The reason Dogecoin could fail in the future

Abiky

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Quote from: Ozero on January 31, 2023, 11:49:53 AM

I don't think that Dogecoin is currently a good investment in this market in terms of making a profit in the future. This is evidenced at least by the fact that with the current slight increase in cryptocurrency prices, the price of this coin did not rise by the end of the past year to the projected price of $0.11, but remains only at the level of $0.09. Like bitcoin, this is a general purpose coin, without any additional useful features. But Bitcoin wins primarily due to its popularity, and against its background, Dogecoin has no chance of achieving good price performance in the long run.

Many people believe they're going to get rich quick with Dogecoin without truly understanding its economical model. A coin that was designed to be inflationary, cannot retain high prices for a long time. DOGE has billions of coins in circulation with new ones being added to the blockchain every day. What's been driving its prices to the moon has been Elon Musk with his tweets. But it seems to me that hype is fading away, as investors move on to the next big thing in crypto.

One thing for sure is that Dogecoin's creators never intended people to use it as a serious cryptocurrency for daily payments. While I believe it will survive in the long run, market prices won't rise that much compared to other cryptocurrencies such as Bitcoin and Ethereum. Crypto was never about the price anyways, so as long as DOGE works as intended, we should have nothing to worry about. Just my thoughts Grin

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Quote from: Pam beasely on December 13, 2022, 03:32:21 AM

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.

I don't think that Dogecoin is currently a good investment in this market in terms of making a profit in the future. This is evidenced at least by the fact that with the current slight increase in cryptocurrency prices, the price of this coin did not rise by the end of the past year to the projected price of $0.11, but remains only at the level of $0.09. Like bitcoin, this is a general purpose coin, without any additional useful features. But Bitcoin wins primarily due to its popularity, and against its background, Dogecoin has no chance of achieving good price performance in the long run.

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Quote from: ningrum on January 08, 2023, 11:11:44 AM

Quote from: MFahad on January 07, 2023, 01:15:36 PM

Dogecoin current rally is 80% depend upon Elon musk which pushed hard this coin. Before Elon push Dogecoin was imagined just a meme coin and many telegram admin was using it for tip purpose. After Elon push it's price surged hard and it's beat many top class coins. I think when Elon not stay here it will be failed and many investors will leave this coin.

Elon Musk really has a big role in increasing the price of Dogecoin,
it is common knowledge and if we see in reality it is like that,
if it wasn't for Elon Musk maybe Dogecoin is just your average meme coin that has had many failures

The negative side of it is it could be manipulated by Elon Musk anytime and it will not stand firm as a potential coin without depending on a famous personality. A potential coin could stand on its own and the trust of its users and investors will be its foundation but if it relies on someone, I don't think it will still grow as a potential coin in the future. We all know that Elon focuses only on enlarging his territories so he will only take advantage of this coin for his own benefit.

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Quote from: kawetsriyanto on December 30, 2022, 03:55:26 PM

~
Dogecoin is only a meme coin, it has no fundamental, mate. And its total supply is unlimited. How can it is a very strong project?
Elon Musk supports it now, but we don't know how long Elon Musk will support Dogecoin. Elon Musk can stop supporting it at any time, if it happens Dogecoin will suddenly drop its price significantly and it probably drops out from the top 10 coins. It is strange if you assume Dogecoin is a very strong crypto project. ??

We have thousands of other coins in the market which does not make any sense, the fundaments of Doge, are you able to transfer dogecoin with a smaller transactions fees and you get the confirmation within a few minutes, the answer is yes. Majority of the casinos accept Doge and there are many merchants as well that accepts Doge and hence it is far better than majority of the coins in this space even though it is a meme coin.

Anyone getting into the crypto space can spend some time to understand how to create your wallet, store them safely with a few cents if you are using Dogecoin and then move to BTC as the same safety procedure is applicable to the rest of the coins.

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Quote from: MFahad on January 07, 2023, 01:15:36 PM

Dogecoin current rally is 80% depend upon Elon musk which pushed hard this coin. Before Elon push Dogecoin was imagined just a meme coin and many telegram admin was using it for tip purpose. After Elon push it's price surged hard and it's beat many top class coins. I think when Elon not stay here it will be failed and many investors will leave this coin.

