Can We Teach An Old DOGE New Tricks?

Dogecoin originally started as a meme in late 2013 but has suddenly gained a strong following that has pumped its price to serious market capitalization. This was the least expected to occur given that Dogecoin has no actual use case other than to transfer value, a typical blockchain application. With supporters like Elon Musk, entrepreneur Mark Cuban, WallStreetBets followers, and some social media influencers on TikTok, the value of Dogecoin began to surge in 2021.The coin or token called DOGE is now worth (as of this writing) $0.50. Its overall value has reached that of some of the world’s largest multinational corporations (here is a link to some companies). Dogecoin’s market cap has even surpassed that of Ford and Twitter at some point. It actually reached over $80+ Billion (twice that of Twitter) in market cap before Elon Musk’s SNL appearance, and then it took a plunge as some holders of DOGE exited the market.The greatest risk to anyone holding DOGE remains the price volatility, typical of cryptocurrency. It is also a Meme Coin for the most part, which is not developed for specific purposes and used more for pump-and-dump schemes. It is a market where prices can suddenly surge, but they can also plummet as quickly. DOGE began surging in January 2021 and is up 12,000% to date (May 2021). While the price surges, so do the creation of the coin, so it has an inflationary supply model. This keeps the price per coin relatively low due to the large circulating supply.Since it is prone to pump-and-dump schemes and has a high circulating supply, many financial analysts warn that it is a bad investment for most people. Aside from those criticisms, Dogecoin does fall in line with cryptocurrency fundamentals, just not investment fundamentals. You can use the Dogecoin network…