The world of cryptocurrency is a volatile and unpredictable place. Where once Bitcoin, the reigning champion and poster-child of digital currencies, neared $20,000 for a single unit, now it sits among its peers. Yet, last night Bitcoin rallied (along with its rivals in Ethereum, Litecoin, and Ripple) to finally top $8,000 for the first time in a long time. According to CoinMarketCap this rally among the coins has pushed the crypto market cap to near $300 billion.
Another cryptocurrency that saw relative gains while many of us slept is Dogecoin. Dogecoin, which started out as a joke seems to be doing fairly well. It’s the fifth most circulated cryptocurrency (according to CoinMarketCap) and embodies everything that cryptocurrencies stand for. Like Bitcoin, it stands at the precipice of a revolution, of true financial anarchy. While it’s currently trading at around $0.0036 (as of this writing), there is no reason to believe that if we simply continue to buy and HODL that the value will rise.
Yet, regardless of however bullish one wants to be when it comes to the trading of cryptocurrencies, it has to be considered that this is an unregulated, completely chaotic system of currency. While the decentralization is the appealing factor when considering what cryptocurrencies mean to the future of financial management and operations, at the moment it just means that the crypto markets are absolutely insane. The crypto markets are a white guy from Malibu with tribal tattoos and dreadlocks, jacked up on molly and weed, inside a New Jersey 7-11 at 2am. He could simply purchase a Mountain Dew and walk out. Or he could end up trashing the store and driving his Jeep into a ditch.
That being said, it is perfectly reasonable to believe that any event, whether Earthbound or celestial, would affect the behavior of cryptocurrency values and traders. Which brings us to July 27th, this Friday night, and the blood red moon. The rare lunar eclipse will give us nearly two hours of complete eclipse, creating a blood red moon and dozens of morons running around in the dark, pretending to be werewolves. According to Evangelicals, it will signal the end of the world. According to me, a person who routinely goes the entire day in the office with oatmeal in his beard, it will herald the rise of Dogecoin.
While many hope that Dogecoin at least gets back to the one cent mark, I prefer to be a bit more bullish. If religious zealots can openly call for the end of existence because of a celestial event, then I can easily make a parallel between that event and the performance of cryptocurrencies. It’s perfectly reasonable to believe that trading will increase on the night of the blood moon, as rationality (especially surrounding a kind community of anarchists) leaves our bodies and, well, we circulate more cryptocurrency.
Anyway, my brain juice predicts that Dogecoin will hit $1 on Friday night, tied directly to a massive spike in Bitcoin performance, but caused by the blood red moon spilling its darkness over the world. In darkness, Dogecoin shall bring us peace.
Is this an absolutely ridiculous assessment and just wishful thinking? No different than the fucking lunatics in the scrolling comments on the Robinhood app? Of course. But isn’t that what cryptocurrency is all about? Factors that can’t be explained by traditional financial trading models? Completely wild predictions and assumptions based on historical models that are younger than this slowly rotting banana?
Dogecoin may have started out as a joke, and in all honesty, may never crack a penny again, but just as when Bitcoin was a fledgling cryptocurrency being laughed at by serious men with ties and briefcases there is this slight glimmer of what could be. The magical effects of a celestial event like a two-hour long blood red moon could be that thing that pushes Dogecoin over the edge from joke, to very good boy.
What do you think about the rise of crypto? Will it continue to rise or is this just a quick blip on the map?
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