How DOGE became the Asbestos of the cryptocurrency universe.
I am browsing a meme subreddit and apparently, the new meme of the week is the very sarcastic, very cute, and very catchy Shibu dog - the doge. You may have seen the memes, "much wow", "very wow", and phrases that match the idiocy of the concept, and portrayed by the shibu dog who also shares the obtuse look on its face. A sarcastic meme for silly ideas or downright terrible concepts.
Come 2013, dogecoin hits the market. Developed to be a "fun" alternate of the bitcoin, but faster. However, coining it after the meme gives me a different idea. It could have been that the devs were doubling down on the popularity of the meme, but that is the only benefit of the doubt they have from me. The tokenomics are horrendous. The coin is fast, very fast. It was cheap to make transactions with, sure! But...
Circulating supply: 127 billion (of which +110 billion have been mined.) Block time: 1 minute Block reward: 10000 DOGE!
In a way it looks like the coin was designed to fail. Or was it?
DOGE has to be traded in millions to influence an upward or downward movement. With 10000 DOGE printed with a 1 minute block time, it only gives a supply that much room to be played around with. It doesn't really have any use case. So what happens when the meme coin suddenly takes a deep hit? Everyone blames crypto, not DOGE.
We have seen similar scenarios before. It will be rare to see someone point DOGE out for what it is and blame DOGE alone. Rather, the entire cryptoverse will have to buffer the blames, or actually take the blame.
On the flipside: DOGE's design makes it really good to be spent around. Instead of something like BTC. Faster transactions and extremely low transaction fees facilitate it even more. Yes, there are coins that do it better. But, doge is an option too. It has a never-ending supply and probably is one of the better marketers for crypto out there.
If the meme power is strong, it will bring stronger hands. Time will tell if doge becomes the asbestos or the plywood.
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