The real weakness that BitCoin has is that it is just one of many crypto currencies. "Why should BitCoin be worth tens of thousands of dollars while other cryptos are worth just a few cents?" you might ask.
A lot of this is due to First-Mover Advantage (FMA), the competitive advantage gained by the initial significant occupant of a market segment. FMA enables a company, firm, or in this case a crypto to establish strong brand recognition and customer loyalty before other competitors enter the market segment.
As we have seen, in recent days there has been a multi-pronged attack on BitCoin. Now a new front seems to opening with an attempt to boost other cryptos, most notably Doge Coin.
The value of Dogecoin, a cryptocurrency originally invented as a joke, surged Thursday as Reddit traders target it in an attempt to mirror the mindblowing share rises in heavily shorted companies like GameStop, BlockBuster, and AMC.
At the time of writing, Dogecoin is up 56% over the last 24 hours and experienced a 1,421% increase in trading volume according to crypto data firm.
Reddit users on the r/CryptoCurrency and r/SatoshiStreetBets discussions referenced the r/WallStreetBets’ efforts to squeeze out Wall Street shops from heavily shorted stocks and urged people to buy into Dogecoin.
What is most noticeable about this "story" is that something which is a bit of a joke and which is happening on the back end of Gamestop has already gained major exposure by mainstream media. Not only are there stories at Forbes, there are similar pieces everywhere, and this has hardly happened.
This is the real give away. While Doge Coin is a cute and funny story, it does not merit this kind of coverage unless the System wants it to. In other words, the coverage is not organic, as in the case of Gamestop where something important actually had to happen first for this unconventional news to get mentioned.
There have also been previous attempts at boosting Doge Coin which don't seem entirely legit. Back in July, Elon Musk, now the world's richest man, tweeted this:
This is the real give away. While Doge Coin is a cute and funny story, it does not merit this kind of coverage unless the System wants it to. In other words, the coverage is not organic, as in the case of Gamestop where something important actually had to happen first for this unconventional news to get mentioned.
There have also been previous attempts at boosting Doge Coin which don't seem entirely legit. Back in July, Elon Musk, now the world's richest man, tweeted this:
The obvious conclusion is that Doge Coin is being ginned up by the financial establishment as a means of crashing BitCoin or at least creating "interference" for it. Yes, this stinks of Gay Ops to me.
