn from the “curtain of ignorance” way of thinking in the Doctrine of Justice: if there were no Musk, if our personal interests and positions were discarded, would Dogcoin/SHIB still exist? I think there is.
The world is not black or white, it is pluralistic. It is not bad for the industry to have controversies and arguments, just as V God has kept dogcoin in his portfolio, it will make the crypto industry richer and more diverse.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/dogcoin-shibs-summer-frenzy-where-it-came-from-and-where-its-going/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.