Dogecoin Needs Real-World Use Cases to Sustain Crypto Instability



Dogecoin

It is high time for Dogecoin to promote new real-world use cases to sustain in the crypto market

Dogecoin is recently one of the most talked-about cryptocurrencies or a memecoin in the highly volatile crypto market. It is also known for sustaining crypto instability with a huge crypto crash and incurring losses for crypto investors. Dogecoin’s price has been declining at an increasing rate since June 2022. But the tweet from its Dogefather, Elon Musk, regarding his ongoing support for Dogecoin despite the crypto instability, has increased its price up to 6%. It entered the list of the top ten cryptocurrencies in the crypto market on June 22, 2022. The popularity of this memecoin is increasing as a serious cryptocurrency instead of its status as a memecoin. Meanwhile, there is a need for Dogecoin to showcase some real-life use cases in the global crypto market to mark its position in the community of crypto investors.

The current price of Dogecoin is US$0.06373 with a market cap of US$8.46 billion and a volume of US$578.05 million. The price increased after Elon Musk announced that he will support Dogecoin with the crypto acceptance in Tesla and SpaceX. The main concern about Dogecoin is that the price is controlled or “manipulated” by the crypto influencer or Dogefather, Elon Musk. It has no real-world use cases to have the power over the price moderation. Crypto investors know that since the price is controlled by cryptic tweets by Musk, it is hard for Dogecoin to stay in the crypto market for a long period of time.

It is high time for Dogecoin to seek real-world use cases for utilizing it as the medium of payment just like Bitcoin. Crypto investors are should look out for the top real-world use cases of this memecoin to drive profit in crypto wallets from the highly volatile crypto market.

There are a few real-world use cases of Dogecoin such as an on-demand dog-walking mobile app known as Wag. It accepts cryptocurrency payments like Dogecoin or Ethereum through BitPay. It consists of a browser extension that enables users to buy gifts with Dogecoin from e-commerce giants such as Amazon. Crypto investors started using Dogecoin as the real-world use case on Reddit to fund real projects with a quixotic strain. This community is known for raising US$50,000 worth of Dogecoin for the Kenya water crisis efficiently and effectively. Crypto.com has accepted to allow Dogecoin as the payment APO in any online store or with Crypto.com Visa Card.

It has been observed that Dogecoin needs to follow the path of Bitcoin for the list of real-world use cases. Bitcoin is known for its store value which led to its competition with the precious metal gold for the payment method in the global crypto market. Recently, Bitcoin has had a major crypto crash when the price has reached the US$20k level from the US$68k in November 2021. Still, the brand value is the same for this cryptocurrency. It is known as the digital real estate in the crypto market among crypto investors and top companies across the world. This can show that there can be a high potential for Dogecoin to showcase its use cases as the payment method in the financial services sector. Crypto investors can forecast the future of this popular memecoin as a seamless payment method to complete transactions efficiently and effectively.

Meanwhile, a malware analysis company, known as Intezer Lab, has observed that cyberattackers have started using the Doki backdoor that utilizes Dogecoin wallets for promoting their presence in the digital marketplace. This cannot stop small businesses to integrate Dogecoin payment to offer a seamless transaction method to users across the world.  

Thus, it can be said that the inclusion of the memecoin into the world of the financial services sector through the crypto market can help with the issue of crypto instability of Dogecoin. Dogecoin holds immense power to be constantly on the list of the top ten cryptocurrencies in the crypto market. But the management needs to focus on promoting more real-world use cases to contribute to the crypto market.

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