November 25, 2024

Dogecoin an ‘invaluable fad‘ that will help the cryptocurrency space, says exec

Yo-yo, Tamagotchi… Dogecoin!

The rapid emergence of Dogecoin (DOGE) as the fourth-largest cryptocurrency by market capitalization has led some to perceive the meme coin as a mere fad — something very much here today, but doomed to be gone by tomorrow.

But in the unlikely event that Dogecoin actually disappeared tomorrow, its lasting impact on the cryptocurrency space leaves a legacy far beyond what yo-yos and Tamagotchis supplied to bored kids in the pre-internet days.

Founder of Bitcoin Centre NYC and the Zap Protocol, Nick Spanos, believes Dogecoin is indeed a fad — but an invaluable one.

“DOGE is a fad, within a growing movement that is here to stay,” said Spanos, adding that the hype created by Elon Musk’s appearance on Saturday Night Live, which resulted in a 38% price crash, would ultimately bring more eyes to legitimate projects in the crypto space.

Dogecoin’s perceived lack of utility stems from the unequal distribution of its coin supply, its inflationary coin production, and its general lack of development since the early founders packed up and left.

But that needn’t be a reason to ignore the utility Dogecoin does bring to the table, said Spanos, who pointed out the massive surge in interest Dogecoin had already brought to the crypto space:

“DOGE is a powerful marketing tool, driving attention and adoption of crypto and decentralization as a concept. And in that respect, it is invaluable.”

Spanos decried the “extortionist fees, inflation and financial exclusion” regularly practiced by big banks and governments, adding that any ill-feeling aimed at Dogecoin should be directed towards those previously mentioned entities.

“I expect many people to cash in on their DOGE profits in the coming days, and this is likely to boost the wider crypto market as a lot of this money will flow into other altcoins which have strong potential instead of it being converted into fiat money,” added Spanos.

After losing 38% of its value as the coin price fell from $0.72 to $0.44 over the weekend, Dogecoin predictably rebounded early on Monday morning. The coin price was subject to a 34% surge, climbing from $0.44 to $0.59 in a matter of hours.

The latest data from Google Trends shows that search interest for Dogecoin in the past week matched that of Bitcoin for the first time in history.

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