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Re: Dogecoin is no longer just a memecoin
by
adzino
on 04/10/2024, 02:36:06 UTC
Quote from: Adbitco on October 03, 2024, 10:51:23 PM

-snip-
DOGE was conceived as a meme currency, but after 11 years of existence, the token is often used to pay for purchases. This is the conclusion reached by experts from Bloomberg.

According to the publication, the average commission on the network is <$0.01, which is almost 80 times cheaper than in the BTC blockchain, and a Dogecoin transaction requires less than a minute. Usually, such cross-border money transfers by classical methods have a commission of about 7%.

DOGE also has a rather large fan club of celebrities, which includes Elon Musk, Mark Cuban and Snoop Dogg. The fact that the token is not just a joke asset is evidenced, for example, by the initiative of the Dallas Mavericks team to introduce payment for tickets and goods in Dogecoin.

The cryptocurrency is also accepted in Williamsburg Pizza, whose co-owner pointed out the "virality" of the token. In the BitPay app, Dogecoin managed to overtake XRP and USDC, taking 5th place, experts noted.

“As time goes on, Dogecoin has become less of a memecoin and more of just a blank slate – one without much technological or idiosyncratic risk. Relative to the rest of the crypto market, it offers a pretty solid mix of familiarity, simplicity, and low cost,” —commented the founder of the Velo Data platform, Frederick Collins.

For more details read here.
That is what every meme coin claims. They all say that they are not just a meme coin and that they are more than a meme coin. But in the end, they are all the same. A meme coin that eventually has no further development and no  real use cases. Doge coin might have low fees and fast transaction speed. But when everyone will start using it, I am pretty much sure the fees will go up and it will take hours for network to confirm transactions due to network congestion. And doge having those "fan club of celebrities" is another big issue. They can manipulate their followers to invest in something and then dump the profits on them.