Elon Musk's Love Story with Dogecoin (DOGE) Explained by Anthony Pompliano
In a recent episode of the Lex Fridman Podcast (episode #171), the host interviewed Anthony Pompliano, renowned investor and entrepreneur. The two discussed Bitcoin (BTC), NFTs, AI, VR and Dogecoins (DOGE) as well as philosophy, war and censorship.
Dogecoin (DOGE): Territory for trolling without punishment
Speaking about memetic culture and philosophy, Mr. Fridman asked his guest about Elon Musk and Dogecoin (DOGE). While it is obvious that Dogecoin (DOGE) is not a revolutionary technology or game-changing asset, there is so much hype about this coin from 2013.
Many times, it was ironically shilled even by Tesla founder and the Techno King, Elon Musk. While it is obvious that he understands the specific nature of Dogecoin (DOGE), it is interesting that he chose it for his Twitter performances.
Yuri MolchanMr. Pompliano admitted that Elon Musk is always full of humor, self-confidence and an appreciation for irony. At the same time, his understanding of culture, memes, human psychology and marketing is impressive.
Thus, he chose Dogecoin (DOGE) as his instrument to speak with "weird" people in their own exciting and strange language. "Weirdness" in this context is stressed by the specific concept of this token:
He is using Dogecoin (DOGE) as a way to say: I'm doing this because I can.
Euphoria that started as a meme
Mr. Pompliano added that it is impossible to do similar things with securities or other assets without the risk of being punished—even for Techno Kings.
As covered by U.Today previously, U.S. media outlets claim that Mr. Musk may be under U.S. SEC investigation for Dogecoin (DOGE) promotion. However, no charges have been made so far.
For the first time, Elon Musk tweeted about Dogecoin (DOGE) during its "TikTok pump" in August 2020. In early 2021, he started posting memetic pictures with this coin, causing unbelievable price spikes.
Dogecoin (DOGE) is a fork of Litecoin (LTC) developed by a team of volunteers. The token never had any intrinsic value: it is mined on Litecoin's rigs and, due to a low hashrate, is vulnerable to 51 percent attacks.
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