top of page

What Makes Dogecoin The People’s Currency

Fate loves irony… Dogecoin, a cryptocurrency created by Billy Markus, an American software engineer who created the coin as a joke, is now one of the fastest-growing and most talked cryptocurrencies up to date. Dogecoin has grown over 12,000% since the beginning of the year and its community found mostly on Reddit celebrates it. While we’re experiencing what they call a consolidation stage for the entire crypto market which includes a ‘bearish’ run for 6 months now, we might also be preparing for another bull run in 2022. Is it time to buy or sell? What are the predictions for Q1 and Q2 of 2022? Are we expecting more worldwide adoption or will there be a continuous crackdown? Here are some key notes to keep in mind about Dogecoin while we venture into the year 2022.

Mark Cuban Mark Cuban, the Shark Tank guy, also a businessman, and owner of the NBA franchise Dallas Mavericks is one of the big bullish supporters of Dogecoin Dallas Mavericks accepts Dogecoin In March 2021, he announced that Dallas Mavericks will accept Dogecoin as payment for the team. Since then, the organization has seen a substantial amount of sales made solely with Dogecoin. And in an extra effort to continue this initiative, Mark Cuban also announced that the organization will also offer “special pricing” for those paying with the cryptocurrency. Mark Cuban puts an emphasis on Dogecoin having a unique use case over other cryptocurrencies like Bitcoin and Ethereum. He said in an interview with CNBC that:

  1. It’s a medium that can be used for the acquisition of goods and services

2. The community for doge is the strongest when it comes to using it as a medium of exchange 3. It has the strong potential to become the people’s crypto

Elon Musk Then we have the elephant in the room. Elon Musk, CEO of Tesla and SpaceX, and multiple other Silicon Valley companies have consistently supported Dogecoin, as evident on his Twitter account. Musk even said that he invested in Dogecoin along with Bitcoin and Ethereum and is also reportedly helping the development of Dogecoin by working with its developers so that it can be cheaper and more sustainable in long term. Tesla This year, Elon also opened the possibility of accepting Dogecoin as a method of payment for Tesla as he opened up a poll on Twitter asking whether people want Tesla to accept Doge which resulted in 77.4% of people saying ‘Yes’. Image: Elon Musk/TwitterA time later, Tesla has stopped accepting Bitcoin and is highly considering Dogecoin as a replacement. So in 2022, we should expect to see Tesla accepting Dogecoin as their new mode of currency. And just like Mark Cuban, Musk believes that the coin’s advantage over Bitcoin and other cryptocurrencies is that it’s the best cryptocurrency to transact with. More recently, Elon Musk is named as 2021 Time’s person of the year and in an interview with Time, he said “Fundamentally, bitcoin is not a good substitute for transactional currency…” He also adds, “Even though it was created as a silly joke, Dogecoin is better suited for transactions.” The reason he said the statement is because Musk said that the transaction volume for Bitcoin is low and the cost per transaction is high, which he believes Bitcoin is more suitable as a store of value and Dogecoin for everyday transactions. It might also be the reason why Tesla has stopped accepting Bitcoin including a few environmental concerns caused by Bitcoin mining.

SpaceX We’re putting a literal cryptocurrency on the moon and it will be Dogecoin. Also Elon Musk’s, SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of 2022, with the company accepting Dogecoin as payment. Named ‘DOGE-1’, the mission will fly a 40-kilogram cube satellite as a payload on SpaceX’s Falcon 9 rocket, with Geometric Energy Corporation, a Canadian manufacturing company inventing renewable energy. The cost is around 213,000,000 Dogecoins or around the equivalent of 60 to 70 million USD. Tom Ochinero, SpaceX vice president of commercial sales said in a statement that the DOGE-1 mission will demonstrate the application of cryptocurrency beyond Earth orbit and will set the foundation for interplanetary commerce. Of course, Elon Musk couldn’t be more excited with this mission as he tweeted, “SpaceX is going to put a literal Dogecoin on the literal moon”

Shiba Inu Another cryptocurrency that grabbed people’s attention and has also shown rapid growth this year is Shiba Inu. Shiba Inu or known as Shib in the community is a token that aspires to be an Ethereum-based alternative to Dogecoin. Unlike Bitcoin, which is designed to be scarce, Shib is intentionally abundant — with a total supply of one quadrillion. The Shiba Inu token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap. So, two meme cryptocurrencies, both inspired by Shiba Inu dogs, are now within the top 10 by market value. What’s up with these two? The strength of community Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth, previously told CNBC Make It that Dogecoin and Shiba Inu are primarily community-based, meaning their success is largely dependent on the success and growth of its community, instead of its utility Both Shiba Inu and Dogecoin’s growth can be largely attributed to supporters. While it’s true that their growth is largely dependent on the community, it is not necessarily a bad thing. The future is being community-driven, not only on crypto, but also in a startup, corporations, and social media. Bitcoin has a community and Ethereum has a community. The good thing about this is that once you have the community, it’s far easier to improve its utility by investing more on the technological side by hiring more developers, engineers, or scientists. Elon Musk has been doing the same thing for Dogecoin, giving advice and resources so that Dogecoin will be much more than a community, but a strong utility that provides real-world value. In all, the cryptocurrency market is community-driven and it will still be for the following years and decades. So, it’s not an excuse for cryptocurrencies like Dogecoin and Shiba Inu to stumble down just because they’re largely dependent on the community.

AMC Another note worth mentioning is AMC and its CEO Adam Aron. In October of this year, Adam, just like Elon Musk, has opened up a poll on Twitter asking people whether AMC, a well-known movie theater chain in the United States, should accept cryptocurrencies like Bitcoin, Ethereum, and especially, Dogecoin. Just a month later, Adam also asked the same question, but this time with Shiba Inu. While with no confirmations yet, in 2022, we might expect AMC to fully accept Dogecoin and Shiba Inu as methods of payment for its cinemas nationwide. What’s intriguing is that other American corporations can follow suit. Corporations like Walmart, Target, and In-N-Out.

Dogecoin adoption growing faster than ever From Mark Cuban, Elon Musk, Dallas Mavericks, Tesla, SpaceX, and to AMC, we might see similar patterns but on a bigger scale in 2022. What’s the future of Dogecoin? What up-and-coming features and announcements do we have to look forward to in the next couple of years? To speed up adoption, it’s highly imperative that we collectively take Dogecoin down to and for the consumer level. For the community, we have Reddit and Twitter to drive up discussions, and speculations, and adoptions. With Elon Musk becoming the 2021 Time’s Person of the Year, Dogecoin might as well be 2021 or 2022 People’s Cryptocurrency of the Year. It’s going to be an exciting 2022 for the community.

4 views0 comments

Recent Posts

See All

Platinum Plus Angelpad StartX Y Combinator Platinum Amplify LA Chicago New Venture Challenge MuckerLab Techstars View more ABOUT The goal of the Seed Accelerator Rankings Project (S

Post: Blog2_Post
bottom of page