Over the last 30 days, Dogecoin DOGE/USD has plunged nearly 36%. This could give rise to the feeling that the DOGE days are over, but the Shiba Inu still has a lot going for it. Here are factors that could see DOGE rise again:
DOGE Is A Social Animal: The greatest strength of DOGE is its loveable nature and that doesn't seem to have gone anywhere. The cryptocurrency has a strong and loyal following in the form of a DOGE Army. A measure of the numbers can be gauged by the fact that r/Dogecoin, a seven-year-old community on Reddit is 2.1 million strong.
See Also: How To Buy Dogecoin (DOGE)
DOGE attracts a lot of activity on Twitter Inc’s TWTR platform as well. The cryptocurrency frequently tops the list of top 10 mentions on the social media platform, as arranged by CoinTrendz. At press time, the cryptocurrency was mentioned in 5,522 tweets over 24 hours, which is marginally less than the apex cryptocurrency Bitcoin's BTC/USD 5,673 mentions.
The popularity of DOGE is on the upswing as can be evidenced from the fact that the meme coin is now more popular than BTC among eToro users in the United States.
Doggie Doodles: A good gauge of the strength of the Shiba Inu-themed coin is the popularity of its co-creator Billy Markus’ non-fungible token or NFT art.
The Dogecoin co-creator is a veritable doodle machine. On his website, Markus observed, “people are buying [the low effort Doodles] for some reason.”
A “Crappy Dogecoin Doodle” NFT that Markus created in his underwear attracted a bid of $3,192 last month — 1,500 times over his asking price.
See Also: Dogecoin Co-Founder's 'Capped Doge' NFT Goes For $70,000, 'Dogecoin Alpha,' Others Find Takers Too
Markus is releasing new Crappy Dogecoin Doodles every Monday on the Rarible marketplace. As of press time, Markus had 11 NFTs on sale, while he has created 38 such pieces.
The Dogecoin co-creator has said that he would stop creating these NFTs if not for the demand remaining high.
Big Money Memes: Markus told Benzinga in March that what sets DOGE apart from “thousands of failed coins” is being a meme.
“The meme is a 7 billion dollar brand right now – no one would have heard of it in the first place if it wasn't a meme, Elon [Musk] wouldn't tweet about it, etc,” said Markus.
See Also: Dogecoin Has A 'Meme Shield' Against Price Drops, Says Elon Musk
Tesla Inc TSLA CEO Elon Musk’s tweets have kept coming, whether the coin goes up or down. Late last month, the Tesla and SpaceX boss revealed on Twitter that his Shiba Inu dog would be named Floki.
In addition to moving the DOGE price on the day of that tweet, a cryptocurrency called Floki Inu (FLOKI) also emerged quickly and skyrocketed.
Last week, Musk tweeted a modified version of the lyrics from the children’s song “Baby Shark”. The “Baby Doge” lyrics were construed as support for Baby Doge Coin BABYDOGE/USD, which shot up over 200% post the tweet.
On the same day as the Baby Doge tweet, Musk also put out a tweet with a Godfather meme that read “Release the Doge!” The cryptocurrency reacted with a sharp spike.
DOGE has no shortage of celebrity following — Musk, “Shark Tank” fame Mark Cuban, Snoop Dogg are just some names, but the following is still growing. Recently singer and actor Dionne Warwick also tweeted about DOGE.
Even in the cryptocurrency universe, DOGE draws followers. Ethereum co-founder Vitalik Buterin revealed recently that he was a DOGE holder and it had been one of his best investments.
To The Moon: DOGE aficionados often articulate their desire for upwards price action by using the phrase “to the moon.” It so happens DOGE is slated to go to Earth’s satellite — literally.
Musk’s SpaceX and Geometric Energy Corporation are planning a “DOGE-1 Mission” which also has an NFT aspect attached in 2022. The NFT art could be programmable, dynamic, and could even be streamed back to Earth, as per a Hypebeast report.
As the buzz builds around DOGE going to the Moon, it is plausible that DOGE will capture the imagination of the people on this planet.
Musk noted that a “new space race has begun” as Bitmex, a cryptocurrency exchange, announced plans to send Bitcoin to the moon ahead of DOGE in the fourth quarter of this year.
DOGE Reform Club: Then there is change, there are serious plans afoot to improve DOGE as it exists today. Late last month, Musk stressed the importance of supporting a fee change proposal that advocates for the revision of the default fee rate to 0.01 DOGE.
Markus told Benzinga that he has “strong opinions” on low transaction fees. The DOGE co-creator said, “I think Dogecoin is getting back to its roots by reducing the transaction fee, which allows people to tip small amounts or spend small amounts.”
“The fee has been 1 DOGE since 2014, and I'm really glad to see it being reduced as the price has gone up more than 1000x since then.”
Others like Buterin and Cardano ADA/USD founder Charles Hoskinson have also spoken out on how to shore up DOGE technologically.
See Also: Vitalik Buterin Says He Loves 'Doge,' Suggests Dogecoin-Ethereum Collaboration For Scalability
In an interview with Lex Fridman in June, Hoskinson said that Musk’s development push could give DOGE a “value floor.” He touched on Dogecoin and Cardano working together and said that “would be a lot of fun.”
However, for Markus “Value Floor” doesn’t make sense. He said, “The value is always whatever people are willing to buy it for at any particular time. It's not necessarily about how many bells and whistles it has. It's if people want to buy it.”
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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