 today is a great day to talk about Dogecoin. I know it's not something that we talk a lot about on this channel, but I think you're going to be hearing a heck of a lot of it moving forward. And it really all comes down to three things. Elon Musk, Elon Musk, and Elon Musk. And you can just see right here that, of course, if you're not aware, Twitter has got rebranded to X, and now Twitter is just known as X. And this, of course, was the rebranding done by the owner, which would be Elon Musk. And one thing you're going to notice here is that it's all about X. X.com. And this was something he had done all the way back in PayPal days. But what you want to notice is right here. See what it is, the location, X, and then D. What's the D? Well, obviously, it's Dogecoin. So we know that Elon Musk has had a love relationship with Dogecoin and Bitcoin and crypto in general. And if we can see right here, like, well, that's cute. That's nice. Who cares? Well, this is why you're going to care. So Elon Musk says X will offer an entire financial world in the coming months. And actually, there is a quick snippet video where he talks about how this could take over half of the financial obligations of the world. Now, I'm not going to go that far, but I can just tell you if this billionaire gets in his head that Dogecoin is going to be the end all be all, then maybe he will adopt it and move forward. But the question is, should you adopt it and move forward? Well, we'll take a look at what's behind Dogecoin. So first things first, this is the website Dogecoin.com. And it's got a lot of great information, quite honestly. It tells you what it all Dogecoin is all about. It is a fork of litecoin. It came about in December of 2013. And then it really picked up steam in just a month later, which is kind of crazy, but that's what it is. You can get a wallet right here on Dogecoin.com. And there's a couple of good FAQ questions, which the first one piqued my interest. A whale, a Dogecoin whale holds nearly 30% of Dogecoin supply. And actually, we had talked about this before about the different cryptos that are out there. Then we took a look at the block and which one had the maximum amount of whales and concentration of wallets. And we took a look at everything from Bitcoin to Ethereum to Sedlana to Cardano and Dogecoin. And in that, we took a look. We could see that, yes, there is a lot of concentration of whales. And if you take a look at, this is the website in the block, I'll link this in the description. It's a paid service. I don't have a link, I don't have an affiliate link, so you can just check it out yourself. But I'll link it in there so you go to the right place. And what's great about in the block is that it gives you a real quick summary about what's going on with different cryptocurrencies and digital asset projects. And this is the thing I was looking at, a token summary. Holders making money at current price, 57% of Dogecoin holders are still in the money. Add a 7%, out of the money mean they bought above the current price of $0.07, $0.08, whatever it is today. And they are out. Concentration by large holders, 65%. So that's the big thing. Here's what the website itself says. I found this quite interesting, actually. And they say, look, this is a big fund. A whale holds only 30%. Is that true? They say a common source of funds surrounding Dogecoin is to claim that certain wallets holding a large percentage of the supply, which is not true. In reality, many of the Dogecoin wallets are cold wallets or hot wallets controlled by exchanges and brokers. And they thus represent Dogecoin held in custody for thousands. This infamous whale holding 30% of the supply, as it turned out, it was split across several addresses in October 2021, contains the holding of hundreds of thousands of retail holders. So if we go back to the end of the block, and there's a section over here where it talks about ownership, click on all ownership stats, and you can see that as far as like whales and investors, as they say, as far as like concentration, you've got nine whales, which is roughly 45%. But the Dogecoin website says, no, no, no, that's just exchanges. Well, what about investors? Investors, 70 investors or 70 wallets hold roughly 21%. And they break it down as far as whales 44% for those nine wallets. You got the investors at 20. And then you've got retail volume at 34%. All right, not too awful. So the question I have is this, well, are these whales all actually exchanges? You can go to a website called bitinfocharts.com. I'll link this in the description. And you can click on Dogecoin, Dogecoin Rich List. And it'll show you the top addresses, the top wallets and who owns what. So this wallet right here owns roughly 23.5%. The next biggest wallet owns almost 6%. And the third wallet, which is clearly labeled as Binance. So I don't know if this is a brokerage, or if this is an individual or a group of individuals, but you can see that which wallets are actually exchanges because they've already identified them as far as bitinfocharts. Number seven is the Doge party, the burned wallet. This is wallet 420, I guess, much, much, much, been a swap. There it is, cracking right there. So we know that these are the exchange wallets, okay, got it. But are they all concentrated? Oh, maybe not as much as we thought. So there still is a large amount of concentration. And I'll leave it up to you to decide what you want to do with that information. But what about the statement that Doge has no utility? Because it's just a meme coin. First of all, Pepe coin is a meme coin. And that does absolutely nothing that I know of. It's ranked number 77 out of like the top 100. I don't know what it's doing there. But if you're going to invest into it, I mean, hey, take a risk. What am I going to do? I'm not your dad. So with Dogecoin, they say it has no utility. And they said, no, it's not true. It almost definitely has. Dogecoin is money. And again, sometimes it's not what you or I think, sometimes it's what the masses think. And this is what this is in the mind of Elon Musk of what he's thinking about as far as Dogecoin. And all it all pertains to the global market. So this is about a minute long. Just take a listen. I played a significant role in creating PayPal. And so my understanding of the money system at a fundamental level of how it actually works, the detailed mechanics of it is, I think there's very few people that understand it better than me. Bitcoin is an interesting example. Obviously the prime mover on this. But the transaction volume of Bitcoin is low. And the cost per transaction is high. It is, at least at its base level, suitable for maybe an exchange, a store of value. But fundamentally, Bitcoin is not a good substitute for transactional currency. And even though it was created as a silly joke, Dogecoin is better suited for transactions. Why is that? The total