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Can Dogecoin and Other Memecoins Remain Bullish in the Crypto Market? By CoinQuora

by Mike Robinson

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Is Dogecoin, and other Memecoins still bullish on the Crypto Market?
  • Investors fear Memecoins, and others.
  • Some people wonder if they are able to withstand the tastes of BTC or ETH.
  • Dogecoin is still on the rise.

Memecoins have come to become today’s alternative cryptocurrencies. It is no longer a joke that memecoins are now a popular investment option. Dogecoin (DOGE), which is now more popular, has spawned other memecoins that have been able to climb the crypto ladder and compete with major cryptocurrencies.

Dogecoin’s total market capitalization is currently $7 billion. Dogecoin was the model for 150 other meme-themed cryptos like Shiba Inu(SHIB), Kishu Inu and Doge Killer, (LEASH), among others. Dogecoin saw a 6,000% price increase in 2021 despite warnings from critics against investing in it.

Dogecoin Foundation has recently appointed a new board to help manage its operations. This will increase the Dogecoin Foundation’s value. These directors will finally help manage the Doge projects, pushing its current market capital of $40 billion to the top. The foundation had been disbanded in 2014.

Memecoins’ Success May Be Hindered by Certain Factors

Due to some shortcomings, many crypto analysts are not moved by some of the coins’ popularity. One of their points was that many memecoins don’t have a business plan. This makes it difficult to determine which memecoins are likely to succeed, and how long Dogecoin will last.

Others also claimed that memcoins have no core value. This makes it easy for scammers to take advantage of crypto. Scammers could create crypto and raise awareness to sell it.

In third place, because of the growing number of cryptocurrency memecoins it is difficult for exchanges and investors to know how many coins are real. Many investors are afraid to invest.

The fourth and final barrier is that the majority of coins lack a leader. For instance, Shiba Inu, (SHIB)’s inventor is unknown which is rare for any crypto project, except the famous crypto — .

Memecoins are not practical, as opposed to mainstream cryptos like (ETH), which invest their time in developing blockchain technology, running DeFi smart contract and solving problems.

Why are memecoins so appealing?

The above mentioned issues regarding memecoins are not a problem. However, the price of few coins keeps rising and sometimes even falling. Dogecoin (DOGE), currently trades for $0.2384 at the time this article was written. Shiba Inu trades at $0.00002559

Dogecoin (DOGE), along with a handful of other memecoins, captured many hearts and will continue to do so. This is why the entire world is keeping an eye on the coins and the direction they take. Dogecoin, whose team recently announced that it was establishing a foundation. Perhaps the new directors can help define values and allow the coin to be used in more applications for cryptocurrency development. The precedent will be followed by other memcoins.

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