BREAKDOWN: 'My 401(k) is now my 401(k9)' – What Happens to Doge After Elon Hosts ‘SNL’?

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4.7 • 698 Ratings

🗓️ 8 May 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

While everyone was paying attention to Dog Money, bitcoin was quietly accumulating institutional news. This episode is sponsored by Nexo.io, NEAR.org and Genesis Trading. On this edition of “The Breakdown’s Weekly Recap,” NLW looks at: Why ETH should have had most of the attention The camps forming around dogecoin and why it’s likely to dump after “Saturday Night Live” A slew of massive institutional bitcoin news that flew under the radar "Remy: Dogecoin Rap" (Dog Money), ReasonTV https://www.youtube.com/watch?v=cbI31x3FpS0 - 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 meme based on Doge meme, Elon Musk and The Lion King 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.
0:09.1	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, neir.org, and genesis trading, and produced and distributed by CoinDess.
0:22.6	What's going on, guys? It is Saturday, May 8th, and that means it's time for the weekly recap.
0:28.7	We've been discussing for a while the idea or notion that this bull market has shifted into some new phase,
0:34.0	and by all accounts, this should have been Ethereum's week. As Bitcoin's price
0:38.6	lilted sideways, ETHs soared up to new all-time highs, not just hitting 3,000, but continuing
0:44.6	to rise, spending most of the week around 3,500. As we've seen number go up and new all-time
0:50.0	highs breathes life into communities. And the Ethereum this week definitely started to revise their
0:54.9	estimates up and clearly felt a new wind in their sales. This was only expanded with the launch of
1:00.9	Uniswap V3, and V3 went off just as well as expected. Creator Hayden Adams tweeted a statistic
1:07.0	that shows how much the DeFi space has expanded. Quote, in its first day, V3 has
1:13.0	already seen more than twice the volume that V2 saw in its first month. Yet for all of this,
1:18.6	Ethereum wasn't the thing sucking the oxygen out of the crypto space. First, we got a good
1:23.9	reminder of why crypto communities do well to de-emphasize NGU technology as their
1:28.9	main thing, because there's almost always some other piece of crap pumping more. For example,
1:35.1	Ethereum Classic ETC is up 234% this week, a literally absurd state of affairs that has no
1:41.5	explicable logic. Nothing to take the wind out of Ethereum's
1:44.8	sales like a zombie sibling chain that's been 51% attacked multiple times this year, massively
1:49.8	outperforming it on price. But still, that really wasn't the thing. Obviously, the thing is Doge.
1:56.2	I asked earlier this week whether Doge was a triumph or an FU to crypto. By and large, the most common response was both.
2:03.4	Based on this week, I've actually revised it, and I now think that there are roughly
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