A cartoon frog to #DDTG
Okay are you ready for a little “pub quiz”?
This is the meme picture round.
All I ask is that you name the following memes…
Yes, that’s a frog. And yes, he has a name… what is it?
Next up, a Shiba Inu dog. While I’ve just given you the name of the dog, what’s the meme called?
This is actually Jerry Messing who played Pugsley Addams in the Addams Family Reunion movie. However, what is the meme this refers to?
Last one. Who is this guy? He’s not a meme (yet) but he’s relevant to the quiz.
Okay, have you got an answer to those four? Good.
There’s also a good chance you’ve got no answer to one or more of those. That’s because these are reasonably random pictures that to the average (normal) person don’t mean anything at all. And nor should they.
But these are all popular internet memes (or a popular internet personality) which have led to the creation of a cryptocurrency.
Yep, I’m serious. All of these have a crypto inspired by their existence.
The weird (and funny) world of crypto
Here are the answers by the way.
The frog, that’s Pepe the Frog. A popular internet meme that has come to represent everything from the “alt-right” to a cryptocurrency.
The second one is “Doge” the Shiba Inu. He represents the inner monologue that someone might be having in a random, awkward moment.
The third image of Jerry Messing tipping his fedora led to the hugely popular meme, “Tips Fedora”. I never really understood this one, but it’s still crazy popular on internet boards.
The fourth? Well as I say, it’s not really a meme. It’s a screenshot of Dave Portnoy, also one of the co-founders of Barstool Sports, and also now known as “Davey Day Trader Global” (DDTG).
DDTG has taken off this year as during lockdown, the quite wealthy Portnoy (thanks to Barstool Sports) began day trading the stockmarket and a massive fan base joined along his wild antics online.
All these four things, however, inspired a cryptocurrency.
The first three all led to the creation of Pepecash, Dogecoin and FedoraCoin (TIPS).
Pepecash has evolved into a rare artwork network that allows for the creation of “rare Pepe” as tokens that also contain particular rare pepe artwork.
Yes, I know it’s as weird as it sounds. But there is weirdly value attached to all this, which I’ll get to in a moment.
Dogecoin is the crypto inspired by the Shiba Inu meme. Dogecoin was always intended as a joke. They even said that when it was started in late 2013 in the first real crypto “altcoin” bubble that it was a joke.
That didn’t stop the internet from catching hold of it and it catching fire as its value went parabolic in 2017. At its peak in 2017, Dogecoin’s circulating token value was about $2 billion and 1.8 cents per DOGE.
When it first launched as a joke in 2013 one DOGE was about US$0.0002. For US$500 in 2013 you could have nabbed about 2.5 million DOGE. And at the peak in 2017 that would have been worth US$45,000.
FedoraCoin, whose token was TIPS, was inspired by the Tips Fedora meme. Again, it came from the 2013 boom and bust. Aiming to be the “tipping” crypto they had ambitious goals, and not much substance.
All of these were by products of the 2013 bull cycle. They came about in a world where anything was possible – and as you can see anything was really possible.
Dogecoin, created as a joke cryptocurrency, even gets attention from Elon Musk these days and has tangible value that people attribute to it. They all do. And therein is the thing that a lot of people struggle with.
What underpins the value of these crypto? Well, essentially nothing. And does the “greater fool theory” apply here? Maybe.
But if you can exchange DOGE for a good or a service online, then is it a greater fool theory or is it just a modern form of barter? Or is it money?
If you don’t think it’s money, then why can it be used as money? Just because it doesn’t necessarily apply to the standard and traditional concepts of money and value, doesn’t mean it’s not money and devoid of value.
I don’t necessarily believe any of these “meme coins” have tangible long-term potential as alternative money or alternative uses in the financial system. I could also be wrong as Dogecoin has thrived and still exists today, seven years after its creation.
What all these do however is show a clear signal that in 2013 the crypto cycle was really getting going. And the same thing in 2016 and 2017 when Pepecash started to gather it’s momentum.
Today the same thing is happening.
Dave Portnoy recently did a video, his first after DDTG really took off during the 2020 lockdowns. It was on bitcoin. And he talked about starting his own crypto, Davecoin.
Well, he didn’t do it, but someone else has. That’s the humour and creativity in the crypto community. Davecoin is now a live and tradable cryptocurrency with a whole bunch of “funny” rules that apply to it.
Yes it’s a joke. But it’s a joke that’s just as relevant as Dogecoin was in 2013. And while there’s not much more to it than crypto humour and what may end up being called a “meme”, there’s something that is important here.
If we’re starting to now see the kind of behaviour we saw in 2013 and 2016/17, there’s a decent chance the next big crypto cycle is just around the corner – dare I say… imminent.
Jokes and questionable motives aside. We might be right on the cusp of something mega – and whether you believe it or not, you can’t deny this is one market that you simply can’t ignore.
Editor, Exponential Investor