DOGECOIN DOESN’T HAVE MANY USE CASES AND PERHAPS, THAT’S OKAY

Ever since the original meme coin DOGE climbed exponentially backed by little more than community support, many have wondered what would become of the cryptocurrency. While the alt has spurred the creation of hundreds of copycat joke coins and endorsements by the likes of Elon Musk and Mark Cuban, not much has been done about the usability of the network itself.

In a bid to change that, the Dogecoin Foundation regrouped last month, joined by the likes of Ethereum Co-founder Vitalik Buterin. The network had been nearly abandoned for several years before it rallied on the back of younger investors relating to its pop-culture origins.

During a recent podcast, Real Vision Cofounder Raoul Pal opined that the only reason DOGE is still ridiculed is that people don’t want to accept change. In this case, a cryptocurrency that originated from a meme.

Even so, billionaires like Musk and Cuban quickly spotted people’s affinity for the alt, despite its highly speculative nature. And then, suddenly,

“... you had a cryptocurrency worth 40 billion dollars with millions of investors.”

Well, that’s one-half of a network, Pal added.

What about the other half then?

The other half is a use case, one that the crypto certainly seems to lack. According to the exec, however, DOGE perhaps doesn’t need another use case except for as a medium of exchange. This is because people attach value to the fact that it’s a meme, and hence, enjoy using it. Much like Pal, Mark Cuban, who is also a billionaire investor, had previously claimed that Dogecoin is the “strongest” cryptocurrency as a medium of exchange.

Moreover, now that the Dogecoin Foundation is back, there is a “decent possibility” that the foundation will be able to build a meaningful currency.