What is the way forward for Dogecoin, now that it has been around for a number of months and we’ve seen wild fluctuations in costs? Can Dogecoin survive and thrive and make a niche for itself throughout the crypto-currency area or is it doomed to oblivion?
To reply the place the way forward for Dogecoin lies, we first want to look at what makes Dogecoin special and why it’s in the top 10 bitcoin market cap caps within the first place. On the technical side of things, Dogecoin is one other Litecoin clone with totally different parameters, so it can’t maintain itself primarily based on technical innovation. So what makes it popular in the first place?
Dogecoin began as a meme-primarily based joke forex but all the pieces round it took off and in the present day it has an enormous neighborhood of supporters around it. It’s this neighborhood that Dogecoin must leverage in order to be relevant within the future. That is Dogecoin’s most essential energy, without which, it would not stand a lot of a chance within the brutal world of crypto-currencies.
What made Dogecoin particular was that individuals didn’t take it very seriously, and so it grew to become an incredibly common tipping instrument on Reddit and the remainder of the internet too. Then there were many projects started by enthusiasts around Dogecoin, and folks felt safe experimenting on this sphere. Dogecoin therefore has value as long as it could possibly sustain this idea of being a safe experimentation haven while being generous.
The way forward for Dogecoin will due to this fact rely upon how this community bands collectively and works on future projects that can benefit the currency. There are a lot of works in progress and it’s hard to guage their feasibility within the real world. Nonetheless, the community wants to remember what makes Dogecoin special and not let that slip away because competitors in this space will be fierce.
Dogecoin additionally did a variety of newsworthy things like funding an Olympic bobsled team and different charity work. This gave it a lot of consideration and also a nice increase in price. However, now that the news cycle has died down, the value of Dogecoin is also steadily coming down, from a peak of 2.0 odd satoshi to underneath a hundred thirty satoshi. This can probably fluctuate, but you get an idea of where things are headed. Dogecoin community needs to take extra initiatives round this currency and make sure it still remains relevant and newsworthy for each the brief term and the lengthy term.
Bear in mind additionally that the world of crypto-currencies is extraordinarily unstable and it is very hard to predict the way forward for Dogecoin or another currency. The neighborhood needs to focus on the strengths and develop from there, which is the one strategy to enhance the chance of success in the future.