Guys, can someone explain what's going on? I would be very grateful if they would explain to me why Dogecoin rose above 220 percent in almost a day. As if until now there were no prerequisites for such a rapid growth and it seems to me that such a scale of the jump, in the absence of an altcoin season, seems to be abnormal.
It's simple really. This cannot as of yet be confirmed to be true, but the logic follows the behavior and facts we know:
Mr. Musk sold PayPal in 2002. The PayPal mafia then went on the establish one of the most successful circles of people ever. Think YouTube, Palantir, Yelp, huge data and information companies. 2002 is 7 years before Bitcoin's release. Clearly we see that Mr. Musk is very capable of putting together an amazing team of talent. His goal with PayPal was to modernize the banking infrastructure. He failed there because they had to build on the legacy servers instead of replacing everything entirely.
Mr. Musk very clearly could have put together a different team in 7 years time for the creation of Bitcoin. SpaceX and Tesla were struggling hard back then, they didn't have his full attention. Nevertheless, Bitcoin was founded under ideal conditions (no premine, open source release, equitable distrubution of initial supply). As the founder, he lays low and acts dismissive. He can't come out and say he's the owner of 1,000,000 BTC, that would be a blow to the network infrastructure, but you still need someone or someway initally to HODL a large amount of the supply to give the inflation edge to crypto over FIAT. That person would be Musk. He's intelligent enough to realize macroeconomics physics.
We also see DOGE with a single wallet that owns 24% of the supply. A massive amount, but still 1/2 of what's needed for a 51% attack. This wallet was created around the same time Elon first began tweeting about DOGE. He's one of the few billionaries who was knowledgable about DOGE, had the capital, and would be willing to part with millions of dollars (before this most recent 10x) into a "meme coin". Really who else could that be besides Binance cold storage or Robinhood?
So now you have two cryptocurrencies hypothetically owned by Mr. Musk. Being a signifigant owner of supply, which he HODL's to stablalize price, he can then through social media leverage his army of fans to pump up BTC and DOGE as he sees fit. DOGE is going through an EPIC pump, from 35 to 200 sats, and instead he add "Bitcoin" to his twitter bio. It's genius. He sees that BTC is struggling holding the 30 day simple moving average, and helps boost it back up over, improving the technicals. It's now below the 30SMA again, but it was a valient effort. He's beginning to play his cards more frequently. He's taking down the establishment, and if the above is true, then he's putting himself at the top.
The huge mania wave was AWESOME, but it would have never happened if the techicals weren't there. No one wants to lose money with an inflationary asset. DOGECOIN stock to flow is potentially greater than BTC based on wallet holdings. That's the key most people haven't noticed, and why there was a 10x upside for investing early if you spotted it. Or at least, DOGE stock to flow is better than most assume. DOGE is excellent at holding value, and if it can start to grow against BTC, then now you have two rival crytocurrencies people can use, with similar reliable code and inflation rates. DOGE founded the way it was, and it's history, is it's biggest advantage. In regard to BTC they are nearly identical and equally loved by the world.
Take this with a grain of salt, but beside the speculation of Mr. Musk being a large HODLER of BTC and DOGE, the rest is true. It's in the blockchain data and price graphs.
With institutions and the government beginning to sink their teeth into Bitcoin, this is the very beginning of a DOGE/BTC flippening conversation. No institutions own DOGE.
