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Dogecoin could fail in the near future due to its outdated blockchain technology.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?
At the moment, we can say for sure that Doge coin never reached $0.11 per coin, which means that the forecast was not correct. However, this does not mean that Doge coin will collapse, allegedly due to an outdated blockchain. I am sure that such statements are complete nonsense. As for the future of Doge coin, I am sure that this coin will be a surprise, or rather its holders, because who knows what will happen after the crisis? Perhaps Doge coin will show again the flight to the moon and probably the same Elon Musk plays a role in this. In any case, I hope so.