transaction flow that you can do with Dogecoin is substantially more than like transactions per day is much higher than has much higher potential than Bitcoin. It is slightly inflationary. But that inflationary number is a fixed number as opposed to a percentage. So that means over time, its percentage inflation actually decreases. And that's actually good because it encourages people to spend and rather than sort of port it as a store of value. So yeah, that gets you kind of into the mind of what Elon Musk is thinking because he's really just saying to us is like, look, I believe that Dogecoin is better for transactions. I believe that Bitcoin is for a store of value. And that's just kind of like where he's going and moving forward. So I know right now, people are screaming at the screen going, Rob, what about Lightning Network? And what about XRP? And what about filling the blank of your favorite altcoin? I get it. They can all do those things. They can definitely do those things. But that's not what we're here to talk about in all honesty. Those things can be true. But the person that owns Twitter and has millions and millions of followers, over 100 million followers and has a massive amount of people on Twitter, what do you think he's going to talk about more? Your token or Dogecoin? So when he talks about these things, it actually makes me think of two things, trueflation and transaction costs. And what I'm talking about here is there was this video, Ben interviewed Darius Dale. He's a CEO of 42 macro. And one of the things that he talked about, well, he said, Darius says, you know, I know that there's this great website called trueflation. And it gives us really accurate data information as far as like what the actual inflation numbers are. He goes, and that's great. And I'm sure it's accurate. He goes, but do you think I really care about that? He says, no, I don't care about that even though it's more accurate. What I care about is what Jerome Powell is thinking and what kind of reports he takes a look at, because what he takes a look at is how it's going to affect the overall market. So sometimes it doesn't matter just being right. When I just just talking about the things that people are thinking and what they believe moving forward. And the next thing I think about is transaction costs because he was what Elon Musk was talking about was he's talking about the transaction volume. But if we take a look at the cost itself, because that's the big thing, everybody wants it faster and cheaper, right? So you'll notice that no one really talks about Ethereum as being a great transactional host. That's not it. The gas fees are ridiculous and it's crazy. That's why L2 is going to, you know, really jump up the market moving in 2024 and 2025. Average transaction costs, because remember, this is a fork of litecoin in 2013. And we're going to see that in all honesty, it's pretty low. I mean, transaction costs here, what do we got at the high $2? That was in 2021 because that was a very, very tip top. But we see like average transaction costs, not too bad. And if we overlay that with let's say XRP, dogecoin actually much higher, which again, I'm not debating the fact that XRP is actually lower. I'm just telling you what it is. We take a look at ETH, which would be the largest one. ETH is in blue. It's way higher. And of course, we take a look at Bitcoin. It's much more than that. And of course, we take a look at litecoin, kind of like evens everything out. So in all honesty, if Elon believes that the transaction costs of dogecoin is going to be just fine, especially as he makes it to the masses, I think that over time, and we take a look at this in the peak flows of what is happening with dogecoin, it's the same thing that happened with Bitcoin. Everybody said that this was going to be great for transactions. And we saw that Bitcoin 2017, 2021 went up to the roof. And we're going to see here that on May 6, 2021, the average transaction fee for dogecoin $2.50. Then of course, over here, March 10, 2022, something happened by some kind of upgrade. And we're going to see that there are peaks and valleys. That's people not using too much. However, longevity. And this will be the last piece. And when I think about dogecoin and people make fun of it, we always made fun of it. We always just think, ah, it's kind of goofy. But if you look at historically, again, it was created in 2013 in December, if we do a historical snapshot, February 2014, which is just a couple of months later, you see a dogecoin was number seven. Always pay attention to those projects that hang around. There's Bitcoin, there's Litecoin, there's XRP. I don't know what purecoin is. NXT, Omni, Quark, Megacoin. I have no idea what this stuff is. 2015, how to do? Number seven. How about 2016? It's number five. I take that back. So, wow, look at that. 2016. What about 2017? When we had that big bull run, when we see that dogecoin is number 17, still in the top 20, not too bad. Again, that's 2014, 15, 16, 17. What about 2018? Five years later. Well, we can come down here and we can see that it's falling off a little bit, coming down number 44. How about 2019? Still in the top 50, 2019. We can see that actually moving down number 24. How about 2020? It should have dropped off by then, right? 2020. We're taking a look at dogecoin number 34. How about in the last bull cycle? It should have dropped off, right? Dogecoin? No. Number 10. How about 2022? Just last year? You see where I'm going. It's number 11. This project, even though we make fun of it and we think that's like nothing, we can take a look and say, wow, this has been around quite some time. And the question I have for you is, has your token been around this long? Has your crypto been around this long and actually made it? And lastly, today, we can see that's our last seven days. Price action has been pretty darn substantial, almost going up to over eight cents. So I can't tell you what to do, because I'm not a financial advisor. I can't give financial advice. And me personally, I had a good amount of dogecoin, not that much because I bought it in 2017, 2018. I really didn't know what was going on. And I sold it in 2021. I think it was a couple of days before that Saturday night live appearance. And I still own some, but I probably won't keep buying dogecoin because that's just me. But for you, I'm just trying to be as unbiased on this one as I possibly can and give you the information. That's it for today. So look, like today's video, give it a thumbs up, consider subscribing. Everything we talk about is time sensitive. Then moving forward into the Bitcoin having things and move fast and furious. So you might want to start to subscribe to people to get the information on care of its me, just get it from somebody. That's it for today. So thanks so much for stopping by, I appreciate you. And I'll see you on the next one.