Dogecoin has been out of the top 10 crypto ranking and replaced by Luna. The dogecoin has lost its meme status to its rival Shiba token in the recent market race and it continues losing steam.
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Doge Was the King of Meme
The creation of Dogecoin was a joke. The creator did not even believe in cryptocurrency when he created Dogecoin. Such culture was carried until the coin hit the peak of its valuation, then suddenly, many rivals came out and beat it up badly.
Elon the Doge Father
Elon Musk is a big fan of Dogecoin. He believes that Doge is more a payment coin and he integrated it into his payment system. Even he constantly supported Dogecoin, he did not successfully help Dogecoin to complete its $1 mission.
Web3 Is A Scam
The cryptocurrency community is focusing on Web3 development. Suddenly, Elon Musk stated Web3 is a bs and push the idea away. Dogecoin then went away with Elon Musk to refuse Web3 future. There is nothing going on in Dogecoin development rather than continuing a meme. The community suddenly die out from the Shiba token aggressively meme campaign and was silent.
Where the Doge is Heading
Dogecoin continues its meme but it does not have a strategical plan of the future to adopt and to improve its blockchain. If Doge wants to become a payment system, it should work on a payment app or build an infrastructure to support the payment system. If Doge wants to work with Ethereum to build a layer structure, it should already work on partnership and come up with potential products. Yet, Dogecoin is quiet.
Doge Got Great Community But Lossing it Direction
Meme coin cannot continue meme for life or it will die out from its meme. The problem with Dogecoin is few dominate with large holding and many are holding small fractions of coins just for a meme. There are no driven forces to innovate and make a coin to become a better technology-driven blockchain.
Can’t Teach Old Dog A New Trick
What Dogecoin does not want is to become an old dog. However, it seems unavoidable in the short term. Doge is quiet and nothing happening with its blockchain.
In conclusion
A meme coin can die in a meme if that is what it can only do. Evolving is needed to take a chance. What is Doge waiting for?
