If like me you thought that how a subreddit organized its members to buy and pump GameStop shares on the NYSE (New York Stock Exchange) was impressive, then what Elon Musk is doing is quite impressive. Essentially Elon is using his influence to further highlight the emergence of "The Meme Economy."
And what better way to do this than by being the number one fan of the ultimate meme cryptocurrency, Dogecoin.
Dogecoin, like Bitcoin, is a decentralized peer-to-peer cryptocurrency. However, there are some differences. The first most notable difference is that Doge was created as a joke, a meme, mocking the growing number of cryptocurrencies that were being created during 2013. The word "doge" is also slang for a dog in some parts of the world. The meme that you see associated with Doge is that of the dog Shiba Inus.
Despite it initially being a joke and a meme, there is some potential usefulness to Doge.
One of the problems with Bitcoin is the unpredictable transfer fees (relative to the amount being transacted), especially when transferring smaller amounts. Doge, on the other hand, is designed specifically to facilitate the smallest of amounts (e.g. tipping a blogger) and it has a flat structure for transaction fees. This gives it great potential should it get critical mass.
Now, back to Elon Musk.
Earlier on 4 February Elon started a series of tweets in which he was advocating for Doge. In one tweet he even wrote: “Dogecoin is the people’s crypto."
Those series of tweets, in a short space of time, sent the price of Doge up by 50%. Further signifying what a huge influence Elon has on both the Internet and real-life.
That wasn't the only time we got to witness "The Elon Musk Effect." Earlier in February, he announced he would be on the new live audio app, Clubhouse, to have a random discussion about different things. Even I was influenced and downloaded Clubhouse just to listen to Elon speak. That "room" he was speaking in was full and hundreds of other rooms were created just to rebroadcast his discussion. Eventually, Clubhouse' servers would temporarily buckle under all the traffic and new users.
This sets us up for a rather interesting future. Whereas our typical celebrity influencers are more on selling their products or endorsing products they are paid to market, Elon is a new kind of influencer, if I can call him that. One that appears to be authentic and more importantly has a track record of making money, making it easier for people to trust his advice.
I don't know how I feel about this but all I know is Elon is the influencer he thinks he is.
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