Altcoins, Blockchain, Cryptocurrency, Don't Miss, Economy, Hot News, News & Updates

Dogecoin’s Strong Qualities

Dogecoin has ‘Remarkably Strong Fundamentals’

Galaxy Digital studied Dogecoin and stated “despite its deficiencies, dogecoin has remarkably strong fundamentals and powerful forces supporting its rise”. Therefore, Dogecoin’s strong qualities contributes to its development.

Novogratz confessed that he had been bearish on the meme crypto.

Dogecoin’s strong qualities should not be Ignored

The company’s research team published a report entitled “Dogecoin: The Most Honest Sh*tcoin.” It outlines the history and development of Dogecoin. It emphasizes that its appeal ‘has always been its honesty.’ Its authors explained that;

“Unlike many other cryptocurrency projects, Dogecoin does not seek, or even pretend, to be anything more than to be the world’s most fun currency.”

dogecoin's strong qualities

The report added that “with no pre-mine or ICO, Dogecoin’s fair launch positions it more closely to Bitcoin than most other projects in the space, ensuring that no hidden group of insiders stands to benefit disproportionately from its rise.”

They acknowledge that Dogecoin “is the best performing major digital asset year to date.” And “more people than ever before own DOGE.” The report emphasizes some deficiencies of the meme cryptocurrency. “Dogecoin has zero development,” the authors began.

“Few people run full nodes and those who do often have difficulty downloading the chain or staying synced with the network. There’s no market infrastructure, barely any wallet software, and despite being more than 7 years old, many exchanges still don’t support it. There is no serious long-term narrative or use-case supporting its wide adoption. And it’s not clear whether DOGE holders are dogmatic about the coin’s long-term prospects.”

Declaring that when they started to write the report, they assumed to find that “Dogecoin is a joke … not credible, resilient, or adopted,” the authors wrote:

“As we reviewed the data, we found that, despite its deficiencies, Dogecoin has remarkably strong fundamentals and powerful forces supporting its rise: a genuine origin story, longevity, and a growing community of users who appear determined to meme a Shiba Inu-themed global currency into existence.”

Dogecoin’s Deficiencies

They also highlighted, “We don’t expect Dogecoin to become the world’s most valuable cryptocurrency any time soon, but DOGE should not be ignored.”

dogecoin's strong qualities

Amid those who notably contributed to the rise of the price and adoption of the meme coin are Elon Musk and Mark Cuban.

The report concludes:

“The coin offers a certain honesty that resonates in a complicated world and an often duplicitous cryptocurrency ecosystem. Most assets cannot rival that honesty, and Dogecoin’s longevity is ensured so long as one truism remains: people love a good joke.”

Mike Novogratz, the CEO of Galaxy Digital called the report “very balanced,” continuing:

“I had been too bearish. Glad I’m not short.”

📣 Cryptonetwork.News is now on Telegram. Click here to join our channel and stay updated with the latest Cryptocurrency, Blockchain, and Cryptomining headlines

Leave a Comment

Leave a Reply