THELOGICALINDIAN - Markets bashed during the aboriginal hours of Sunday morning UTC with Bitcoin bottomward 10k in a amount of hours While Dogecoin additionally suffered a dip its abatement was atomic compared to the blow of the bazaar By midday DOGE had recovered and went on to column 12 assets by the end of the day
Numerous abstracts accept appear advanced admonishing adjoin Dogecoin’s abridgement of fundamentals. But as apparent on Sunday, DOGE accepted itself added airy than “blue-chip” offerings. This begs the question, what is accident with Dogecoin?
Dogecoin Shows no Sign of Slowing Down
Dogecoin’s brief acceleration aftermost anniversary saw it fasten to $0.47 on Friday afore giving aback some of those assets over the weekend. Although the total crypto bazaar cap took a big hit, bottomward from $2.2tr to basal at $1.9tr by midday, the appulse on DOGE was minimal.
Whereas the brand of Cardano and Polkadot suffered allotment losses in the mid-twenties and accept yet to balance to pre-flash blast levels, Dogecoin is currently up 20% from the time of the dip.
Critics altercate that DOGE is a antic bread that shouldn’t be taken seriously, citation issues such as the abridgement of development and absolute badge supply. But at the aforementioned time, others accept said its address lies in bringing fun to an contrarily austere industry.
Co-founder Billy Markus hopes his conception can act as the antipode to the aphotic ancillary of cryptocurrency. That is the greed, the scamming, and the FOMO mentality that pushed him out of the industry in 2015.
“Joy, kindness, learning, giving, empathy, fun, community, inspiration, creativity, generosity, silliness, absurdity. These types of things are what makes Dogecoin advantageous to me. If the association embodies these things, that’s True Value.”
Whether you adulation it or abhorrence it, a above basic of DOGE’s address is its cachet alone from the crypto-norm.
DOGE as a Payment Method
As a acknowledgment to DOGE-mania, IOG CEO Charles Hoskinson afresh acquaint a video calling Dogecoin a “pet rock.” He attributes its acceleration to a aggregate of Elon Musk and able bang manipulation. That actuality so, with annihilation complete basement its price, he warned that retail investors would get aching back things go pop.
The aboriginal use case for Dogecoin was as a angled apparatus to appearance acknowledgment to agreeable creators. However, acknowledgment to billionaire Mark Cuban, it seems that DOGE has a new use case as a acquittal method.
The alpha of the ages saw Cuban’s Dallas Mavericks advertise it would acquire DOGE as acquittal for merch and tickets. Cuban tweeted that the agreement has been a roaring success, affairs $122k of merch. More interestingly, he said he would never advertise the DOGE he earns.
FYI, the Mavs sales in @dogecoin accept added 550pct over the accomplished month. We accept now awash added than 122k Doge in commodity ! 🚀🚀🚀 We will never advertise 1 distinct Doge ever. So accumulate affairs @dallasmavsshop https://t.co/li32cdtcED
— Mark Cuban (@mcuban) April 14, 2021
The affidavit for this are unclear. But Cuban did let blooper that Dogecoin is a fun and agreeable way to accomplish PR.
