What is the use-case for Dogecoin
Even though the term ‘meme-coin’ has become an alias for Dogecoin, the community does not take it as a joke anymore. The asset witnessed tremendous growth in 2021 and has not yet popped, as once expected by the crypto industry. With a trading value of $0.2044, DOGE returned 3,311% year-to-date. But this outrageous rise in price raises one question: What is the use-case for DOGE?
Until now the driving power in the market were jokes about DOGE, Elon Musk’s tweets about DOGE, which were immediately followed by hype, followed by late-night epiphanies about the future of DOGE… (and needless to say this vicious cycle repeats itself)
However, things are changing. Lately, the DOGE community with its #Dogefather has been focusing on growth and increasing the use-cases. In May, Musk claimed that an upgrade was “needed” for the digital asset to become the currency of Earth and beat Bitcoin “hands down”. The Tesla CEO recently followed up on this, as the Dogecoin project awaits an upgrade, by stating that there was merit to DOGE maximizing base layer transaction rate while minimizing transaction cost.
We get that Dogecoin was already faster than Bitcoin and Ethereum, but the magnitudes of the projects can hardly be compared. Additionally, where are the users supposed to use DOGE apart from trading?
Looks like the DOGE community is finding means to expand on the serviceability of the asset. With mining profitability spiking to a new six-year high, DOGE mining has picked up momentum. Contributing to this, Musk recently joked about Tesla, DOGE and Shiba Inu dog.
Dogecoin mining in a Tesla perhaps ? https://t.co/sMWXI2c18N
— DogeMan (@SporkleD) July 13, 2021
While Tesla and Elon Musk stand for environmentally friendly mining, the DOGE community was eager to find out if Tesla could start mining the meme-coin. Tesla’s competition Daymak announced the prototype of Spiritus, a three-wheeler that will start mining DOGE among other cryptos.
The Tesla CEO, however, had other plans for DOGE as Geometric Energy Corporation [GEC] announced DOGE-1 Mission to the Moon. It would be the first-ever commercial lunar payload in history paid entirely with DOGE and will launch aboard a SpaceX Falcon 9 rocket. The launch is expected to take place in 2022.