Topic: Dogecoin is no longer just a memecoin (Read 123 times)

It's the best L1 meme coin so far with the most adoption.

Unlike other memes that exists just for speculation, doge actually have use, moreover the shillers aren't some ordinary CT but billionaires, we all know dogecoin will be here in the market for a long time when it got this much support.

the other meme coin on the other hand, despite gaining massive growth, is no guarantee that they gonna persists for as long as doge, majority of them are just speculative asset, recent I find some of the lowest market cap memes losing its market cap, while doge still stand strong, if not for the turmoil of the geopolitics, BTC and Doge probably have reached another height of ATH.

Doge is at least a very different class of memecoin than the meme tokens like Shiba Inu or Pepe living on other blockchains.

Having an own, working blockchain is a significant asset and advantage, as it can work as a platform for other apps. With Doginals, Doge has already made some steps in that direction, although Doginals is a quite bad protocol. There are also quite good synergies with Litecoin through the merged mining.

That's why I don't understand why development of Doge is so slow. Doge had of course some updates even in recent times, as everybody can see in its Github repository. But it is still based on Bitcoin 0.6 or 0.7, has not seen neither Segwit nor Taproot, and thus is technologically quite outdated. Heck, they're currently discussing about implementing CSV, which in Bitcoin was added more than 8 years ago ...

If they could at least rebase Doge to Bitcoin 0.20 or so, then I think the coin would be take much more seriously. With Segwit and Taproot also they could adopt all the new fancy Bitcoin technologies, from a modern token protocol like Taproot Assets or RGB to things like BitVM or Discreet Log Contracts ... A lot of much smaller altcoins like PPC have already adopted these technologies, so it is not easy to understand why Doge is still stagnant ...

DOGE also has the advantage - and the disadvantage maybe also since it means the meme lacks "depth" of "cultural significance", "literary/media allusion" etc - of maybe being kind of out of the blue made-up, unlike memes along the lines of Gold Pressed Latinum, Melange (SPICE), United Federation Credits, Klingon Empire Darsek and so on, which might have more potentially than the SEC to worry about...

-MarkM-

The criterion which it was mentioned is meme because it's something made out of fun and humorous and not to be consider financial instruments and as such, financial watch dogs like SEC can't do anything about it that's why when Elon Musk was summon for lawsuit of manipulating people to buy Doge coin and for insider trading, he won the the case. The meme definition of meme coins will remain the same otherwise a lot of people that are doing meme on Solana chain will go to jail.

Till date, most meme coins don't have team, they are doing that to cover tracks of SEC, when a project has a team with mission and vision on clear road map, the Security Exchange commission will term that coin as security and they will be sued for creating a security instrument without following the rules and regulations of the organization, meme will remain meme in my opinion.

I kinda like dogecoin because of its low cost transaction fee and the fact that it's just a popular coin that is promoting it self, it is not like some of this current pump and dump meme coins, at least dogecoin have a lot of investors and if we notice, we would see that almost every exchange is listing or have listed dogecoin on their own.

Ok, so because it has the support of various influencers or big figures in the world and is accepted as a payment method, does that make Dogecoin (DOGE) no longer a memecoin?

I think the memecoin indicator can't be separated from Dogecoin (DOGE) considering how this coin was created & what it was created for, going back to the history lesson, Dogecoin (DOGE) was created by Billy Markus to mock Bitcoin (BTC) at that time, with no utility and no vision. So, whatever Dogecoin (DOGE) is today, it doesn't rule out the fact that $DOGE is a memecoin.

What happened is that the holders of this coin are optimistic that something gonna happen since he has openly promoted this coin and he is a fan of it. Lot of people believe that during next bill run it would hit $1 but I don't see this coming so soon and even the previous ATH doesn't effects on dogecoin. However, dogecoin team has the will power to decide what dogecoin would be used for than Elon and he just an investor.

Surely Doge is memecoin and it is the best memecoin. We all have seen how Doge was pumping after news of Elon. Mostly this hype made It's happen. The price already on up to the sky. It will last as memecoin it has no doubt. Though the memecoin has not much concern on crypto and most of the coin which are on the market as memecoin will lost scam. So it's better to avoid for investment.

Yeah, I've seen the debates about what would be used on X, but I don't think DOGE will be used, mainly because Elon, for the most part, tries not to talk about the project again to not to be associated with it, as far as I know

"Experts" LOL
You can purchase stuff using those tokens they give you at an amusement park but that doesn't make them any more than just being a meme.

A normal bitcoin transaction costs about $0.07.
Doge price is $0.10 while bitcoin is $60000.
'nough said.

Wrong.
Confirmation is a concept not just an arbitrary number. We call a transaction "confirmed" when it becomes irreversible. 1 confirmation on bitcoin blockchain has more security that majority of altcoins combined. Whereas 1 confirmation on Doge network has no security whatsoever. This is why exchanges require such high number of confirmation for weak networks such as Doge.

I can't believe "not-a-joke" and "Snoop Dog" were used in the same sentence
These names are jokes themselves lol

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.

We can expect nothing meaningful to be happening to the development of doge even decades into the future because I think people just like it the way it is, even without smart contract capability it's already good enough.

on the other hand, the fact that doge is frequently used as a payment method in platform like bitpay hugely because adoption of doge coin as a payment has been there for a long time already.
it's cheap and quite low in volatility compared to other alts because decentralized holders and huge market cap which means another layer of difficulty for any manipulator to manipulate the market and make the asset volatile.

overall, it's still a meme coin, and the capability of being used as a payment I think is not something that's new, any coin, including memes, already have built-in capability to be used as a payment, it just depends on the parties involved in the transaction whether they accept it or not.

Because doge is associated with Elon, many still hold on to this coin and are optimistic that they will be able to gain from this. Elon is not the creator nor the owner but the association of his name is enough to keep this memecoin afloat. He also allows doge to be used in any transaction in his company, no? Those who can afford to buy tesla can use this memecoin and I am sure due to its cheap prices, many can be interested. If Elon decides that doge can be used for X or formerly Twitter, then it can still grow even just a little.

I think dogecoin is like Tron trx currently because there's nothing much happening in the project no development or something else except for the use of payment purpose and it's cheaper, of course Doge is one of the oldest coin out there and lot of projects that was created same time has long gone, example, EOS and few other coin. I think investor are all done with such project and their interest now on another pump dump projects.

People supposed not compare doge with bitcoin. It is not only about the fee and how fast the transaction is. What if someone bought doge in 2021 when it got to $0.72? The price is less than $0.11 presently.

I see doge among the old coins that have been dumped for new coins that were created. People thought if bitcoin can get to all-time high next, that doge will surpass $0.7 but it is 7 times lower than the price now.

Do not be surprised if a coin like doge will disappoint more in the next bull run and after. The coin has been dumped just like other old coins. You will notice that if you take a closer look at the market.

"It’s is no joke": Dogecoin is no longer just a memecoin

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.