TLDR
Over time, Dogecoin’s value plummeted before stabilizing at its current price. Several people believe there’s nothing left for DOGE. However, some still believe Dogecoin can experience significant moves to the upside. This article will answer the question: is Dogecoin Dead, or is the sleeping giant just resting?
No one can say for certain if Dogecoin is dead or not. However, we can weigh vital factors to get the best possible answers. Factors that will impact the fate of Dogecoin include celebrity promotion, total supply, widespread adoption, and an increase in utility.
Introduction
Dogecoin (DOGE) is a widely recognized cryptocurrency around the globe. Since Elon Musk talked about the coin on his Twitter page, DOGE has become one of the most popular cryptocurrencies today. Like other cryptocurrencies, the value of Dogecoin has never been stable. It keeps changing with the times.
Many people use DOGE for various crypto transactions, and the coin is now widely accepted even though it is a meme coin. This brings the question of whether Dogecoin has a future in the crypto market. Generally, crypto investments are risky, and Dogecoin is not an exception, as the cryptocurrency’s future is unknown.
No one can tell with certainty how Dogecoin will perform in the future. The value of the coin might increase rapidly or decrease as much. Despite all the speculations about the coin’s future, it remains actively used.
Is Dogecoin Dead, or Does it Still Have Potential?
It’s still too early to say whether Dogecoin is dead or not. People ask if it’s a worthwhile investment, but there’s no definite answer. It is not a bad idea to buy Dogecoin, but you must have it at the back of your mind that risk is involved. To some, Dogecoin is not a solid investment because its popularity is based mainly on Elon Musk’s influence.
It is also hard for some investors to see any potential in DOGE because of its reputation as a meme coin. However, the fact that it is a meme coin doesn’t mean you can’t profit from it. Dogecoin can be a good idea if you like the concept of high risk, high returns. It also has a strong community.
However, if you’re the type that likes reliable long-term investments, investing in Dogecoin may not be advisable – at least not until it has more robust use cases, wider adoption, good tokenomics, and better foundational technology.
The influence of Tesla and SpaceX also paints a nice picture of the future of cryptocurrency. Tesla and Elon Musk announced accepting Doge as a means of payment for their electric vehicles. This alone makes the coin have some potential.
Overview and History of Dogecoin
Dogecoin was created by two programmers named Jackson Palmer and Billy Markus. The coin was launched in 2013 by the two programmers and was inspired by a popular internet meme. Billy Markus and Jackson Palmer created the coin as a parody of Bitcoin and other popular cryptocurrencies.
Dogecoin is based on a decentralized system that runs on an open-source blockchain network. This allows for fast and secure transactions. The state-of-the-art blockchain technology was quickly accepted into the crypto community, and many individuals saw it as a means to participate in the crypto world.
During its creation, Dogecoin didn’t have an Initial Coin Offering and was created through mining instead. Mining DOGE involves solving complex mathematical problems to generate the coin. The maximum supply of Dogecoin worldwide is 130 billion DOGE. The coin reached its market cap in 2015.
Recently, the coin has become increasingly popular, and the influence of Elon Musk on its fanbase is incredible. The coin has seen several rises and dips in its price over the years, attracting many investors. Many people indulge in Dogecoin price predictions to determine when DOGE price will rise or fall.
The Rise of Dogecoin
Dogecoin rose to become one of the top cryptocurrencies in 2020. The coin was created to be a joke cryptocurrency, but it became a popular means of exchange. DOGE started to pop when traders on Reddit and meme lovers decided to target the coin and increase its price value. At that time, only a handful of people paid attention to the coin.
Their attempts were successful, and the coin became popular enough to catch the right attention. Not long after it became fairly well-known, Elon Musk commented on his Twitter page about the cryptocurrency. As a very influential figure in the crypto world, much attention was drawn to the Dogecoin community.
After Musk tweeted about the coin on his page, the price increased multiplefold. Individuals buying Dogecoin before the tweet became several times richer in a few moments. The coin’s value kept increasing steadily for the next few months until it finally stabilized.
