{"id":198707,"date":"2021-03-10T18:04:01","date_gmt":"2021-03-10T15:04:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/much-fun-no-work-doge-must-ditch-meme-status-to-be-valued-as-money\/"},"modified":"2021-03-10T18:04:01","modified_gmt":"2021-03-10T15:04:01","slug":"much-fun-no-work-doge-must-ditch-meme-status-to-be-valued-as-money","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/much-fun-no-work-doge-must-ditch-meme-status-to-be-valued-as-money\/","title":{"rendered":"# Much fun, no work: DOGE must ditch meme status to be valued as money"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3df9d9ee69b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3df9d9ee69b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/much-fun-no-work-doge-must-ditch-meme-status-to-be-valued-as-money\/#Is_the_hype_here_to_stay\" >Is the hype here to stay?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/much-fun-no-work-doge-must-ditch-meme-status-to-be-valued-as-money\/#Not_everyone_is_sold_on_DOGE\" >Not everyone is sold on DOGE<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/much-fun-no-work-doge-must-ditch-meme-status-to-be-valued-as-money\/#Where_is_DOGE_heading\" >Where is DOGE heading?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Much fun, no work: DOGE must ditch meme status to be valued as money <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvOTcxMTUyMGItYzVhNC00YTFhLWFjMGItZTcwYTI3NzIwZWI4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>There is no denying the fact that Dogecoin (DOGE) is by far one of the most polarizing crypto projects in the market today. On one hand, many think of the cryptocurrency as largely being a joke that has long overstayed its welcome; however, there also those people \u2014 including many celebrities, business moguls, etc. \u2014 who evidently believe it\u2019s a viable financial instrument that will stick around for a long time to come, or at least they are leading people into believing that.<\/p>\n<p>For example, the owner of NBA franchise the Dallas Mavericks, Mark Cuban, recently stated that he is fairly confident that DOGE is here to stay and even has the potential to hit a price point of $1 in the near future. This proclamation comes a few days after the Mavericks started accepting Dogecoin as a form of payment.<\/p>\n<p>He further revealed that fans were already behind this latest payment avenue, and as of March 7, the Mavs had already <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mcuban\/status\/1368276718860046339\">sold<\/a> 20,000 Dogecoin \u2014 roughly $1,018 at press time \u2014 worth of merchandise, adding: \u201cIf we sell another 6,556,000,000 Dogecoin worth of Mavs merch, DOGE will definitely hit $1.\u201d<\/p>\n<p>It is worth mentioning that over the course of the last few months, DOGE\u2019s list of prominent mainstream followers has been growing at a furious pace, with celebrities like Kiss co-lead singer and bassist <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/genesimmons\/status\/1357944161849151488\">Gene Simmons<\/a>, former adult film star <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/miakhalifa\/status\/1355027076118499329\">Mia Khalifa<\/a> and American r<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ers <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SnoopDogg\/status\/1358141965930426368\">Snoop Dogg<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lilyachty\/status\/1358482627263672325\">Lil Yachty<\/a> all showcasing their support for the digital asset.<\/p>\n<p>However, the most prominent backer of the \u201cmeme coin,\u201d by far, is Tesla CEO Elon Musk, who has been <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elonmusk\/status\/1364563280522453005\">vocalizing<\/a> his support for DOGE through his <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> account in a big way for nearly a year now.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_hype_here_to_stay\"><\/span>Is the hype here to stay?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>DOGE, just like any other cryptocurrency, is dependent on how many people adopt it. As a result, who\u2019s to actually say that the currency can\u2019t become the \u201cfuture of money\u201d if enough people were to start supporting it? <\/p>\n<p>On the subject, Kadan Stadelmann, chief <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> officer of Komodo \u2014 an open-source cryptocurrency project and blockchain solutions provider \u2014 told Cointelegraph that contrary to what Cuban and some other folks may believe, DOGE reaching $1 is practically impossible until some Bitcoin-level buy-ins are witnessed in the near future:<\/p>\n<blockquote><p>\u201cWe aren\u2019t currently seeing this even with increased adoption by Mark Cuban and other NBA owners. DOGE does certainly already have a use case as a niche currency with avid fans, and adoption can certainly grow from here. But for it to genuinely be considered \u2018future money,\u2019 the narrative of DOGE as a meme coin will have to erode.\u201d<\/p><\/blockquote>\n<p>On a more technical note, Stadelmann pointed out that when one takes into consideration the amount of new DOGE that is being minted every day \u2014 10,000 per minute\/14.4 million per day\/5.2 billion per year \u2014 the price action of DOGE faces some harrowing challenges in the near term.