Is DOGE Coin's Rise a Sign of the Future of Cryptocurrencies, or a Fleeting Internet Meme Phenomenon?
In my personal opinion, Doge is still memecoin and just hype is not suitable for the long term. The future of cryptocurrencies is still held by Bitcoin in the long term because Bitcoin will attract people to invest in cryptocurrency.
In the future, we won't know whether Dogecoin can experience an increase until it reaches a new history, therefore there is no harm if we invest in several Altcoins including Dogecoin and don't just rely on one type of investment (Bitcoin), so that later when the most popular coin experiences an increase we can gain profits from several investments that we make in several Altcoins.
Doge Coin is a meme project and the only reason there is still hype about it is elon musk. We should be careful when we are thinking about investing in a project that is getting all the interest from the industry only because one man is interested in it. What if elon says he is going to develop his own project or he will not longer supporting doge and its development? This market will react negatively. So the advisable option is to invest in a project that is fundamentally strong and has a real use case.