“Doge was really started to poke fun at Bitcoin.” ― Pat White, CEO of Bitwave
Doge is trending, it’s definitely the talk of the town today. Elon Musk is hosting SNL, and Doge loyalists and fanboys are hoping to see the meme crypto explode because he will mention it on air. Musk can definitely promote cryptocurrency in a big way on the show, however that is beside the point here. Today we are talking about one of the oldest cryptocurrencies, and definitely one of the most interesting projects; Dogecoin.
Doge is definitely not my favorite crypto out there, but some people think it is the future of crypto; is it the future? Or is it a shitcoin? Let’s take a look. Doge coin was forked from the Litecoin network in late 2013 as a simple solution cryptocurrency. It was created by two guys who thought it would be cool to make fun of Bitcoin they killed it, and had no idea what it would become. Doge is a widely known meme coin that surprisingly has a working network, and it is becoming very popular with all the hype. One problem that Doge has that a lot of people may not realize is the majority of coins in circulation are consolidated to a couple handfuls of wallets.
One wallet has 28% of all Doge in circulation, that type of statistic is not common. 13 other wallets have a huge majority of coins in circulation. Knowing this it really makes this seem like a few will have the upper hand on many if Doge becomes more mainstream. The case for Doge to become mainstream is very slim, and very unlikely. This joke currency has older software, and when compared to other blockchain ecosystems it has virtually no use cases or real world value outside of tipping comments on forums.
The hype has ballooned around this dog money has been interesting. We are hopefully will help more than hurt the crypto community as a whole. Dogecoin is a shitcoin backed by popular demand, and it’s been interesting to observe. We are really optimistic about this craze bringing more people to the new financial frontier. We hope for some it will be a good learning experience, and will get them to notice the projects changing the world. This deemed crypto joke does have a market cap rivaling some of the largest companies in America. It will be interesting to see how this plays out with an above $50B market cap. Weather Doge falls back to .01 or up to 1.00 is up in the air. Let us know your thoughts, and don’t forget to subscribe for the latest and greatest!
Written by Caleb Hogan from ofthefreemarket.com on May 8, 2021
