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Dogecoin is hailed to be the most dangerous joke that happened in the cryptocurrency space. Despite not many using the DOGE, the currency continues to undergo huge swings. Holders of huge volumes of Dogecoin, who are technically a small group, have influenced the price of Dogecoin.
The Dogecoin town, after the dramatic price glory, is now a ghost town. Despite, the myth-busting, the price of the Doge improves when the broader market moves. Just a handful of DogeCoin holders move the market.
Whether Doge is a reliable investment? Not really, as there is no clue as to why the price is going up or down. The bulk of influences push in some hot air, and the price goes up and down. The daily volume of transactions is significantly less when compared to that of Ethereum. Several other cryptocurrencies which have a lesser market cap record more transaction volumes.
The distribution of Doge is not equal. Reportedly, 28% of Doge is owned by one address. About 11 addresses own 46%, and 82 addresses contribute to more than 64% of the total supply. Thus, the few big-volume holders exert a lot of power when it comes to how the value is moved across in the blockchain using Doge. Therefore, the idea of decentralization does not seem to be live in this crypto ecosystem.
So, those who are prospecting to invest in Doge need to know what they are dealing with. Elon Musk is the infamous supporter of Dogecoin, and a few of his tweets made it people-powered. And, several small investors tried their luck, and the pump happened.
Not backed by any true value system of use case, this can threaten average investors who come in with a lot of expectations. There is no active development in the Dogecoin Ecosystem.
However, the Dogecoin Developers tweeted pointed to: Dogecoin 1.14.4 Release, which they claim will enable upcoming fee reductions, improves synchronization speed (2.5x in some cases), RPC ‘getpeerinfo’ improvements, GUI options to add peers and import private keys, and peer traffic visibility and Security fixes.
Also, there is a warning, IMPORTANT! There’s messages and posts going around about a Dogecoin “v1.15.0” that claims to “fix vulnerabilities in 1.14.3”. It points to a non-“dogecoin dot com” website. THIS IS NOT A LEGITIMATE VERSION OF THE DOGECOIN CORE CLIENT. Do not download this! Likely malware.
So, it just looks like some development is happening. Will they fill in a good use case? Time to tell!
Doge Enthusiast expressed: A lot of your friends get rich right before your eyes and wish you paid attention sooner. Crypto is the future, and Dogecoin will be the top 3.
