Here’s an article I didn’t think I’d have to see myself doing, yet here we are. DogeCoin, the silliest coin to ever pierce the 10m market cap barrier. It will go down in crypto history as one of the most successful (and ridiculous) pump and dumps. Where do I even start with this?
Due to the silly nature of the coin, no one took it seriously, so the hashrate was extremely low during the first few days. DOGE ownership is extremely disproportional because of this, with the early few miners (or diggers, as they call them) holding the lion’s share of DOGE. No doubt they’re furiously trying to offload as much as possible while this coin is still hot.
DogeCoin reeks of developer incompetence as well. Not even 2 weeks after release, and it is already on version 1.2, with 33 commits on github. How is it even possible to screw up so many things in a simple litecoin clone?
The current difficulty scaling system this coin employs (400% in either direction) makes it a perfect candidate to get raped by multipools, so expect a hardfork soon. Total amateur job. DogeCoin is better suited to be the subject matter of a book called Baby’s First AltCoin than anything else.
DOGE is down over 50% from its high, but still has plenty of room to fall further. Can anyone honestly look at this coin and say it has a future? Yeah, it’s cute, it’s funny, but it admittedly doesn’t take itself seriously, and has no appeal to anyone over the age of 25. Like all memes, DogeCoin will eventually die off. That is an inevitable fact. Try not to be a bagholder when that happens.