<\/p>\n<p>Furthermore, 14.4 million DOGE\/day or 5 billion\/year will soon become a small drop in the bucket, and the coin\u2019s price action will be expected to stabilize as the 14.4 million\/day today already represents only just over a ~4% supply increase\/year of its available circulating supply. <\/p>\n<p>Another way to talk about DOGE, its price speculation and its use as a legit financial instrument, as per Stadelmann, is by looking at the amount of United States dollars it absorbs every day to maintain its current price action levels against fiat. The token is currently trading at around $0.056, which requires Dogecoin to have $806,000 of new fiat in addition to its existing inflow in order to maintain its value, according to Stadelmann.<\/p>\n<p>However, Johnny Lyu, CEO of KuCoin, pointed out to Cointelegraph that he is quite optimistic about the future of Dogecoin since it\u2019s already one of the symbols of crypto for many people today: \u201cI won\u2019t be surprised to see DOGE being used in hotels, restaurants or cinemas in the future.\u201d That being said, he believes that despite its potential, the token is unlikely to break into the top five anytime soon, adding:<\/p>\n<blockquote><p>\u201cThe search interests of DOGE have overtaken BTC from time to time. Compared to Bitcoin, DOGE is more suitable to be futures money for higher supply, lower price and faster transactions. It\u2019s tailored for daily payment, and its community culture can easily resonate with the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> public.\u201d<\/p><\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"Not_everyone_is_sold_on_DOGE\"><\/span>Not everyone is sold on DOGE<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Though DOGE\u2019s recent success makes for an amazing feel-good story, a lot of industry experts are not entirely buying into the hype. For example, Stadelmann pointed out that when compared to other cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), institutions are far less likely to adopt Dogecoin or other similar coins: \u201cDOGE doesn\u2019t have a narrative like \u2018digital gold\u2019 and isn\u2019t being seen as a store of value.\u201d<\/p>\n<p>In this vein, it bears mentioning that the price action of coins like DOGE is driven largely by their respective communities rather than by changes in the value of their underlying technology or use cases.<\/p>\n<p>On the subject, Joel Edgerton, chief operating officer of cryptocurrency exchange bitFlyer, told Cointelegraph that coins like DOGE are meant to be fun rather than solve real-life problems and that it has not proven its value just yet: \u201cAny asset can reach a certain price target if people are willing to pay for it. However, that type of momentum investing, without underlying value, is pure speculation.\u201d<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Where_is_DOGE_heading\"><\/span>Where is DOGE heading?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>DOGE has been on a tear recently as is made evident by the fact that over the course of the last 12 or so months, the currency has seen gains of over 2,440%. As a result, it\u2019s worth delving into the question: <em>Where does DOGE\u2019s monetary ceiling actually lie?<\/em><\/p>\n<p>In Lyu\u2019s opinion, $0.20\u2013$0.30 is a reasonable range in this bull run; however, he believes that there\u2019s still a long way for DOGE to go before it can become anything more than a sort of short-term cultural phenomenon. For starters, it will have to be regulated \u2014 an aspect that will have a major impact on the currency\u2019s future use and overall potential: <\/p>\n<blockquote><p>\u201cCompliance is almost a must if it wants to be widely used in our daily lives, while it can also exist in a niche market without any regulation. Not bad for the future of DOGE in both ways. If the price of Dogecoin rises to $1, its market cap will be $100 billion, becoming the third-largest crypto. I think this is unlikely to happen in the short term.\u201d<\/p><\/blockquote>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/much-fun-no-work-doge-must-ditch-meme-status-to-be-valued-as-money\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Much fun, no work: DOGE must ditch meme status to be valued as money &#8221; There is no denying the fact that Dogecoin (DOGE) is by far one of the most polarizing crypto projects in the market today. On one hand, many think of the cryptocurrency as largely being a joke that has long&#8230;<\/p>\n","protected":false},"author":1,"featured_media":198708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvOTcxMTUyMGItYzVhNC00YTFhLWFjMGItZTcwYTI3NzIwZWI4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,86883,74355,117,4965],"class_list":["post-198707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-dogecoin","tag-adoption","tag-business","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/198707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=198707"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/198707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/198708"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=198707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=198707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=198707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}