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Even after being Musk’s favorite, Dogecoin still lurks behind the crypto cryptocurrencies
Over the years, memes have been quite synonymous with the digital culture. Social media platforms have been highly accustomed to the trend of memes. Social media enthusiasts are in love with them, and so do crypto enthusiasts. Memes became so popular that the cryptocurrency domain welcomed them with open arms. Popular meme coins like Shiba Inu and Dogecoin made huge strides in the market. But among all other meme coins, Dogecoin became Musk’s favorite! Dogecoin literally rose to fame after Musk tweeted about its potential himself and how it can become the future of the cryptocurrency industry. Since the beginning of 2021, Dogecoin rose by almost 14,000%. This surge was governed by the endorsements from Snoop Dogg, Gene Simmons, and undoubtedly Elon Musk. But even after several endorsements, more than any other cryptocurrency ever had, Dogecoin has failed to utilize its opportunity and is lurking behind the top cryptocurrencies like Bitcoin, Solana, Ethereum, and others.
Even though Dogecoin is distinguished as a meme coin, it is just like any other cryptocurrency. It is subjected to volatility, price changes, and market movements. While it shows the public the light-hearted side of cryptocurrency, it still comes with a risk. Several crypto experts say that DOGE’s value will skyrocket soon, and the year 2022 might become the year for Dogecoin. With or without Musk, Dogecoin will soon become the ‘Currency of the Internet. Elon Musk has recently added Dogecoin as the official method of transactions for Tesla. But Dogecoin still could not utilize these opportunities to sail among the top cryptocurrencies in the market.
So, what’s wrong with Dogecoin?
The popularity of this meme-inspired cryptocurrency, satirical cryptocurrency boils down to the fact that it seems quite more accessible and less intimidating than the rest of the cryptocurrencies. Furthermore, it is backed by several popular tech personalities, but Dogecoin has less credibility than other cryptocurrencies when it comes to real-world use cases, starting with its lack of a predefined supply cap, unlike Bitcoin and Cardano, which are deflationary in nature since they have a predefined cap. DOGE’s continuous supply will eventually require more expansive blockchain mining activities. And since Dogecoin uses a proof-of-work mechanism it will require expanding further its pool of miners and their robust computers to handle an increasing number of transactions in the future.
Furthermore, Dogecoin has excessively poor technical support despite its growing community of supporters. The development team is not as focused as those of Bitcoin, Ethereum, and Cardano. Furthermore, the product roadmap is not as clear as these digital assets. There have been no technological updates and developments from DOGE’s development team since 2015, which is more than just the proof needed to realize that Dogecoin did not utilize its entire potential even after it gained massive support from its community.
Dogecoin, like any other cryptocurrency, has several drawbacks. There are many risks and factors involved that affect the cryptocurrency market, including the shortcomings of blockchain technology. While comparing it to the other cryptocurrencies, it seems like Dogecoin is lagging behind, whereas others have just advanced their networks and are taking every initiative possible to make sure the investors are subjected to the best possible facilities. It’s safe to say that crypto is still gaining some traction for being the largest meme coin in the market. We can only hope that the crypto soon gains its value and overcomes its market slump.