TikTok Doge Is Everything About 2020 Finance In One Story

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 9 July 2020

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

What’s old is new again! What happens when you combine a mostly hibernating memecoin with the world’s most powerful (and controversial) meme platform, and throw in a new generation of daytraders that have become convinced that they can drive the price of anything up? The great TikTok Doge pump of 2020, of course. In this episode, NLW breaks down: The history of Dogecoin How TikTok became one of the most popular, influential, and controversial apps in the world Why the r/WallStreetBets, Davey Day Trader Global Global, and Robinhood Rally day trader movement perfectly set up this pump How #TikTokDogecoinChallenge began to trend What has happened to Dogecoin since the trend started Why this all makes a weird sort of cynical sense

Transcript

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0:00.0	Gather round, friends, as I tell you the tale of the single most 2020 financial story imaginable.
0:08.7	It is the tale of a virtually dead internet meme coin from 2013, resuscitated by an internet meme
0:16.8	feeding platform that is at the center of a geopolitical conflict between China and the United States.
0:23.9	Yes, this is the story of TikTok and Doge.
0:31.2	Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin,
0:38.7	crypto, and Beyond.
0:44.2	This episode is sponsored by BitStamp and Crypto.com.
0:47.6	The breakdown is produced and distributed by CoinDes.
0:52.1	And now, here's your host, NLW.
0:58.8	Welcome back to the breakdown, guys.
1:04.6	It is Wednesday, July 8th, and yes, we are telling the story of TikTok and Doge today.
1:10.1	As you might guess, I think this has much more to say about the moment that we're living through than just some headline
1:11.6	grabbers. So I want to give you my take on what makes this story so relevant for this moment.
1:16.6	So to understand this story, we have to start with the background of Doge itself.
1:21.6	So the meme for Doge started before the coin. The meme was based on a 2010 photo and became popular in 2013.
1:30.8	The original meme was a picture of Shiba Inu with Comic Sans font featuring the Doge's inner
1:37.0	monologue. It was Know Your Mem's top meme of 2013. Doge coin then started as something of a joke or at least just a fun, playful
1:48.4	experiment in cryptocurrencies. So in December 2013, Billy Marcus, who was a programmer,
1:54.5	wanted to explore a broader, more fun appeal for cryptos and started talking about Dogecoin.
2:00.4	Because of Twitter, Jackson Palmer,
2:02.5	who was then a software developer at Adobe, learned about it and helped build out the landing page
2:08.1	and got it going. Now, I want to read from the Wikipedia about Dogecoin in that December of that
	...

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