The Problem with Dogecoin
DogeCoin has fell more than 30% till now today, it was supposed to fly over to the moon, but seems it for now it has to stop midway.
The HYPE
Dogecoin has received some kind of buzz and hype , especially due to elon musk, with DogeCoin trending almost every month in day.The coin price has skyrocket in past year from 0.0025 to more than 0.65 dollars.Even people who stayed away from crypto, jumped into the DogeCoin BandWagon.
The Problem
The Backing
Even though Musk has spoken a lot for DogieCoin,But interestingly Tesla has bought 1.5 billion dollars of bitCoin, not dogeCoin.The people behind the coin also don't seem too enthusiastic about it.Many Coins are being backed by Foundations and Communities, who are constantly trying to achieve some goals on the blockchain, but that does not seems to be case for dogecoin.
Purpose and RoadMap
DogeCoin just seems to be another crypto that exists, just because crypto exists.Etheruem started 1.5 years later the dogecoin, but it had purpose, not only it came up a good decent community, but also started with an purpose and roadMap.There are many lending platforms, Platform,Exchanges that are based over Ethereum. Obviously Dogecoin has lacked in all other aspects that blockchains are providing and coming.
UsesCases
Right now different crypto have applications in lending platforms, DApps , Gaming , Crypto and digital Assets and other things.But DogieCoin seems to have lacked in most of the these.
Future
Well, the people behind DogeCoin need to work on a lot of things, if they really want it to become dependeable asset, It needs a good attention from blockchain developers and needs build developer community.
Otherwise the coin will always be dependent on fake hypes from rich guys, rather than it's own value.
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A nice community alone will not be enough in the long term. Doge is totally overrated.
Yes, it won't be enough, but one thing Dogecoin has in favour is it's market cap. it is fourth by market cap, if there comes a proper community who works and improvises over it, then it can become an trustable and stable blockchain.Otherwise we can expect one horrible crash for it.