Connect with us

Altcoins

Is Dogecoin taking the first step towards becoming more than a ‘meme coin?’

Shubham Pandey

Published

on

Source: Unsplash

Dogecoin is once again up and running, although this time as a pack leader of its group. The ‘meme coin’ has had a roller coaster of a bumpy ride this year, with the surge preceding and downturn following Musk’s SNL appearance being a case in point. But now, having passed that volatile period, is Dogecoin in the safe zone now?

That’s a tricky question, one that can only be answered once the Dogecoin community actually settles down.

Tesla CEO and self-proclaimed ‘Dogefather’ was at it once again yesterday in another attempt to promote his favorite cryptocurrency. The timing of the same was interesting here, especially since at the time, the crypto-market was still working on recovering its losses that followed Tesla suspending BTC payments.

In his latest tweet, Musk commented,

Going on to present his advocacy of DOGE, Musk also cited the development as being “potentially promising” on Twitter.

As expected, as in the past, DOGE’s price surged on the back of such speculative news. In fact, it climbed by 22% in 24 hours of the tweet. At the time of writing, the Shibu Inu-inspired meme coin was trading at $0.51. Another contributory factor to this hike was the news that popular crypto-exchange Coinbase will be enabling Dogecoin trading soon.

Source: Coinstats

The world’s second-richest man’s collaboration with AppSwarm Corp and DogeLabs.Io could see a hike in DOGE’s system transaction efficiency. The main focus here will be to form a global development group with an aim to build applications on top of the DOGE’s blockchain. The DevOps team plans to expand to different geographical locations – Europe, Asia, the Middle East, Africa, and South America.

“While we build out our own development teams here in New York City and [Tulsa, Okla.] the plan is to also bring together developers from around the world who wish to build off the Doge blockchain,” said Tom Bustamante, CEO of DogeLabs.

“DOGE is quickly going from a joke MEME coin to an actual form of currency payment with real organizations,” he added.

A lot of the criticism directed at Dogecoin has come from the assertion that DOGE’s development has for long been stalled thanks to a sporadically working team. The aforementioned developments are attempts to counter this characterization.

It’s worth noting, however, that Musk’s involvement has received its fair share of backlash. Core developer Sporklin was one of those to criticize Musk, with the developer stating,

“Elon has been playing with Dogecoin for years on social media. It’s only recently that people have tried to turn it into something else… Things don’t change… Elon doesn’t agree with anything, Elon has nothing to do with projects, lists, agreements… nothing. He’s a meme and a troll.”

Dogecoin’s current developers were evasive, to say the least.

Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.