The cryptocurrency market has had a tough year. Although Bitcoin was almost achieved $69,000 at the end of 2021, the coming year already seemed to be the peak of cryptocurrencies. It turns out that the current situation was far from the most optimistic forecasts.
Bitcoin being the king of the crypto sphere when it falls, there is a general impact on the whole market. Therefore, the Dogecoin which we had an exceptional year, 2021, he seems to have much more difficulty getting off the ground again in recent months.
Is Dogecoin Dead?
While Dogecoin (DOGE) had an exceptional year in 2021, it’s hard to say the same for 2022. Beyond the question “Is Dogecoin dead?”, It is good to think if the year 2021 was so exceptional for DOGE or if the wind was simply in its sails thanks to the public, Elon Musk to promote it or even simply because it was the best year never at the cryptocurrency market.
At the time of writing, it is worth Dogecoin $0.06815, far from its peak in 2021 which was over $0.5. Although we are in the context of a bearish market, DOGE is struggling to find its feet and it was long before the crisis of May 2022, especially with the collapse of Terra, that the crypto began to show signs of weakness.
So, to the question: “Is Dogecoin dead?” this is 5 points which leads us to think that even if the project is likely to be around for a long time, there is little hope that it will explode again and find itself at the front of the stage.
1 – It’s a meme corner
There is Dogecoin the same corner. If this data could be positive in the past especially to help him get a close and huge community. Today this is no longer enough. In fact, the meme coin was originally intended to poke fun at altcoins trying to compete with Bitcoin by showing that any little bit of crypto could break into the market.
There is a culture of memes on the internet strong element especially on social media. Of course, so it was fun for many people to see such a crypto project coming out of the boxes. Like the idea that this one increases in value and explodes with the potential to be profitable and allow investors to profit.
However, today is not a corner meme is no longer enough to assert itself in this market, you have to be able to offer much more to be a viable and sustainable project. Dogecoin has been around for over 8 years (released in 2013).
In the world of cryptos, it is very old and to continue to be competitive it is now necessary that this one novels offer which is far from the case.
2 – The project is stagnant
It’s no longer enough to be in the meme corner, you have to offer more. However, it turns out that the Dogecoin although the team behind the project is working to offer more, the result is still poor.
It’s not too late for DOGE to get this one noticed and surprised. However, from a technological point of view, this is clear Trumpets are not clear offered by several other blockchains that have potential for the future, whether with Web3 or the Metaverse, for example.
The Dogecoin in the meantime seems still seek identity, utility when it has been around for more than 8 years, this is not a good sign. If we compare it to Shiba Inu who was or could still be in a similar situation as a corner meme, the latter managed to build a whole ecosystem to develop ecology.
Not only does Shiba Inu present himself as a good alternative to being the main cryptographer of the Metaverse, but between the announcement of his second Shibarium series project or even a future game, there is no doubt that Shiba Inu continues to express while trying. as best possible to survive in the crypto sphere by all means.
3 – The market is changing rapidly
The crypto market has always been known for its high volatility and similarly projects appear and disappear in a fraction of a second. So, being able to be on top and stay there in this tough competitive sector you have to know how to evolve.
However, Dogecoin does none of this. Of course, it is an exaggeration to say it like this, there are hints, possible solutions, but the truth is nothing concrete is visible present.
However, the cryptocurrency sector does not stay still and is quite unpredictable. It’s hard to say What will happen tomorrow in this place. Check out the predictions for the year 2022 and the year we’re going through right now.
So, in an industry that can change overnight, Dogecoin seems not not being ready to oppose such possibilities just as his status as the number 1 corner meme only seems to ensure that he is still recognized. However, this is no longer enough to convince investors when there are thousands of new projects that could be more relevant.
4 – The influence of Elon Musk
Elon Musk has repeatedly expressed his interest in the crypto-currency sector and in particular regarding Dogecoin. It is certain enthusiastic supporters of this meme corner so much so that it is able to influence the price of the latter just by mentioning it on social networks.
Of course, to make DOGE even more famous, to have such a personality on his side was favorable. So what about now? The same corner is already quite well known and Elon Musk’s interventions generally allow to pump for a few days before the price drops again.
Musk is the only person who drove Dogecoin to a useful crypto stage by getting Tesla, SpaceX or The Boring company to accept it as a payment method. Although this is positive, there is such support let DOGE rest on his laurels which is not good for the future.
5 – More profitable projects
Corners of memes need to be much bigger now, to be useful. Of course, the Dogecoin does not comply with this contract. However, a corner meme doesn’t mean certain death in years, you just have to learn to evolve and adapt, to offer more.
Shiba Inu understood this and the new small Tamadoge (TAMA) based on the DOGE ecosystem does it even better. In fact, although this crypto has been a meme since the launch of its project, she was much more.
So, Tamadoge is a game of the future Play To Earn (P2E) mixing the tamagotchis universe with the Metaverse in their own world called the Tamaverse. The project launched its pre-sale about a month ago and already the community has invested more than 7.5 million, which makes it become real.
Despite its nature as a meme corner, TAMA was very well understood how to attract investors and build your project, where Dogecoin stagnates and does not give anything concrete. So Tamadoge will allow you to raise your virtual companion in the form of NFT to improve, develop and even fight against other players.
While Dogecoin isn’t “dead” yet, it is projects that look more profitable with well-defined goals. If you want to start investing, feel free to consult our guide to learn more about how to participate in the current Tamadoge presale.