Dogecoin (DOGE) started off as a joke, and many investors still perceive it as such. However, unknown to them, Dogecoin not even close to a joke, when compared to most coins in this market. It is probably one of the most useful coins in this market. Actually, when compared side-to-side with every coin in the top 20, Dogecoin deserves a spot in the top 8.
One thing that makes Dogecoin stand out is its deepening utility. Less than 5 cryptos in this market have the utility value of Dogecoin (DOGE). Almost all of Dogecoin’s volumes go towards actual use, such as people paying for stuff with it online. That’s huge given that most other coins derive a good portion of their volumes from speculation on crypto exchanges. The implications of this are vast, the most important one being long-term stability and growth. If the only real purpose of a cryptocurrency is speculation on exchanges, then it means that such a crypto has no real value at all.
This is the one point where Craig Wright is right, even though his focus is bitcoin. The whole idea of a cryptocurrency is to be used as cash, a decentralized form of money. It is this utility that will give Dogecoin longevity since it’s already an everyday use currency. Most cryptos that don’t have this utility value may never come back after this downturn. Speculative trading is good for short-term gains, but it cannot sustain in the long run if there is no other value. This is what will play a major role in driving up Dogecoin (DOGE) going into the future.
Dogecoin (DOGE) also adheres to the core vision of decentralized cryptos. Since bitcoin became a thing, more than a thousand coins have emerged. Curiously, most of them are far from the ideals of crypto. They are just are companies with tokens, trying to ride the crypto wave. The token issuance for most of them is arbitrary and lots of decisions are in the hands of a few individuals.
With the bear market getting deeper, many of these tokens will go bust or their owners will simply dump, if they haven’t already, and exit the market. Real cryptos should be community driven, trustless and cannot be censored. This was the whole idea from the very start. Dogecoin has adhered to these principles all through. For instance, Dogecoin’s supply comes from the work of miners, and there is no central authority to Dogecoin (DOGE). It’s decentralized and trustless nature gives it credibility in the market and will help it gain more adoption in the market.
With a combination of utility and real decentralization, Dogecoin meets every requirement of a value based crypto. Once the dust settles and low-quality cryptos disappear, Dogecoin (DOGE) will rise and probably gain a position in the top 8. As it rises, its value will rise too, and investors will begin to appreciate that Dogecoin is not even close to a joke. The joke tag at this point is more of a selling point aimed at drawing in more users into Dogecoin, and it is working. Doge is one of the coins that have held on to a significant portion of its value in the 2018 market crash. Its future looks even brighter and investors now have a chance to stock up on some cheap Doge coins.