Elon Musk really has a big role in increasing the price of Dogecoin,
it is common knowledge and if we see in reality it is like that,
if it wasn't for Elon Musk maybe Dogecoin is just your average meme coin that has had many failures

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Quote from: molsewid on January 07, 2023, 01:00:05 PM

Quote from: coinerer on January 07, 2023, 10:30:33 AM

It was very popular as a meme coin but a billionaire like Elon Musk pumped a lot by shilling this coin. Which no one ever imagined . It doesn't seem like it will ever die but its price won't stay high for long due to its oversupply and it could drop below a cent again in the future if Elon Musk stops shilling it. But if Elon Musk keeps shilling it, it could pump higher again

Yes it is mainly because of Elon, but it was there a very long time and now it shines.I believe that yes the popularity of the coin will soon fade but then it will still some time to make it more known to other people, especially it is used to gambling site as well, I love using Doge rather than using btc nor eth because of the fees and the transaction speed. I just have its team has the plan for this coin before investors pull away their investment.

Dogecoin's popularity will not decrease much with the price drop. The main reason for its price drop is its high supply so it can't sustain its high price for long, the moment Elon msak stops shilling Dogecoin it will start going back to its previous position. Yes it is true that Dogecoin is now widely used for gambling and gambling with it is very affordable. But if its price goes down, it will be used more for gambling

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Dogecoin current rally is 80% depend upon Elon musk which pushed hard this coin. Before Elon push Dogecoin was imagined just a meme coin and many telegram admin was using it for tip purpose. After Elon push it's price surged hard and it's beat many top class coins. I think when Elon not stay here it will be failed and many investors will leave this coin.

molsewid

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Quote from: coinerer on January 07, 2023, 10:30:33 AM

It was very popular as a meme coin but a billionaire like Elon Musk pumped a lot by shilling this coin. Which no one ever imagined . It doesn't seem like it will ever die but its price won't stay high for long due to its oversupply and it could drop below a cent again in the future if Elon Musk stops shilling it. But if Elon Musk keeps shilling it, it could pump higher again

Yes it is mainly because of Elon, but it was there a very long time and now it shines.I believe that yes the popularity of the coin will soon fade but then it will still some time to make it more known to other people, especially it is used to gambling site as well, I love using Doge rather than using btc nor eth because of the fees and the transaction speed. I just have its team has the plan for this coin before investors pull away their investment.

coinerer

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It was very popular as a meme coin but a billionaire like Elon Musk pumped a lot by shilling this coin. Which no one ever imagined . It doesn't seem like it will ever die but its price won't stay high for long due to its oversupply and it could drop below a cent again in the future if Elon Musk stops shilling it. But if Elon Musk keeps shilling it, it could pump higher again

ven7net

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Quote from: Pam beasely on December 13, 2022, 03:32:21 AM

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.

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Quote from: kawetsriyanto on December 30, 2022, 03:55:26 PM

Quote from: Hildentine on December 29, 2022, 11:24:28 PM

I think Dogecoin is a very strong project and the main point is that a Alon musk support of this project so they show that it will be a successful project in future.

Dogecoin is only a meme coin, it has no fundamental, mate. And its total supply is unlimited. How can it is a very strong project?
Elon Musk supports it now, but we don't know how long Elon Musk will support Dogecoin. Elon Musk can stop supporting it at any time, if it happens Dogecoin will suddenly drop its price significantly and it probably drops out from the top 10 coins. It is strange if you assume Dogecoin is a very strong crypto project. Huh

Indeed, Dogecoin is not a valuable coin in the market and has no strong market fundamental but it could be wondering why it was still there and belong to the top 20 coins of the crypto market. I couldn't think this really happen to meme coins like Doge. Therefore, I could say that Dogecoins is somewhat special among others. But yes, it was not a good investment, maybe for some purposes it could help.
I was thinking about what will happen to this project if Elon Musk gives no support on this, maybe this will be the time to see what really is the capability of this coin.

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Quote from: Sebas.tian on December 31, 2022, 12:52:58 AM

Quote from: ice18

Dogecoin gained its popularity because of Elon Musk who always talk about it in his millions of followers and because Doge is the first crypto meme created there are so many coins that are low cost and fast but not as popular as Doge today, I dont think it could fail in the future in terms of scalablity issues Doge is much better than Bitcoin.

