Dogecoin has finally gotten the green light from Binance and its price soared over 30% before coming back to earth a little. It is uncertain whether or not it will get a double pump but if you have a lot of DOGE coin, it may be time to take a little profit.
The Dogecoin community as an April Fools Poll voted Elon Musk as its CEO. Beating out both Charlie Lee and Vitalik by a large margin, Elon was voted as the new Doge-Lord. All joking aside, this would be really nice if it was actually real wouldn’t it? You get an aggressive CEO who would want to expand Doge and actually establish a core team with high goals and expectations. This is just what DOGE needs right now — and constant development. Hopefully, DOGE can eventually get a full-time team and move headway for its cryptocurrency.
1. Bitcoin — Paying Ohio Taxes, Bitpay Card, Many Vendors
2. XRP — X-current, X-rapid, banks, Remittances(Transfergo), Omni, Coil, X-spring
3. ETH — Tokenizing Apartments, J.P. Morgan(enterprise Ethereum), Amazon web services, IDEX exchange
4. XLM — XLM open marketplace(exchange), Starlight, IBM Worldwire, Smartlands
5. EOS – Elemental Battles Game, Gambling Games
6. BCH – Vendors like Coins.ph
7. BSV – ATM machines in various countries? Not sure.
8. LTC – FB messanger, Various Merchants
9. Cardano – Cardanocard, Fintech(forthcoming)
10. Monero – Getmonero.org/community/merchants
12. BNB – Binance exchange, Booking of 450,000 hotels for travel
13. IOTA – Vehicle Supply Chain, Data Marketplace, Waste Monitoring in skyscrapers, city parking monitoring, Self-driving car fleets
14. NEM – Luxtag, Charity(cryptoheroes)
15. Dash – Church Chicken in Venezuela, various merchants
16. ETC – IHOK, not sure about use cases
17. NEO — Generation of GAS, ndapp.org(for use cases)
18. Zcash – Merchants
19. Tezos – Moneytrack
20. Dogecoin – Dogepal, reddit tipping, mom and pop shops
Dogecoin has suffered a price drop lately because of concerns that it may not get listed on Coinbase due to the fact that the team cannot fill out the application form. Coinbase, I believe, is more made for structured organizations with CEOs, CIOs, and such and Dogecoin’s profile simply does not fit in as they just have a team of developers and a strong community. It probably does not check boxes that Coinbase needs. Also, there was a recent tweet indicating that the team was not looking to list the coin on Coinbase done in a very sarcastic way, which probably does not bode well for a possible listing. I think the team needs to take these matters more seriously and really have a business development team to pursue partnerships and listings. This would really help the coin get more adoption and give investors a reason to actually invest in Dogecoin, outside the small investors who invest for just the meme.
Dogecoin is preparing a Coinbase submission to be listed according to core team developer Ross Nicoll. This would be a big deal as Coinbase is seen as one of the most prestigious exchanges out there with full SEC approval and compliance. Since Dogecoin does not have a big company behind it like XRP, Cardano, and others, it may make the listing a little difficult as DOGE is truly a community based coin. There are certain checkboxes that Coinbase likes that DOGE will find it hard to check off and you cannot just write “WOW, SO MUCH LISTING” for any answer that you do not have. I believe this will have an effect on price immediately after listing, perhaps pushing it past the 1 cent mark again, even in this bear market. However, the effect will not be as big as the effects last year on such coins as Litecoin and Ethereum because there are more bigger exchanges out there this year and DOGECOIN is already histed at HitBTC, Bittrex, Poloniex and others and has healthy trading volume even without Coinbase. However, Coinbase will put it in the eyes of institutional investors which may trigger community excitement and further upside for Dogecoin.
One of the most often asked questions about Dogecoin is the infinite amount of supply the coin has and whether the team should change that. To change that, there would have to be a hard fork, but does DOGECOIN need one just to control the supply of the coin? My answer to that is yes, but with caveat. It largely has to do with what people want DOGE to actually be. If you want it to be a cheap-ish coin that everyone can afford and that newbies can start on, then you don’t really need a fork. However, if you are an investor in DOGECOIN and want to see the price appreciate, you most certainly want a fork. In terms of real-world use, I see DOGECOIN as a practical e-commerce coin for the general market and I would like to see it being used at places like Amazon, Target, or Wal-mart. In this instance, I would fork it but I would not get rid of all the inflation, instead I would set it at a little below the inflation of fiat, perhaps 1% a year instead of the 4.5% a year it has right now. For retailers who are interested in always expanding their customer base, you need a currency that inflates a little each year so everyone can have some of it to spend. You do not want a currency that deflates each year so eventually less and less people can have it. Also, you have to remember for cryptocurrencies, part of the supply is lost forever each year because of failed hard drives, lost passwords, etc. Unlike fiat, once its lost, it can’t be recovered because you can’t just print more of it so you need to inflation rate to at least match the loss rate so the supply at least stays stable.
That being said, I still think the rate of 5 billion coins per year is too much inflation and I would like to see it reduced to about 1 billion a year via hard fork. I think this is something that the team should seriously consider to brighten the coin’s future prospects.
Dogecoin and Dogepal, which is an e-mail to e-mail crypto payment system using dogecoin has introduced anonymous tipping. Dogepal is sort of like a crypto version of Paypal, although not nearly on that scale. All you need is an e-mail address to receive DOGE payments and you need one to sign up for the service. Lost passwords can be recovered but account funds cannot so you will need to store your private key somewhere for safety. Over time Dogepal will be cross-platform compatible and try to incorporate other payment systems to work with it.
Dogecoin was adopted by Bitrefill on September 21st. Bitrefill is a place where you can buy gift cards and pre-paid mobile phone cards using Dogecoin(and several other cryptos). There are already hundreds of small merchants that accept Dogecoin and the DogeAmazon petition is on track to reach its 25,000 signatures to try and convince Amazon to adopt Dogecoin as a payment system. I doubt Amazon will be moved. But even if Amazon does not adopt Dogecoin in their marketplace, it could run a test trial accepting Dogecoin for prime memberships, which would still be huge. However, neither is likely to happen.
Dogecoin has gained a lot in the last month while the overall market has been flat and if it continues to show price independence because of its strong community, it would be a very attractive assets to have in a fund portfolio as it would act as a hedge to the movement of other assets. For these reasons, I believe Dogecoin is an excellent investment choice.
* I am not a professional financial adviser and this is not professional financial advice. You are responsible for you own trades and I am not responsible for your gains or losses.
Dogecoin has dropped from 100 Satoshi to around 85 Satoshi in the last few days and I think, even at this price, selling Dogecoin could be a good move, considering that Dogecoin came up from around 40 satoshi recently. I think the euphoric sentiment from the Dogethereum bridge test and other news has worn off and Doge is slowly coming back down to reality and may bottom at around 60 Satoshis. I do believe that another DOGE run will come soon as soon they release the actual date of the DogeEthereum bridge launch or announce when they are going to list Dogecoin in Coinbase and include it in the Coinbase custody program. Those are the two triggers that will trigger the next bull run for Dogecoin so it may be smart to sell off now, wait for it to drop to around 65 Satoshi, before buying back in.