Why is Dogecoin on the rise?
For the better part of this year, I’ve been convinced that Dogecoin behaves in this manner. Dogecoin is looking like the consensus choice for people who want “meme-y wackiness” in their currency, similar to how bitcoin is the consensus pick for people who wish to “predictable moneyness” in their currency.
That appears to be the case among the world’s Elon Musks, Slim Jims, and Mark Cubans, not to mention an increasing portion of meme culture in general.
Conagra Brands’ corporate earnings call earlier this week illustrated this. Conagra isn’t exactly a trendy business. Slim Jim (smoked meat sticks), Marie Callender’s (a restaurant chain where I ate once or twice in the 1990s), Hunt’s Tomatoes (my mother’s favorite), and more than a dozen other old-world brands are among the companies it owns.
However, when it came to recent victories, Conagra’s CEO emphasized the importance of his team’s “dogecoin interaction policy.” Slim Jim’s Twitter followers have doubled thanks to Dogecoin, and interaction has increased by more than 500%. The dogecoin group, according to CEO Sean Connolly, “played a significant part” in Slim Jim’s victory in Adweek’s March Madness-themed brand battle earlier this month.
Doge has established itself as the currency to beat. Everyone wants to be a part of the joke, so the price rises, making the joke even bigger. It’s a vicious circle that keeps repeating itself. It’s like bitcoin, except for luls.
Now, this may all go wrong: many people buying DOGE at these rates are unaware of the whole story. Quick come, easy go, as they say. But, for the time being, it seems that Dogecoin is the gold standard of joke currencies, and that may be enough.
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