Here’s How Dogecoin Could Become The Currency of The Internet
Some cryptocurrencies are prized for their utility, while others get attention because they’re culturally significant or even just entertaining.
Dogecoin straddles the line between these two camps, and while it might initially seem like little more than a meme token, there’s a good chance that it’s here to stay.
Let’s look at why this is, and what makes it appealing as a long term prospect.
Dogecoin is actually useful
Before we go any further, we need to get one thing straight; the technical underpinnings of Dogecoin are solid, and it has already been around for almost a decade.
This means that it’s not a meme coin in the modern sense, and hasn’t been conjured up as part of some shady pump and dump scheme.
In fact, one of the reasons that it survived for so long following its inception was that people were actively using it, mostly as a means of tipping online content creators.
This allowed it to muddle along in the background, while other coins rose to great heights and came crashing down just as quickly.
The utility goes even further than this today. As explained in a piece of content by CasinosCrypto, Dogecoin casinos are now commonplace, and a bevy of businesses across other industries have also taken steps to accept payments in DOGE.
Brand recognition is a big selling point
If you ask the average person in the street about cryptocurrency, there’s a high likelihood that the only example they’re aware of is Bitcoin.
This is a problem, because it means that if other currencies want to break through into the mainstream, they’ll be starting from a point of being totally unrecognized and untrusted.
Dogecoin gets a free pass because it’s inspired by a meme that entertained an entire generation.
In fact, when the famed picture of the quizzical-looking Shiba Inu dog was hitting the big time at around the same point as millennials were entering the workplace, and Gen Z was just getting to grips with the digital world.
All of this goes towards giving the coin a vast amount of clout, and immense good will from all corners. It’s a fairly classic example of brand recognition being more important than the fundamental value of the underlying product.
Sure, there are other cryptos out there that are more usable, secure and efficient, but Dogecoin trumps these because it clicks with audiences instantly.
You could say that the same is true of other meme coins, and there’s no doubt that newcomers have attempted to follow this same formula. But Dogecoin lacks the cynicism of even fresher rivals like SHIB, and that’s what makes it a survivor and a legitimate option as the currency of the internet.
The next steps are crucial
Now we’ve discovered why Dogecoin has the opportunity to emerge as a crypto for the people, we need to talk about what comes next.
Well, first there needs to be something of a reframing of the coin in the public consciousness.
When it was catapulted back into the spotlight in early 2021, and it saw its price skyrocket, there was a lot of talk of DOGE going ‘to the moon’, and ample encouragement among the community to ‘hodl’ no matter what.
This mentality was proven to be unhelpful at best, as it never lived up to claims of being capable of hitting the $1 mark by year’s end, and many became disillusioned as the price receded.
What has to happen now is for Dogecoin fans to make the switch to seeing it as a crypto with utility, rather than investment potential. If this occurs en masse, it stands to regain much of its momentum