Two contrasting opinions have surfaced in the crypto space as to what has given Dogecoin its resilience. With the recent spike in the value of Doge, renewed development interest and a half-joking endorsement by Tesla's Elon Musk, the coin is looking promising.
Yet, Komodo CTO Kadan Stadelmann has argued that the only way for Dogecoin to become a more serious and permanent part of the crypto landscape is for the currency to find a way to extricate itself from the “meme coin” status it has received on the internet.
Dogecoin co-creator Billy Markus seems to disagree with the statement. In fact, he believes that the “meme” status of Doge has allowed it to survive in a time when dozens and even hundreds of other coins have fallen short.
Musk's jocose endorsement of Doge is one good example why Markus may be right. Markus himself decided to unload his own crypto portfolio back in 2015 and got a little over $10,000 for it.
Cited by Benzinga.com, Markus explained that the “meme genre” is worth $7bn right now and that while nobody would think it possible a few years back, it's finally happening.
He added: “Dogecoin being a lighthearted, friendly, and amusing meme is the main thing that separates it from the pack – taking away its main differentiation and turning it into a generic crypto seems like a pretty bad idea.”
Dogecoin may be a meme, but it's enjoying serious interest all the same. Dallas Mavericks owner Mark Cuban has embraced it and so have others. WallStreetBets declared, amid the GameStop flurry, that people should be pushing for a net value of $1 for Doge. Presently, Doge is worth $0.058.
However, Markus had a piece of advice for investors in the crypto space, and Doge specifically. It's exciting, he said, but you have to be prepared to invest as much as you can realistically lose.