Can Hoge Become “Heir to Doge”?
Less than three months ago, Hoge Finance changed the game by becoming the first meme coin with deflationary reflection mechanics. Since then, it has been overshadowed by “safe” copycats. Can it regain the crown to become the face of DeFi?
By Hogefather, aka Jesse Rogers
The first question you might have is why should anyone take a meme coin seriously as an investment? Before we get to that, I have two questions for you.
- Do you know of anyone who puts a sports team’s mascot up in place of their profile picture on social media?
- Do you know of anyone who has a local utility company’s logo up in the same way as their profile picture?
Keep your answers to these questions in the back of your mind throughout the discussion in this article. We’re going to come back to them.
In the corner of the internet where I spend most of my time, the two biggest words thrown around are “use case”. What can a cryptocurrency actually do? What’s its “value proposition”? Most of the reputable people in crypto seem obsessed with these questions and are convinced this is the best way to determine a project’s long-term value.
I don’t completely disagree with the intuition, but I do think looking at functional utility alone is a grossly incomplete perspective.
Before I make my case, I’ll steelman my opposition with the strongest available argument against my position that I know of, expressed by one of the most authoritative and respected voices in crypto: Charles Hoskinson, Founder of Cardano (ADA) and Co-Founder of Ethereum (ETH).
To summarize, Mr. Hoskinson is worried that the rise and inevitable fall of Doge (and presumably anything else in that vein) will discredit the whole…