If you look at the position Bitcoin are in this current market situation, you will know that Bitcoin is still more better than Dogecoin items of profits making in future. Many traders prefer to invest their money on Ethereum or Bitcoin than investing in Dogecoin that is not developing any sign of improvement in this season, like what other coins are demonstrating in the crypto market to make their traders have hope of achieving something good from their investment. I don't think, Elon musk will still make Dogecoin popular in this season because many traders has made Bitcoin and Ethereum as their choice in this bearish season, because it will be difficult for Dogecoin teams to make it pump more than Bitcoin and Ethereum in the future.

We are talking about dogecoin, and it is a memecoin, you cannot compare it to bitcoin or ethereum it is a lame comparison. Bitcoin and Ethereum have always been our top picks and no other coin can compare to them.

Doge is just a meme so don't expect it to update or upgrade, it's simply a memecoin with no utility, no usecase...But I'm pretty sure doge won't die or disappear even if Elon declares not to support it, doge has been with us for 8 or 9 years. It deserves to be the king of meme coins.

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Quote from: kawetsriyanto on December 30, 2022, 03:55:26 PM

Quote from: Hildentine on December 29, 2022, 11:24:28 PM

I think Dogecoin is a very strong project and the main point is that a Alon musk support of this project so they show that it will be a successful project in future.

Dogecoin is only a meme coin, it has no fundamental, mate. And its total supply is unlimited. How can it is a very strong project?
Elon Musk supports it now, but we don't know how long Elon Musk will support Dogecoin. Elon Musk can stop supporting it at any time, if it happens Dogecoin will suddenly drop its price significantly and it probably drops out from the top 10 coins. It is strange if you assume Dogecoin is a very strong crypto project. Huh

When it has no value, it will naturally give up. Elon Musk’s real ideal is to go to Mars. It is not impossible for Dogecoin to support new currencies if it has no value. He has Twitter as a platform, and he can succeed in everything.

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Quote from: Ngemmeng on December 30, 2022, 07:09:34 PM

Quote from: Hildentine on December 29, 2022, 11:24:28 PM

I think Dogecoin is a very strong project and the main point is that a Alon musk support of this project so they show that it will be a successful project in future.
According to my experience is that one the market situation is good so the project definitely achieve their goals.

so what's the reason you say doge project is very strong? even though we all know that doge is just a meme coin without any utility.
is it just because of elon support? I think that could be a weakness for doge if one day elon goes bankrupt or loses interest in crypto. I think a strong project is a project that grows and grows bigger because all communities are not just one person. but apart from that problem I am very amazed at doge and appreciate it because currently only doge coin memes are consistently ranking up and currently doge is ranked 8th CMC (very extraordinary)

I don't think it's about Elon Musk anymore. Look at how many topics about doge have been created on the forum lately. That is, so far this coin is very popular, it is mentioned more often than other shitcoins. That's the only reason to call it strong. Because while around doge there is a hype, it is really stronger than other projects, as it is not surprising.

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Quote from: ice18

Dogecoin gained its popularity because of Elon Musk who always talk about it in his millions of followers and because Doge is the first crypto meme created there are so many coins that are low cost and fast but not as popular as Doge today, I dont think it could fail in the future in terms of scalablity issues Doge is much better than Bitcoin.

If you look at the position Bitcoin are in this current market situation, you will know that Bitcoin is still more better than Dogecoin items of profits making in future. Many traders prefer to invest their money on Ethereum or Bitcoin than investing in Dogecoin that is not developing any sign of improvement in this season, like what other coins are demonstrating in the crypto market to make their traders have hope of achieving something good from their investment. I don't think, Elon musk will still make Dogecoin popular in this season because many traders has made Bitcoin and Ethereum as their choice in this bearish season, because it will be difficult for Dogecoin teams to make it pump more than Bitcoin and Ethereum in the future.

