Besides going to the moon, lots of things it seems. Doge coin this year has seen gains. Like massive gains. Moon doesn’t even describe it. In terms of financial gains, for lack of a better term, record wise, they are currently the top dog.
All time gains now surpassing even the most old school coins. Shitting on litecoin, ethereum, and yes, even Bitcoin.
but what I really think we should take note of on the gains doge has seen, are in the yearly department. For this year, doge climbed OVER 9000%... fuck, it went over 10,20,25 and can now be seen sitting on YTD gains of something ridiculous, like, 27,000(something)%. And it’s still climbing. It has surpassed the largest YTD gain the stock markets ever saw, which was a modest 25000% gain on value in a year. And it seems almost quite literally poised to break the system. Proving things perceived as money, are truly worthless, and nonsense. As the world standard currency, the United States Dollar, is almost surpassed by a virtual coin with a .img of a dog... sorry doge, on it.
the gains alone say a lot about the culture and times we currently live in. But with out diving too much in to THAT, I’m gunna try to keep it crypto.
after examining the gains on doge, I of course wondered what all the networks are saying. If look look at Bitcoin’s over all hashrate over the last few months, you will see something not so surprising but alarming all the same. Many many miners seem to be jumping ship from the chain, in search for greater gains elsewhere. Most SEEM to be flocking to ETH, which is not surprising either as with it going, or supposedly going, proof of stake sometime in the near future, miners are probably going through a bit off FOMO there, worrying that they might be missing there last opportunity to “get some” from that chain before they can no longer get at all (without some other investment besides electricity) it also appears as many have come to DOGE chain as it shows stronger spikes than most other coins that can be mined and is almost mirroring some of the other vetted more valuable coins. Like LTC, Zcash, Dash, or ETC (I didn’t look at XMR, but I can only imagine doge is either mirroring that hashrate as well, or shitting all over it)
So what does this mean?
well, beyond the literal sense of Bitcoin’s chain becoming weaker, and potentially more vulnerable, or at least slow, and other coins (specifically doge and eth getting much much stronger and faster) I’m not sure. The fiat conversional aspect is something that I think many try to speculate on, or wrap their heads around lately. But few will be able too, even if they say they do.
Let’s be honest. No one knows what’s going on here. As the numeral financial records will show, this shit has never been seen before, meaning exactly HOW things got this way, or WHERE they may go is all just guesses.
Sometimes, I guess moonshots DO just happen and when they do, often times there isn’t a big explanation as to just why it was or is so successful. However, I will say this, in this alt season, I have definitely become a more humbled old fag, as I have seen numerous projects I thought would never last not only make it, but have gone on to set records of which we’ve never seen before, or maybe even imagined.
and I could be salty, or sore, about the fact I didn’t hold on to the 100’s of 1000’s of doge I’ve had come through my hands over the last 10 years. However, I find it best sometimes to just smile and witness the beauty of something fly not just too the moon, but so much farther past it.
Stay happy, safe, and hodl strong 0x fam!