Observation: Where does Dogecoin/SHIB’s summer frenzy come and go?

Anti-Wall Street is part of American popular culture. Retail investors in the currency circle are dissatisfied with the mainstream cryptocurrency being Wall Street and scientists controlling it. Musk has successfully led this “anti-elite” sentiment. The enthusiasm is receding, but Dogecoin and others will not disappear. They will become part of the multiculturalism of the crypto industry.

As early as January when WSBwallstreetbets emerged, our article once judged:

From the past Occupy Wall Street, today’s WSB movement and Bitcoin, it can actually be said to be the product of this anti-Wall Street trend. Both inherit the spiritual heritage of the Occupy Wall Street movement and represent marginal groups in the traditional sense (extremely). Customers, otaku, retail investors, etc.) challenge the pricing power of traditional Wall Street elites.

Cryptocurrency was born out of confrontation with the mainstream, but now mainstream institutions and retail investors are on the same front. Dogecoin’s community culture is not a product recognized by institutions, and its surge is emotionally similar to GME. Regardless of the outcome of this GME event, it indicates that a new era has arrived.

WSB quickly died out, but the MEME culture that carried its spirit was ignited in the encryption industry. Dogecoin increased 37 times under Musk’s call; Dogecoin’s “altcoin” SHIB increased 274 times in the past 30 days, and it was logged on to OKEx and Huobi at the same time on the 8th; losercoin (lowb), which is not yet mature in the Chinese community Arouse attention.

One reason may be that Bitcoin and Ethereum have become too elite (and too expensive). Bitcoin has become a game between Wall Street and the US government, and the Ethereum ecosystem has become a paradise for scientists. If you don’t understand finance and code, you can’t integrate into the community at all.

As mentioned in the previous article, Bitcoin is an “anti-Wall Street” product, but today’s rising momentum for Bitcoin comes from Wall Street institutions. This is very ironic. To a certain extent, its fate is already in the hands of Wall Street bankers and the US financial supervisors who represent their interests. A word of US officials can make Bitcoin plummet. Ethereum and the DeFi ecosystem surrounding Ethereum have become sophisticated and complex, and the barriers to entry have become higher and higher. Scientists have become the core of the DeFi ecosystem. In addition, the unit price of Bitcoin and Ethereum is too expensive for retail investors (the setting of MEME coins is generally very large in total and extremely low in unit price).

In this context, the United States has always been “anti-Wall Street” tradition spread from the stock market to the currency market, the sentiment of the mass retail investors needs an outlet. But the mood of the “rabbit crowd” still needs a guide. WSB did not exist, so it quickly failed.

Musk appeared.

Just imagine, without Musk, would Dogecoin/SHIB still be so fanatical? The answer is of course no.

Musk is the world’s richest man and the most rebellious innovator. To send humans to Mars, he is the number one traffic on social media, and the number of fans exceeds the sum of all crypto circles.

Musk became a staunch supporter of Dogecoin inexplicably, bringing his emotions together. SHIB (Shiba Inu) is the same. As an altcoin of Dogecoin, it is relaying Dogecoin to some extent. After Musk made several orders, Dogecoin has not risen much in the past 7 days, and SHIB has increased by 8 times.

The enthusiasm of retail investors comes and goes fast. In fact, the popularity of Dogecoin on Twitter has begun to decay. The discussion on SHIB on Twitter was even more deserted, but because of the promotion of Huobi and OK on the same day, this wave of enthusiasm was successfully attracted from the West to China. This also led to a Losercoin built in China.

China’s losercoin suddenly became popular because of an interview with “self-defeating and abandoning” (this kind of currency circle AMA, I even saw it). In its community, you can experience the thrill of Chinese-style MEME: get rid of the anxiety of “competing to make money” in the Chinese currency circle, laugh at the retail investors who buy lowb in the group and hope to get rich, telling them that lowb projects will run away at any time. .

However, MEME fanaticism has also begun to meet elite resistance.

The chairman of the US SEC has repeatedly warned of the “manipulation” of cryptocurrencies by social media and once again pointed at Musk. In the cryptocurrency industry, Barry, the most powerful DCG boss, hopes that everyone will shift their attention from Dogecoin back to Bitcoin, and short Dogecoin under the brand name, triggering ridicule on the entire network. From the early days, industry elites thanked Musk and began to criticize him, believing that the MEME frenzy he set off has prevented society from seeing the real technological progress and social value of the encryption industry.

The rebellious Musk may not care. In the foreseeable future, Musk and his rebellious forces will continue to encourage the emergence of one MEME after another. The anti-elite and anti-Wall Street tradition behind Dogecoin seems like the silent majority of Trump voters will become an indispensable part of cryptocurrency. Prices have become the fuel that carries the MEME culture, and every sharp rise and fall stimulates the enthusiasm that is about to dissipate to reignite.

Finally, let us study the thinking of the “veil of ignorance” in the theory of justice: if there is no Musk, if we abandon our personal interests and position, does Dogecoin/SHIB still have any meaning? I think it is.

This world is not black and white, it is diverse. Controversy and quarrels are not a bad thing for the industry. Just as Dogecoin has been kept in V God’s investment portfolio, it will make the crypto industry richer and more diverse.