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Quote from: Ngemmeng on December 30, 2022, 07:09:34 PM

Quote from: Hildentine on December 29, 2022, 11:24:28 PM

I think Dogecoin is a very strong project and the main point is that a Alon musk support of this project so they show that it will be a successful project in future.
According to my experience is that one the market situation is good so the project definitely achieve their goals.

so what's the reason you say doge project is very strong? even though we all know that doge is just a meme coin without any utility.
is it just because of elon support? I think that could be a weakness for doge if one day elon goes bankrupt or loses interest in crypto. I think a strong project is a project that grows and grows bigger because all communities are not just one person. but apart from that problem I am very amazed at doge and appreciate it because currently only doge coin memes are consistently ranking up and currently doge is ranked 8th CMC (very extraordinary)

Perhaps you are wrong in your assumption that Doge is just a meme coin and no utilities. It survives and remains one of the top coins in the market because of support from the community. FYI, some traders are using this platform because of its low fees compared to Bitcoin and ETH, which give them value.

https://cointelegraph.com/blockchain-for-beginners/dogecoin-doge-vs-ethereum-eth-the-ultimate-comparison
https://www.investopedia.com/terms/d/dogecoin.asp

Without Elon Musk, Dogecoin will remain on the market. I'm not going to say it was a strong coin and highly recommendable for investment but I still know that some investors will not giving up Dogecoin even in the future.

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Quote from: bittraffic on December 29, 2022, 11:54:35 PM

Even if Elon wouldn't support it, Doge will rise. Doge hash rate is even rising more and more because more people are getting into it than investments they can't afford. It's one of the most googled coins.

The success of Doge can be compared to the success of LTC. Although they may not really rise high like thousands in just a decade like BTC, they are going the long game.

Dogecoin is a very old cryptocurrency that has made it this far. I'm pretty sure it will survive even if Elon Musk decides to abandon it sometime in the future. I like the fact that DOGE is an inexpensive cryptocurrency, which makes an excellent tool for micropayments/microtipping. The community is still going strong, so I'd envision Dogecoin outlasting many of the coins we know and love today. We can't say the same about Shiba Inu which is a clone of Dogecoin built on an existing blockchain network.

Most of the "meme" coins (including Dogecoin) are driven by hype, so I wouldn't be surprised if prices pump like crazy for a short period of time. As long as you don't put all of your life savings into these kinds of cryptocurrencies, you'll have nothing to worry about. Just my thoughts Grin

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Quote from: Hildentine on December 29, 2022, 11:24:28 PM

I think Dogecoin is a very strong project and the main point is that a Alon musk support of this project so they show that it will be a successful project in future.
According to my experience is that one the market situation is good so the project definitely achieve their goals.

so what's the reason you say doge project is very strong? even though we all know that doge is just a meme coin without any utility.
is it just because of elon support? I think that could be a weakness for doge if one day elon goes bankrupt or loses interest in crypto. I think a strong project is a project that grows and grows bigger because all communities are not just one person. but apart from that problem I am very amazed at doge and appreciate it because currently only doge coin memes are consistently ranking up and currently doge is ranked 8th CMC (very extraordinary)

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Quote from: mindrust on December 30, 2022, 03:20:30 PM

Quote from: Pam beasely on December 13, 2022, 03:32:21 AM

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?

If Doge fails because of its outdated tech, so can ltc and btc. That's the exact reason why doge is not going to fail because tech has nothing to do with its success. Tech can be updated. People say bitcoin is outdated but it had a major update (segwit) few years ago and it helped a lot with the scalability issue. Also there is a second layer (LN) working on BTC.

Doge can have those updates too.

Still though, the tech is not what makes doge valuable. It is the memes. If people suddenly stop liking memes, that's the day doge is going to die.

I believe the uncapped supply of Dogecoin is the reason for it to fail in the future. With the competition getting tighter, Dogecoin having infinite supply will greatly hurt its market. We all know that the foundation of any market is the supply and demand, with infinite supply and declining demand due to competition, may bring the Dogecoin to failure. Unless this issue is address, I think Dogecoin future is to fail.

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Quote from: Hildentine on December 29, 2022, 11:24:28 PM

I think Dogecoin is a very strong project and the main point is that a Alon musk support of this project so they show that it will be a successful project in future.

Dogecoin is only a meme coin, it has no fundamental, mate. And its total supply is unlimited. How can it is a very strong project?
Elon Musk supports it now, but we don't know how long Elon Musk will support Dogecoin. Elon Musk can stop supporting it at any time, if it happens Dogecoin will suddenly drop its price significantly and it probably drops out from the top 10 coins. It is strange if you assume Dogecoin is a very strong crypto project. Huh

Topic: The reason Dogecoin could fail in the future (Read 720 times)