London, England, 4 July 2021, ZEX PR – Cryptocurrencies seemed to be somewhat of a fantasy. The idea of a decentralised system that could support its infrastructure and only rely on independent systems for its operation sounds like something out of complete science fiction. And yet crypto has been a thing for over a decade ever since the launch of the first cryptocurrency in the world Bitcoin. The Investment Center Broker, Nathan Bloomberg, says that the source code for Bitcoin was open source meaning that just about anyone with a computer and a stable internet connection could design their cryptocurrency and launch it albeit it won’t exactly be considered profitable unless it gathers a user base.
The Crypto frenzy
Right after Bitcoin broke all records in its early days and many trade analysts started to predict the usefulness of the entire cryptosystem, there was a rush for companies to come up with their cryptocurrencies that rivalled Bitcoin in a bid to generate revenue and become the gold standard for cryptocurrencies. Some cryptos such as Ethereum did make a good entrance because their purpose was to support a decentralised system and not just generate an alternate source of revenue. As such many industries have come forth in supporting Bitcoin and Ethereum because their primary purpose was always to be a suitable replacement for the current banking system that cost consumers.
The Joke shop
Soon cryptos were launching practically every week with many people hoping for their cryptos to go mainstream like Bitcoin but many simply ran their course and were either left idle or were forced to be withdrawn from their blockchains. Things had gotten so strange that two software engineers thought that it would be a funny idea to launch a new cryptocurrency designed specifically to act as joke crypto as a way of mocking people who still were on the crypto craze. They named it dogecoin and although it had all the aspects of crypto doomed for failure, it prevailed mostly because it was able to garner a loyal user base. This was boosted by the fact that the entire crypto was based on an online meme.
Suddenly what was meant as a joke became an overnight success, sort of. While Dogecoin garnered a respectable following among crypto enthusiasts, it remained a joke currency which meant that companies were unlikely to accept it as a viable form of payment and even now, very few businesses allow it to be used as a currency. Nonetheless, Doge had done what seemed impossible for many crypto enthusiasts and that was rallying people to a singular cause.
It was only in 2021 when dogecoin started to pick up steam when the notorious tweeter Elon Musk tweeted out multiple support statements about Dogecoin. Many analysts began to think that this could lead to doge being verified by Elon’s various companies as a viable currency just like he had done for Bitcoin before changing course.
Stable or just worthless?
When Bitcoin dived in the early days of May 2021, it seemed like all cryptos will go down with it and most of them did. Even ethereum had a hard time maintain its market gains and eventually gave way. The only crypto that seemed to have survived was Dogecoin but that isn’t saying much considering that it was already extremely undervalued.
Right now, crypto is in peril and even practically useless currencies such as dogecoin are staying in the news headlines because of the immense social media cloud hovering upon it. Bitcoin and Dogecoin seem to have been relying on social media a lot more than usual and mere tweets are capable of changing their course direction.
The Future for Doge
Out of all the cryptocurrencies in the world, the least likely to succeed was Dogecoin. It seemed to have succeeded in its primary goal of mocking Cryptocurrencies as a whole. Not at what they’re capable of but what they’re being used for. Even now, cryptocurrencies have become more of a get rich scheme as compared to an actual system that could one day replace the world’s banking system. Since dogecoin was designed to be a joke currency, it is unclear whether it will be able to come out of that joke shadow and become a useable cryptocurrency. Right now, even with huge user support, Dogecoin has trouble maintaining its price caps.
Doge might just be the one thing the crypto market needs as many enthusiasts believe that because of its unconventional business model to reach a point in its journey where it can be used as a decentralised currency without having its users worry about losing access in the middle of a transaction due to market fluctuations. That is the end goal for crypto. To become the ideal candidate to replace the outdated banking system that preys on users instead of supporting them.
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