Is this the end of Dogecoin? The same corner has been in trouble in recent days. The team behind the token had promised super low fees that were to make the corner the future of payment methods. The solution was widely supported by Elon Musk, and everything looked perfect in the best of all possible worlds.
The end of the Dream for Dogecoin
The area had lived through hours of intense glory. Earlier this year, statements by Elon Musk, the billionaire behind Paypal, Telsa and Space X, had lifted the value of DOGE. Elon Musk is banned from commenting on the value of Tesla stock or he will see the wrath of the SEC come down on him. The latter suspects the man of having manipulated the market via Twitter. To complete this glowing portrait, we can point out that Tesla does not make any profit on car sales, but earns money by selling its carbon credits to bigger polluters.
Dogecoin was therefore in good hands. An Elon Musk here, a Mark Cuban there. They found that Dogecoin was really the best cryptocurrency, ahead of Bitcoin or any other crypto.
However. After the frenzy of May, the charm of first love has faded. Many investors had bought Dogecoin only because they felt Elon Musk recommended it. However, a tweet is not investment advice. Those weak hands, weak-minded investors who are easily destabilized, did not live very well in the days of bear market between May and July 2021. So they were desperately looking for positive signals. Sometimes you just have to sit down and wait. These unhappy traders may have learned it, in pain.
So during those long summer months, Elon Musk’s followers hung on. With every tweet on Space X, there was always a desperate response like “Please Elon, can you pump doge? My life saving are on it! ”
Elon Musk, influenceur DOGE
Obviously, the billionaire has never responded to such a request. In contrast, when he posted the photo of his dog, who happens to be a Shiba Inu breed, the world went up in flames. For those who were crossing the desert, the sky had suddenly opened in a luminous sign sent by god himself.
Except that the market was still at half mast, and there was still no volume. At best, a whale would drop a large packet of Dogecoin on the noses of the unfortunate ones who already had panic buy.
But on the Dogecoin side, the situation was unpleasant. So, over the summer, a solution emerged, involving some well-known big heads. The Dogecoin was going to receive a board of directors. Beautiful people from Tesla, Vitalik Buterin from Ethereum. Things were going to be able to move!
Results after several weeks? Other than the announcement, not much. Elon has made statements about the importance of lowering fees so that the Dogecoin network can truly become little Elon’s dream payment method. For its part, Vitalik pleaded for interoperability with its network, Ethereum, whose updates take on average several decades.
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Billy Markus’ Broken Dream
In the end, not much was done. Remains Dogecoin co-founder Billy Markus, @ billym2k Shibetoshi Nakamoto on Twitter. The latter has already sold all of his Dogecoin a very long time ago, believing to achieve the deal of the century. He has since realized that he missed out on being a billionaire. And he tries to pick up colors. So he might be the only one who has an interest in recreating a board of directors for Dogecoin. The only one who wants to take the token to the top. He wants to exist, poor man. He’s missing out on his life!
Here he is, on Twitter, urging Dogecoin nodes and miners to accept update 1.14.4, which would reduce gas fees – transaction costs – and to really make the DOGE effective and efficient. Except that the miners have everything to gain from gas fees. And nothing can force them to accept the change. Until that is done, nothing will progress.
This is Dogecoin’s problem. From its founder to Elon Musk through the miners, no one has a vision in this team. Each defends private interests. Some are in pursuit of a happiness they have let pass. Others think of short-term gain. Even on the side of small hands, retail investors, the community is motivated by greed.
La Menace de Shiba Inu
It’s a shame, the Dogecoin temple is starting to crack. Especially since for this token, it is too late. Next to it, the other token meme, the Shiba Inu SHIB, has followed a different trajectory. At the launch of the SHIB, all coins were distributed or sold on Pancakeswap. The founders immediately distributed the entire market cap. This corner was intended to be decentralized. In this way, everyone is on an equal footing, and the advancement of the market is not only meant to enrich the creator of the corner. Since then, projects have only accumulated. Decentralized exchange platform, NFT, Decentralized Finance, Gaming. Ideas are not lacking.
The Rival of Dogecoin is therefore in the starting blocks, while the oldest same coin fails to advance. Even having found a “thinking” head made up of executives from Tesla and Vitalik Buterin (only extraterrestrials therefore), the body does not manage to move. The Nodes and Miners are keeping their rewards and have no plans to give Billy Markus his dream. Maybe it will take more persuasion, maybe it will take force. But if Billy uses the power of Elon Musk and thinks the businessman is just going to make him the man who owns the world’s currency, he’s wrong. Elon Musk has only one gift: getting rich.
Risk Disclosure: The articles and articles on Arover.net do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies.