Here I am again writing about DOGE, but whether you love or hate the Doge pump it's not as crazy as it first seems and shows a perfect picture of why marketing, brand recognition and hype matter.
In this case I would add luck and timing as a factor, but either way, I think the DOGE pump could last a while even if it seems odd to all of us.
If you remember a recent story about a group of traders on Reddit that were pumping Gamestop. r/WallStreetBets a Reddit group began to pump Gamestop basically to stick it to the rich men who run wallstreet and go long to oppose a short. Some of you will remember DOGE got brought up in that same time and Elon did some pumping of it as well.
Those of us already in crypto either laughed or played along with the pump and dump, but few took it seriously. Let's remember though, most of our friends are not that into the crypto world and likely only know Bitcoin as crypto.
Until the gamestop pump in which the whole world of normies were happy to see see some underdogs winning, and one of those underDOGs was DOGE.
Fast forward a couple of months to the Coinbase IPO, which also got a lot of main-street attention. Many normies signed up for Coinbase to get their new cryptos...
They looked at a confusing list of names of crypto, they knew 2 names, BITCOIN and DOGE, one was priced at $60,000 and the other at $.25. One of the names is associated with fighting for the little guy. #DOGE - Guess what most of them did? They bought DOGE
Now it becomes a self fulfilling prophecy as the price grows and the excitement grows it takes on a life of it's own. #doge isn't getting the crypto crowd as much as it is on-boarding new crypt-holders. Also as we all know from arguing with bankers, it doesn't need to be backed by anything but the agreement that it holds value and a cute DOGE MEME.
Many of you will now tell me all those people will get hurt, but I disagree. Most will start to learn and diversify as we all did. I also think the impact of this perfect storm for DOGE will last this entire bull season and DOGE will perform just fine. In fact I think the project will be forever altered by this storm, much the way a storm can change the path of rivers and take down trees that will never come back.
For the record, I'm not buying DOGE, it would be late, but I do think they went through a paradigm shift in branding and name recognition that goes well beyond a pump and dump and will change the token forever.
There are more normies than OGs, and they have none of the history of crypto, they don't know Dan Larimer, Satoshi, or many of the same stories we know. They have their own stories and emotions. Since they outnumber us their stories eventually will win.
I don't write much about Hive anymore, but if you look at what a group of normies can do when they enter and change the market every bull run. It might make you remember they don't know or care about Steem, Dan, Ned, Justin Sun, etc. They care about an easy to access blockchain that has activities they know how to do. A price they can afford and something to do while they learn.
Hive has a front door, easy to remember wallet names, and allows one to get hand on experience doing tasks you already know how to do. Posting, playing games, trading, etc.
I guess maybe it is up to Leofinance to play this game, but just remember how quickly things change and how the Noob market is much larger and more powerful than the current crypto market we seem to be trying to attract, and they are easier to get than developers who are working on other projects if they are any good at all.
Maybe we should stop using so much crypto jargon and focus on some easy to access content creators who want to learn how to get involved. NAH. :) Just food for thought
Posted Using LeoFinance Beta