Not long after Dogecoin’s price stabilized, Tesla also announced their acceptance of DOGE as a mode of payment after rejecting Bitcoin. This led to another rise in the price of Dogecoin. The coin became stable after a while. However, Dogecoin has also had its down periods in recent times.
The Fall of Dogecoin
Dogecoin enjoyed a period of increase before its value came crashing down after Elon Musk had an appearance on Saturday Night Live. During the show, Musk made several joking comments about Dogecoin, which led to a decrease in the coin’s value just an hour into the show.
One of the comments Elon made during the show was calling Dogecoin a “hustle.” The influence his words had on Dogecoin was tremendous. Many individuals stopped making transactions with the Dogecoin network. This led to a rapid fall in the value of the cryptocurrency.
Dogecoin gradually became stable after a while. However, the cryptocurrency had already seen a drastic drop in its value. Even with the reduced value, many individuals still sell and accept Dogecoin. The coin experienced a decline in value not long after it became well-known. What is the situation of Dogecoin right now?
Dogecoin’s Current Status
Dogecoin is doing fairly okay today but is not at the same height as before. The value of Dogecoin is $0.07, which is nothing compared to when the cryptocurrency was at its prime. DOGE is relatively stable, and there has not been more than a 4% change in the price for several months.
Even though Dogecoin doesn’t have much value right now, several people still invest money in the cryptocurrency. Some believe the coin has a chance to rise in the cryptocurrency markets again, and some hope they hit it big from a correct Dogecoin price prediction. Either way, the price of Dogecoin is still highly volatile, and Dogecoin continues to be valuable.
What is The Effect of Elon Musk on Dogecoin?
Elon Musk played a crucial role in the rise and fall of Dogecoin. When the coin was only fairly well-known, Musk gave it the push it needed to become big in the crypto scene. Dogecoin rose rapidly in the ranks of cryptocurrencies the day Musk tweeted about it. Some people even call Musk the Doge Father.
Elon Musk’s exposure to Dogecoin led to a tremendous increase in the value and popularity of the cryptocurrency. Immediately after the post was tweeted, Dogecoin experienced a 20% increase in value. That was not the only time he influenced Doge.
After his first breakthrough tweet for DOGE, Elon Musk has made other comments about the cryptocurrency that have led to various price changes.
Elon Musk is very influential regarding Dogecoin. Many people see his page as a place to get crypto investment advice. Every time he tweets on Dogecoin, there is a positive increase in the coin’s value, even if it is just a little.
The main effect Elon Musk has on Dogecoin is publicity. He brings a lot of attention to the cryptocurrency, further affecting its worth.
Few influential figures can have such an impact on the crypto scene as Musk does when it comes to Dogecoin. Elon Musk has influenced several rises and falls in the value of Dogecoin. This has led to volatility in the market. Due to Musk, many people have bought Dogecoin today at the risk of losing money.
Reasons to Believe in Dogecoin’s Future
Although DOGE is a meme coin instead of a major cryptocurrency, several reasons exist to believe in cryptocurrency. Many joke coins at the same price level have experienced price increases that affect the cryptocurrency market. Dogecoin had some exceptional periods when its value was sky-high. Here are reasons to believe in Dogecoin’s future in the crypto world.
High Growth Potential
Dogecoin has a significantly high circulating supply and growth potential. It only cost a fraction of a dollar before its exponential rise in 2020. Hence, many believe that the coin has a high growth potential. It is very easy for coins with low prices to grow exponentially.
DOGE is almost as popular as Ethereum and Bitcoin. It is regarded as one of the biggest cryptocurrencies in the world, with room for more growth. The coin might only be a meme coin, but has outstanding growth potential.
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Exchange Uses
One of the major reasons to believe in DOGE is that it has many uses. Individuals can now use it to pay for different services or goods. The trend started with Tesla, but later on, many other companies started accepting DOGE as a means of payment.
Fast Transactions
A major advantage the Dogecoin network offers is cheap and fast transactions. Dogecoin’s blockchain network features low transaction fees and is also incredibly fast. You can easily do it with Dogecoin to make quick crypto transactions. It is a viable payment method in most stores.
