While the meme cryptocurrency remains one of the most controversial projects in the crypto sphere and is commonly criticized for its poor fundamentals and uncapped supply as well as an ill-defined use case, it still has something to offer that other projects can’t – the fun factor.
Experts believe that the very nature of the digital asset combined with the polarizing effect of NFTs would create a recipe for contention for the ever-changing and extremely volatile world of digital currencies.
Bitcoin is no longer the only symbol of power as far as cryptocurrencies are concerned because of the emergence of the 2013 altcoin based on an internet meme.
Off the back of WallStreetBets movement, the project became a representation of people’s power. In fact, now crypto-villain Elon Musk called dogecoin the “people’s crypto” and that moniker stuck with the once-considered joke cryptocurrency.
Despite this, some skeptics emerged, such as Mike Novogratz who said it won’t last and will eventually fade in the long run, owing to the lack of institutional interest and indecisive retail investors.
“It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest,” the Galaxy Digital Chief Executive Officer said.
Despite all the criticisms that non-fungible tokens also received in the past, Markus pushed through with his plans to create the DOGE NFTs.
The co-creator opted to sell tier 1, of which 420 are available, and tier 2, 3 available on the Rariable platform. Meanwhile, the lone NFT under tier 3 is being sold via Foundation.
Image courtesy of Cointelegraph News/YouTube
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