Dogecoin has existed for more than a decade, having launched in late 2013 as a joke. However, over the years it has grown to become a top ten cryptocurrency with a market cap around $22 billion. Its ascent has been fueled by social-media virality and a devoted community, with high-profile supporters like Mark Cuban and Elon Musk, and at times, businesses accepting Dogecoin as a form of payment.
While Dogecoin is widely discussed, a central issue remains its lack of real-world utility; the network processes about 30 transactions per second, and there are no unique technical features that set it apart from many rivals. Layer-2 efforts are underway, including a DogeOS initiative that has raised nearly $7 million to enable smart contracts, NFTs and gaming on a Dogecoin-based network; if successful, such upgrades could boost engagement. Still, it is unclear when this layer will be ready, and Dogecoin will continue to face competition from networks with established capabilities. Ultimately, this deal-breaker persists: without demonstrable real-world utility, Dogecoin’s long-term value proposition remains uncertain.
Leave a Reply