No investment support, no staking reward, has limited functionality, and is not better than USD. Thus, investors are actively avoiding this crypto. It’s why the Dogecoin price is not going up.
No Staking Reward:
A Crypto that has no supply cap does not mean it is a bad crypto. Ethereum, Polkadot are also inflationary coins. However, the critical difference is that Polkadot and Ethereum is a proof of stake blockchain, whereas Dogecoin is a proof of work blockchain. You can invest your cryptos in the proof of stake blockchain and earn 2/3% to 10/15% as a staking reward. Whereas, Dogecoin has no such mechanism. An investor’s primary goal is to maximize profit. If I have money and my options are Dogecoin, Bitcoin, Ethereum, I will choose Bitcoin and Ethereum over Dogecoin. Bitcoin is now considered digital gold and Ethereum has a versatile use case and the second most popular crypto. Moreover, Ethereum will allow us to earn staking rewards.
No Institutional Support:
Dogecoin’s price will never go up unless institutional money flows into it. Most of the big banks, hedge funds, and companies only buy Bitcoin. Tesla bought Bitcoin even though Elon Musk is the biggest proponent of Dogecoin.
Conclusion:
In short, other than being a cryptocurrency, Dogecoin has no utility. It’s why investors are avoiding this, and as a result, its price is going nowhere.
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