Dogecoin (DOGE) has rebounded again in the last 24 hours and is now up 12% in that time frame. We can see there are plenty of price predictions popping up for the number one meme coin, but none of them seem to take into account a new project that might replace DOGE in the future.
While we know we may be jumping the gun a little, considering DogeCoin20 (DOGE20) has just begun its presale, it is crucial to get ahead of the curve if you want to make the biggest gains in crypto. The crucial reason we believe DogeCoin20 is the future is that it improves on every weakness that DogeCoin has at a time when the number one meme coin has never looked more vulnerable.
DogeCoin20- Why are we so confident that Dogecoin is no longer the future?
We are coming at this from two different angles. Dogecoin is failing as a meme coin, and DogeCoin20 (DOGE20) is a great new project. The combination of both has led us to the prediction that the latter will eventually pass Dogecoin on the meme coin ladder. We understand how big a statement this is, considering Dogecoin has never not been the top dog.
Before we get to a Dogecoin price prediction, let’s take a deeper look at the project so we can see the weak points that DogeCoin20’s creators are targeting. The main issue experts will point the finger at Dogecoin for is standing still while the meme coin market evolves around them.
Of course, in some ways, you cannot blame Dogecoin. Despite being created originally as a joke the meme coin basically created the whole sector and has for a long time now been a top 10 coin by market cap on CoinMarketCap. This cannot be sniffed at as it will take a big project to topple it.
However, the signs have been there for quite some time now. If we look at the price pattern of Dogecoin over the last year or so it is not good viewing. Rival tokens like Bonk Coin (BONK) are up thousands of percent, and even its main rival Shiba Inu (SHIB), has more than doubled the gains of DOGE over the last year.
p lang=”en” dir=”ltr”>LFG!!! 🚀
Another insane milestone for #DOGE20! 💥🐕
Raising over $4.5 Million! 💰
Can this day get any better? 🤔
Hmm… Only if we hit $5M! 😊 pic.twitter.com/kGIpWkHYqj
— Dogecoin20 (@DOGE_COIN20) March 21, 2024
So, why is this? Well, like we touched on, the market has been evolving around Dogecoin, and it is unrecognizable from the meme coin market of even a year ago. The innovation has meant that utility is now a huge factor for investors. This is something DOGE does not have. However, its main problem lies with its proof-of-work system that DogeCoin20 has counteracted with a much more modern proof-of-stake system.
Bitcoin is the project everyone thinks of when we say proof-of-work. In today’s market, it has negative connotations because of the environmental issues surrounding Bitcoin mining. These have been evident for years but may become a much bigger problem very soon. This is ironic because they could stem from ETF approval which was greeted as a monumental day for the crypto market.
When the SEC approved spot Bitcoin ETFs everyone rejoiced as it was a day of legitimization that the market had craved. However, there is a target on the crypto market and this has brought it within range of those who wish to take it down. Its increased acceptance by mainstream financial institutions means that crypto will come under increased scrutiny from regulatory eyes.
The outdated methods that will hurt Dogecoin long term
There have already been steps to try to investigate how much energy Bitcoin mining uses and more will almost certainly come down the line. Dogecoin is also a proof-of-work token and what many readers may not know is it also uses an incredible amount of energy.
According to Digiconomist, Dogecoin uses the equivalent amount of electrical energy annually that the entire country of Gabon uses. When the regulators come for the Bitcoin mining industry, you can be sure Dogecoin will also be on their list. DogeCoin20 on the other hand, is built on the Ethereum network which switched to proof-of-stake in 20222 and reduced its emissions by 99%.
The greener way is likely going to be the way of the future so DogeCoin20 has positioned itself ahead of Dogecoin in this way. The other huge advantage it has from this method is staking. It has become an integral part of the meme coin market as projects realize the value it brings to their long-term chances.
A fixed supply of DOGE20 coupled with staking is a combination DOGE can not compete with. The one-direction pressure resulting from the scarcity plus the rewards that investors will make when they stake means that the value of Dogecoin20 is likely only to climb as time goes on.
The staking system the project has set up rewards those who stake early and for a long time. This is yet again another move that sets the coin up for future success rather than just focusing on short-term gains. If all this wasn’t enough, DogeCoin20 has also allocated funds for charitable causes.
They acknowledge that virality is very important for a meme coin, but instead of relying on their cute dog, they want to spread the good word of DogeCoin20 through kindness. A large percentage of DOGE20 has been allocated to charitable causes and community projects. They hope this will contribute to virality.
Dogecoin- Does it have any hope of staying on top of the meme coin market?
We have spent most of this piece pointing out Dogecoin’s (DOGE) faults, but are there positives to look at? Well, as its 7-day chart shows, it has bounced back impressively from a dip in price caused by bearish conditions, which is good news. Any other further gains may lie in Elon Musk’s hands.
For a long time now, all of Digecoin’s eggs have been in the payment method basket. They want Dogecoin to be widely accepted as a payment method by vendors. Most of their hope lies with Elon Musk, who has hinted DOGE may be accepted as payment by Tesla and X. We don’t think this is a good tactic but if it pays off, Dogecoin will be a big winner.
Conclusion
Readers will by now, know where we stand on Dogecoin. We think they have not made the moves necessary to stay on top of the meme coin ladder in the future. Dogecoin20 has a long way to go, but it certainly has the potential to replace DOGE and provide massive gains for investors.
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