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: β€œDogecoin 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.

Today's Top Stories

🦠 COVID-19 deaths differ among men and women but the differences are not reported. Such data is key to developing effective solutions to fight COVID-19. Link

πŸ’Έ The number of short-term personal loan accounts with an adverse listing on Kenya's Credit Reference Bureaus has reached 14 million according to the Central Bank of Kenya. This is a staggering 45% rise for the period between August 2020 and January 2021. Link

βš–οΈ Earlier in May 2020, Kenya made some drastic changes to its regulations for Credit Reference Bureaus (CRBs) and Credit Information Sharing (CIS) system. One of these changes was that financial institutions in Kenya will not be allowed to blacklist people for loans of amounts less than Kshs 1,000. Link

🀒 For several years there have been concerns about mobile lending apps in Kenya. Here's what you need to know about how big a problem they have become. Link

🦾 Among the bad and sad news of the COVID-19 pandemic, here is some good news that might interest you - Kenya's two young inventors create a bio-robotic prosthetic arm. Link

Today's Quote

There are "influencers" and then there is Elon Musk. With just a single tweet he can move a financial instrument (stock or cryptocurrency) by 50%. (Tweet this | Share on WhatsApp)

Subcribe to our Daily Brief newsletter
Insights and analysis into how business and technology impact Africa. We promise to leave you smarter and asking the right questions every time after you read it. Sent out every Monday to Friday.







Marketing permission: I give my consent to iAfrikan Media to be in touch with me via e-mail using the information I have provided in this form for the purpose of news, updates, and marketing related to the Daily Brief newsletter.

What to expect: If you wish to withdraw your consent and stop hearing from us, simply click the unsubscribe link at the bottom of every email we send or contact us at [email protected] We value and respect your personal data and privacy. Do read our privacy policy. By submitting this form, you agree that we may process your information in accordance with these terms.


Share this via: