BREAKDOWN: Is Dogecoin at $0.58 a Triumph or an FU to the Crypto Industry?

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4.7 • 698 Ratings

🗓️ 4 May 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

As doge soars 45% in a day, the question of how to interpret its success is more pertinent than ever. This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading. NLW asked his Twitter followers about what the success of dogecoin meant to the crypto industry. He got an extremely diverse set of takes. Some see it as a triumph of crypto’s uncontrollability. Some see it as a triumph of the underlying bitcoin tech working on a forked chain that hasn’t had much maintenance in years. Others see it as a damning indictment of the market as a whole; something that shows what a joke the whole industry is. Which is it? Can it be both? - Nexo.io lets you borrow against your crypto at 5.9% APR, earn up to 12% on your idle assets, and exchange instantly between 75+ market pairs with the tap of a button. Get started at nexo.io. - NEAR.org - Infrastructure for innovation. NEAR is an open-source platform that accelerates the development of decentralized applications overcoming high fees and slow speeds with its fast, scalable, low-cost, and climate-neutral blockchain protocol. One transaction on NEAR consumes about 1300x less carbon than a similar transaction on other chains. - Click here to read the Genesis Q1 2021 Digital Asset Market report. To learn more about Genesis, click here. To learn more about Genesis Prime, their prime brokerage offering, click here. The information provided in this communication does not constitute investment advice. Please see this link for important disclosures. - Join thousands of newsmakers and influencers talking the future of money at Consensus 2021, a live virtual experience from CoinDesk. (Use discount code "BREAKDOWN" to save $25!) - Image credit: popular crypto meme, modified by CoinDesk See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.8	The breakdown is sponsored by nexus.io, neer.org, and Genesis Trading, and produced and
0:19.5	distributed by CoinDes.
0:22.6	What's going on, guys? It is Tuesday, May 4th, and today we have an interesting debate.
0:29.5	We are officially in a different part of this bull market. Bitcoin is down about 4% over the last 24 hours to the mid-55,000s.
0:38.9	ETH continues its March currently at $3,400, 10% up in the last 24 hours.
0:46.2	Now, it has seemed a bit like it was finally ETH's turn to dominate the conversation.
0:51.8	Questions like, is there a shift in institutional fund flows to
0:55.1	Eath? How far on a journey to becoming a macro asset is it? How is it shifting the narrative of the
0:59.9	crypto industry as a whole? All of these seemed like the things that we would be talking about right now.
1:04.9	But no. Sorry, Ethereum, you don't get to have these conversations. at least not today. Because once again, stealing
1:13.0	everyone's thunder is the Shiba Inu themselves Doge coin. Doge is up like 45% in the last 24 hours.
1:20.8	It's currently sitting at like 58 cents. Of course, people are trying to point to reasons for this.
1:26.6	Yesterday, the Oakland Athletics announced that they were selling tickets for an upcoming
1:30.2	series with the Blue Jays for 100 Doge, and then quickly completed the novelty transaction.
1:35.9	Another more plausible to me explanation has to do with the token getting more accessible.
1:41.0	E. Toro on Monday announced support for Doge, citing significant demand among their
1:45.6	20 million global users, and this morning Gemini also announced that it will support Doge.
1:51.2	There's also the hype leading up to Elon Musk's appearance on SNL this weekend. He did tweet
1:57.6	out the Doge father, SNL May 8th. Now, I recently did an episode that I called Crypto's War of the Roses, and it went
2:05.2	through the seven factions that I believe make up this bull market.
	...

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