Dogecoin's 'Memetic Power' Could Catapult It To Top 3 Cryptos, Says DOGE Foundation Exec

Dogecoin DOGE/USD, the meme-inspired cryptocurrency, could become one of the top three cryptocurrencies, according to Marshall Hyner, a member of the Dogecoin Foundation board of directors. 

What Happened: At the time of writing, the top two cryptocurrencies are Bitcoin BTC/USD, Ethereum ETH/USD and stablecoin Tether USDT/USD

Hyner in an interview with FOX Business on Saturday said that Dogecoin’s "memetic power" will propel it to even greater heights of popularity. 

"I think it's gonna become one of the top three someday because the thing is, there is this memetic power, and it can't be stopped, and at the top of all the crypto memes is Kabosu and dogecoin."

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Hyner said that dogecoin cannot be classified as a security, citing its similarity to Bitcoin – a commodity recognized by the Commodity Futures Trading Commission.

"As per the Securities Exchange Act, a security is classified as an asset that is a financial asset that has future expectations of gains and has a centralized entity like Howie. None of these factors exist in DOGE,"

The ongoing lack of legal clarity surrounding the classification of cryptocurrencies was brought to the fore again last week, during the testimony of Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), before the House Financial Services Committee.

Republican North Carolina Representative Patrick McHenry asked Gensler whether he believes Ethereum is a security or commodity, but the latter declined to give a comment. 

Price Action: At the time of writing, DOGE was trading at $0.078, down 1.81% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Increasing Sell Pressure: Is Apex Crypto At Risk Of ‘Summer Lull?’