Dogecoin gained popularity due to its low cost as well as its welcoming community. Its community of users behind Dogecoin is involved on various social platforms, and it gained popularity specifically from Reddit.
Doge could fail because -
Dogecoin could fail in the near future due to its outdated blockchain technology. The Dogecoin blockchain is built on the Litecoin blockchain, which is based on Bitcoin's Blockchain.
One of the main issues with old blockchains is that they're not scalable. They are unable to manage large volumes of transactions without slowing down or mistakes.
Investors advice on investing in Dogecoin now as this is being the best time to purchase doge. Dogecoin prices are expected to rise as we approach the annual close. The increase in price fluctuations may eventually assist the price to soar and as per Coinpedia doge price prediction it will close the year at $0.118.
Are these cons going to result in dogecoin price failing or Elon Musk support for it make this coin price increase?
Yeah so it is based on the same technology as bitcoin but you call it outdated? Bitcoin isn't scalable too, why hasn't it failed? But yes, like all other coins doge coin there is a chance that dogecoin might fail too, but that is very likely to happen. The community support is huge and it is still cheap to transact with dogecoin. Maybe it won't reach $1 or get pumped like before, but there will always be people using doge coin.