- Dogecoin attracts great love and hate in equal measure, from the retail traders to the industry leaders.
- However, the meme cryptocurrency may hold the key to cryptocurrencies going mainstream, even if it fizzles out in the long run.
Dogecoin is a coin that seems to attract adoration and criticism in equal measure. The Doge army, led by the “Technoking of Tesla” Elon Musk has continued to push for its adoption relentlessly. On the other hand, Cardano founder Charles Hoskinson leads a faction that sees Dogecoin as a distraction and a danger to the crypto industry. Whichever side you lean, we can all agree on one thing – Dogecoin has caught everyone’s attention.
Much wow – Dogecoin up 5,200% this year
Dogecoin has been one of the best-performing cryptocurrencies this year. It started the year at a mere $0.004879 with a market cap of just $623 million. The meme crypto would start performing towards the end of January and go parabolic in April. Dogecoin had at one point shot into the top five largest cryptos. It has since then corrected and sits seventh – still very impressive – trading at $0.27 and with a market cap of $34.7 billion.
The incredible gains in the past month have brought Dogecoin into the limelight. Those who love Doge have continued to describe it in glowing terms.
The future currency of Earth
— Elon Musk (@elonmusk) February 6, 2021
However, this rapid growth has led some to question Dogecoin’s place in crypto. One of the most prominent in the latter category is Charles Hoskinson, the founder of Cardano. In a recent attack, he described Doge as an unsustainable bubble and a mockery of crypto.
My warning to anybody who will listen is: Don’t buy Doge! Get out of Doge! If you’ve made money, great–Get the Hell out of it!!
How Dogecoin could spark mainstream adoption
Whether you’re a Doge fan or not, it’s clear that it has received traction from all walks of life. In February, it even surpassed Bitcoin in Google searches in the U.S. Mainstream media companies have also been talking about Doge nonstop, from Bloomberg to CNBC.
One of the most positive results of this traction has been that many who had never had an interest in crypto have learned about the industry through, and because of Doge. As is human nature, the extremely high returns Doge has had this year have attracted the attention of the public.
Social media is full of stories of people who first learned about cryptos through Doge. At first, they came for the massive profits. However, many of them have learned more about cryptos, including the potential they have to change finance with DeFi, change funds transfers, promote financial inclusion, digitize physical assets, introduce an unprecedented level of trust on the Internet and so much more. They came for Doge, they stayed for the crypto revolution.
Dogecoin started as a meme cryptocurrency, and most of its supporters know and understand this. Granted, many investors will make money as its price skyrockets. However, there will be as big a group that loses their money when Doge corrects. The one thing that’s certain is that Dogecoin is bringing very high attention to crypto, and we can use this to onboard millions more to the amazing world of decentralized opportunities.