What is the future of Dogecoin, now that it has been around for several months and we’ve seen wild fluctuations in prices? Can Dogecoin survive and thrive and make a niche for itself within the crypto-currency space or is it doomed to oblivion?
To answer where the future of Dogecoin lies, we first need to look at what makes Dogecoin special and why it is in the top 10 market caps in the first place. On the technical bitcoin dice side of things, Dogecoin is another Litecoin clone with different parameters, so it cannot sustain itself based on technical innovation. So what makes it popular in the first place?
Dogecoin started as a meme-based joke currency but everything around it took off and today it has a huge community of supporters around it. It is this community that Dogecoin needs to leverage in order to be relevant in the future. That is Dogecoin’s most important strength, without which, it doesn’t stand much of a chance in the brutal world of crypto-currencies.
What made Dogecoin special was that people didn’t take it very seriously, and so it became an incredibly popular tipping tool on Reddit and the rest of the internet too. Then there were many projects started by enthusiasts around Dogecoin, and people felt safe experimenting in this sphere. Dogecoin therefore has value as long as it can sustain this concept of being a safe experimentation haven while being generous.
The future of Dogecoin will therefore depend on how this community bands together and works on future projects that will benefit the currency. There are many works in progress and it is hard to judge their feasibility in the real world. However, the community needs to remember what makes Dogecoin special and not let that slip away because competition in this space can be fierce.
Dogecoin also did a lot of newsworthy things like funding an Olympic bobsled team and other charity work. This gave it a lot of attention and also a nice increase in price. However, now that the news cycle has died down, the price of Dogecoin is also steadily coming down, from a peak of 220 odd satoshi to under 130 satoshi. This will probably fluctuate, but you get an idea of where things are headed. Dogecoin community needs to take more initiatives around this currency and make sure it still remains relevant and newsworthy for both the short term and the long term.
Remember also that the world of crypto-currencies is extremely volatile and it is very hard to predict the future of Dogecoin or any other currency. The community needs to focus on the strengths and develop from there, which is the only way to increase the probability of success in the future.