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According to its co-founder Billy Markus, the popular cryptocurrency project Dogecoin is not a joke or meme. Shibetoshi Nakamoto, co-creator and author of DOGE, stated in a series of tweets that the Dogecoin Foundation must reposition DOGE as a legitimate cryptocurrency. “There is already endless digital speculation, digital utility tokens and chains, and pointless speculation tokens being made daily.” Markus said in tweets that Dogecoin is the best cryptocurrency to be used for tipping and purchasing. Ever since, the Dogecoin to INR has witnessed wild swings in the market.
He encouraged his 1.2million Twitter followers and Dogecoin owners to support the project and help it grow. “You can either contribute directly to the core code or to any of the projects that the Dogecoin Foundation is leading. You can do anything to help the cause you love. Speculation has attracted attention.” Markus wrote, “Work brings utility.”
Dogecoin was created somewhere in December 2013 and has been around for almost a decade. The founders originally created Dogecoin as a fun, digital asset with a dog theme to poke fun at the rapidly growing altcoins in the market. It was primarily intended to bring humor into the crypto-heavy space that was witnessing a launch wave of endless new cryptocurrencies or altcoins as a Bitcoin alternative. Markus now wants to change the branding to be more focused on financial viability and usage.
Elon Musk said that DOGE is a superior digital currency
In a feature article published in Time this past Christmas, Elon Musk, CEO of Tesla/Space-X, stated that Dogecoin was a better form of digital payment than Bitcoin. This supports Marku’s tweets.
Even though it was just a joke, Dogecoin is more suited to transactions. Dogecoin’s total transaction flow, or daily transactions, is much greater than Bitcoin. Although Dogecoin is somewhat inflationary, that number is not a percentage. Its inflation percentage decreases over time. This is actually a pretty good thing because it encourages people not to hoard (Dogecoin) value as a store of wealth but to spend it.
Is Dogecoin Technically Sound?
It’s not. It is technically sound, but it’s not exactly. It is a cryptographically secured online network that allows one user to send DOGE to another without restriction. Although it works, it isn’t as secure and decentralized as Bitcoin or TRON. Even TRX is known to have better technical grounds than Dogecoin, and it even shows in the TRX to INR conversions most of the time.
Dogecoin wasn’t particularly innovative. There are differences, however. Dogecoin has a shorter block time than Litecoin. Its supply is unlimited, unlike Bitcoin’s. There are currently 129 million DOGE, with more likely to be created. The biggest differences between Bitcoin and Litecoin are the active management of both. They are regularly updated to fix bugs and other issues. Dogecoin is updated sometimes, but it can take years before a new version is available.
Dogecoin is Bitcoin’s silly cousin. It doesn’t take itself seriously and doesn’t care what happens tomorrow. It counts clouds as you clean the house. While you do the serious work, it plays beer pong and listens to GWAR. DOGE doesn’t seem to care.
Do you need to buy Dogecoin?
DOGE is currently down 2% and more than 80 percent from its May 2021 high of $ 0.74, but it has experienced solid gains of 17% & 26% quite recently, CoinMarketCap data shows. This data also shows that the token currently ranks 12th among crypto-projects, with a total market worth of $18.9 million. This data is subject to change at the time one reads, so it is best to check for the latest market cap, position, and percentage increase/decrease in the coin.
This is not financial advice but merely an opinion. Do your own research when considering investing in speculative projects like DOGE. There are other options for crypto that can be used in the metaverse and NFTs. These have better potential than DOGE, but you don’t need to get rid of any “meme coin” baggage.
