Dogecoin has recently grabbed the crypto world’s attention with its hike of 6%; earlier, it registered a steady drop. The ups and downs in the price of this meme coin have given rise to speculations regarding its stability. According to some market analysts, the coin is unstable due to a lack of real-world use cases. As its popularity in the market is bringing it to the forefront, it requires real-world use cases, breaking the conventional image of it as a meme coin.
Recently, dogecoin climbed up the crypto ladder and appeared amongst the top 10 cryptocurrencies after Elon Musk’s tweet.
The market analysts opine that when the price of dogecoins is high, the creator should take it as an opportunity to find innovative ways to make it profitable, like Bitcoin. Well, as far as the use cases of this meme coin are concerned, the on-demand dog-walking mobile app is well-known.
This app is called Wag; users can buy gifts with this meme coin from e-commerce sites like Amazon. Another of its use cases is funding real projects on Reddit; some crypto investors started it.
Dogecoin is believed to take a new shape in the coming year. The news might have offered hope for those planning to invest in this meme coin soon. Recent reports show that DOGE is gradually aiming to create real-world use cases to appeal more to the crypto community. Crypto traders give more relevance to cryptocurrencies or digital coins, which have well-defined use cases. Hence the development of this meme coin’s utility aspect will lead to positive growth in its market price.
To compete with other cryptocurrencies like Ethereum or Bitcoin, DOGE requires practical use cases. Looking at the dogecoin’s position in this volatile crypto market, it needs to follow the footsteps of Bitcoin when it comes to the use cases. Bitcoin is considered to be the most lucrative of all altcoins, and its value made it a competitor for gold in the global crypto market.
Therefore, it’s clear that to make dogecoin stable in the market, initiatives should be taken to include it in the financial service sector. The creators must promote the real-world use cases of this meme and give it a position like that of Bitcoin.