Grows Despite Large Supply
The Dogecoin blockchain has an incredible supply and features over 130 billion Dogecoins. Every day, over a million tokens are produced. When a currency is in large supply, its value reduces. Dogecoin keeps growing despite its large supply and is a great exchange method.
Potential Drawbacks and Risks
Everywhere there is profit to be made, there will be risk involved. Investing in any form of cryptocurrency is a risk. However, some cryptocurrencies are even riskier to invest in than others.
While some investors made money from DOGE, other investors lost money. There are several drawbacks and risks involved in investing in Dogecoin. Some of these risks include.
Unlimited Supply
Sometimes, limitless supply can be a bad thing. Dogecoin is not restricted by fixed supply like other meme coins and BTC. This means that the coin’s price will not be supported by scarcity. The coin’s price requires people actively trading it to grow well.
Slow Tech Development
Every cryptocurrency has a crew of programmers working behind the scenes to make everything set. Most of Dogecoin’s developers hardly release new updates and developments on their network. This makes it hard for the coin to grow, as it has slow technological growth.
Collective Ownership
One of the significant drawbacks of Dogecoin is that the cryptocurrency is mostly collectively owned. Based on statistics, about nine wallets hold around 40% of the total Dogecoin in circulation. One of these nine people owns as much as 28% of Dogecoin.
However, if any of these investors holding a large percentage of the coin decide to sell their share, the price will drop drastically. This is a very risky investment to participate in. The price of DOGE can be affected anytime its investors choose to sell, so new investors share their own risk.
Is Dogecoin Dead: What to Expect in 2023
Dogecoin is a cryptocurrency surrounded by much speculation, and people often poke fun at it. This is a trait common to meme coins. Most meme coins experience explosive increments in their value for a period before plummeting. DOGE already went through its explosive phase, so it’s hard to expect something big from it in 2023, but if there is one, it will be a big hit.
Bitcoin is like a flare that all other cryptocurrencies follow. Most times, when the value of Bitcoin increases, other cryptocurrencies follow. The value of Bitcoin has gone up in 2023. Hence, the standard Dogecoin price has also increased. Dogecoin has increased from $0.07 to $0.09 in 2023 already.
However, does this mean we should expect good things from DOGE soon? It might experience another rise in value due to the SpaceX DOGE-1 mission to the moon. If the project is completed, the coin’s value might skyrocket exponentially. However, some people still feel it is best not to expect anything from it.
Final Thoughts
Dogecoin is one of the most popular meme coins in the world. The coin started as a joke, later becoming a full-fledged functioning currency. DOGE experienced a rapid rise to fame after the involvement of Reddit traders and Elon Musk.
The influence provided helped increase DOGE’s rank among cryptocurrencies to the very top. However, the coin has experienced a decline since then, and many are skeptical about the future of the coin. There is still a chance for Dogecoin to make a comeback.
Like all investments, forecasting an exact time for Dogecoin's price increase is uncertain. The volatile nature of the crypto market, influenced by numerous factors, adds to this unpredictability. Nevertheless, the end of the crypto market's bearish trend may hint at potential growth.
Shiba Inu, an extremely popular project, is often considered the Dogecoin killer. The meme coin had gained a substantial online following and beat DOGE shortly by the market cap when it was launched.
Widespread adoption and the start of a bull run in the general crypto market can positively impact the future of DOGE. In the event of a bull run, one can expect price increases similar to that of the market's leading cryptocurrency, Bitcoin. However, one must also consider that the coin's inflationary tokenomics limit its future price.
Sam Farao
Sam is our pioneering figure in affiliate marketing and the blockchain space (prior to co-founding Coinweb.com). His ventures, including Netpixel Media and Captana, have set new benchmarks in the affiliate marketing industry, leading to a notable acquisition by Speqta AB for 31.5 million Norwegian kroner ($3.8 million USD). Farao's foray into blockchain technology is marked by the Lightbulb Man project, a blockchain-based art collection featuring NFTs, which sold out in one day! This highlights his role in merging the worlds...
