Dogecoin price was dropped significantly in the last couple of weeks due to Shiba is taking over potentially. It was dropped out of the top 10 cryptos and come back again because Doge’s father is promoting it again. What is the Dogecoin future?
Elon Musk called himself a Doge father which is a meme way to let everyone know he is supporting Dogecoin. And he is constantly promoting Dogecoin in his own way. Adopting Dogecoin payment is his agenda for a very long time including purchasing his space tour ticket with Dogecoin, funding his rocket projects, and purchasing Tesla.
Some Tesla Products Are Accepting Dogecoin
Elon Musk announced that Tesla starts accepting Dogecoin payments. It makes Dogecoin back on the top of 10 cryptos. Many other companies are accepting or planning to accept Dogecoin in the future.
What Makes Dogecoin Attractive
According to Doge Father, Dogecoin is more sustainable than Bitcoin. But from blockchain data, Bitcoin is more efficient than Dogecoin in many ways. Since Dogecoin has not yet reached its full potential with large amounts of trading volume, the transaction fee is already expensive. However, the more users utilize the Dogecoin, the more congestion of the network will be which will increase transaction costs.
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Dogecoin Is Monopoly
There is still an issue of few are controlling the supply of Dogecoin. They are likely will influence the price action. Similar to the fiat system with the central bank, they can control the entire money supply. Thus, besides Dogecoin being a payment alternative, there is no benefit of using Dogecoin.
Dogecoin Is All About Memes
Dogecoin is still at the meme phase. There are some plans to move away from the meme but meme communities will be left behind. Such abandonment of communities may tank the entire project. However, there is no insight into what is next for Dogecoin besides memes.
Doge is on its way to becoming a payment coin. However, there is no insight of what is the future of the coin that concerns its goal beyond what meme can do.