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Does Dogecoin deserve to be a real cryptocurrency or should it stay as a joke?
Dogecoin has been a favorite cryptocurrency for many over quite some time all thanks to its low price and a robust community. It’s no secret; cryptocurrencies priced below the $1 mark have been a go-to investment option for most newcomers into the industry. But for Dogecoin, also known as the parody coin, the story has mostly revolved around ridiculous speculation from gamblers looking to pump up the price and make a quick buck from the parody coin.
Jackson Palmer, despite being a founder of Dogecoin, maintains a pretty realistic view of the coin. To him, Dogecoin is nothing more than a “joke currency.”
Obviously there is a good number of crypto enthusiasts who would like to think otherwise and even though there is a group of developers who are currently helping maintain the Dogecoin project in their spare time, one of the most important questions anyone investing in Dogecoin has to ask is whether this joke coin should be taken seriously or should it remain a joke.
Is the price of Dogecoin based on Delusions of FOMO
Jack Palmer has constantly reminded everyone interested in Dogecoin that its main purpose was to be a “playful joke”. In fact, Palmer left the cryptocurrency space sometime back as a move to detoxify from the cryptocurrency craze that saw wannabe investors and entrepreneurs launch or invest in cryptocurrency projects with little knowledge of how the industry works.
According to Palmer, the crypto space had, at the time, hit a public image snag of cryptocurrencies who’s main purpose was unclear yet hitting unexpected milestones in terms of market capital. According to Palmer, new investors into the crypto space are reacting out of FOMO in a bid to make a quick buck on price volatility.
True to his words, Dogecoin hit an all-time high market capitalization of close to $2billion early in the year and even though Palmer eventually returned to being active in the crypto space, Dogecoin has not been the only coin that has led to rising concerns of a bubble. Bitcoin has also seen abnormal price growth and volatility with its price going down from a high of almost $20,000 at the beginning of the year to its current market price in the $7,000 region.
At this point, the market is bearish and most people are starting to realize that the scaling problem with Bitcoin is common for most if not all cryptocurrencies. Most crypto enthusiasts have moved from looking at Bitcoin as a currency to a store of value. However, if Bitcoin which is the top cryptocurrency is having such complex problems, is it reasonable to expect much from DOGE?
Can DOGE be more than a joke?
Well, so far Dogecoin has survived years of ridicule and currently, there is a team of developers who just won’t let the joke coin die a natural death. Is that a good thing? Well, considering how the project has pivoted from a joke to an open source peer to peer digital currency, there is a reason to say that the DOGE is here to stay. The best part about Dogecoin is the community. Dogecoin fans have grown into a tight-knit community of crypto enthusiasts who have participated in helping one another as well as contribute in a variety of charity projects. Given that the Dogecoin mascot is likened to a Shiba Inu dog that was adopted as an act of charity it’s amazing to see that this community-driven initiative is still the backbone of the DOGE. How far does the joke go? Well, nobody knows.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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