So full disclosure, I have two hidden reasons for writing this, one I have a very small amount of DOGE coin, and two I am one of the assholes that always wants to take a contrary position and argue about it just to piss everyone off.
So to summarize. Elon Musk, who is best known for owning a wildly successful car company that does not make many cars, for reasons unknown decided to resurrect a mostly forgotten shit coin and promote it for his own ends, suddenly people are buying it, the price is skyrocketing and people are reading every tweet or statement from Musk as if he were some sort of oracle.
Then, and if you're reading this blog you already know this story, but think about it, if you didn't and you read it here first you would think I made it up wouldn't you? Musk went on a comedy variety show on NBC and his performance caused DOGE to crash. Then he stated Tesla would no longer accept Bitcoin because it's carbon footprint was too large, and that caused Bitcoin to crash.
Yes this is how I make my investment decisions
Folks if your "currency", and remember BTC and other coins are supposed to be alternative currencies, can be crashed by something like that then the problem lies with the currency, not the guy on the comedy show.
How many people do you think ever even bought a Tesla with Bitcoin? I can find firm evidence of one, maybe there were one or two others, but it certainly means nothing to Tesla whether they take coin or not, and it shouldn't matter to the price of BTC.
The fact is BTC is more like gold. People buy it as an investment and a hedge against inflation, and the market moves for emotional reasons. The difference is gold, and silver and other metals, have underlying utility. Manufacturing, particularly electronics use silver and gold, and silver even has some medical uses. So it can only fall so far (until someone in the future finds a way to mine an asteroid full of it, but that's another story). But what is the underlying value of BTC or any other coin?
It's not used as currency because why would you? Why would I get paid in BTC? Since I live in a world dominated by USD my effective pay would swing 10-20% on a whim. And if I'm not paid in BTC why would I convert my money to it to buy something? Why not exchange my USD to Chinese Yuan before buying something from Amazon?
So Why The Hell Does any of that Mean I Should buy DOGE?
Oh yeah, guess I'm burying the headline here. The reason you should buy DOGE is that there is a theory, just a theory, that Musk might be planning to turn it in to the first crypto that is actually good for something other than buying other crypto. (Or some other narrow use cases).
Musk seems to be chugging along with his Starlink project nicely. Starlink is not an original idea, distributing satellite internet service to the entire world, including places that currently lack things like infrastructure, functioning governments etc.
Now let's say you are planning to become 'net provider to the worlds poor huddled masses yearning to watch PornHub and XHamster. Do you really want to accept over a hundred different currencies? Every conversion costs fees, just like gas fees for crypto, so what if you had your very own crypto currency to use instead? And while you are selling internet service wouldn't you be likely to sell a wide variety of other things? Streaming content? Some alternative version of Amazon? Anything that is online now might make sense for you to mimic on your network service. And maybe if people buy in your currency you might be able to give a better price or charge less fees on Doge purchases than people would pay to use their native currency on current retailers.
And if you were going to do all of this would you create a new coin, or perhaps resurrect one that had some public visibility, particularly amongst people that tend to look up to you. Maybe one with a hipster cute dog logo? It's already on many exchanges, it saves you several steps. Just maybe you might be on to something here.
Of course the cunning genius theory could be wrong. Maybe he's just talking first and researching later, he has been accused of that before. Most notably in the entire Thai kids in a cave rescue thingy.
But as Musk pointed out, he knows something about how money works, so maybe he really is on to something, and maybe you should buy just a little DOGE in case it, you know goes to the moon or something, like I have.