The causes of Dogecoin’s declining value
Dogecoin has limited functionality, no staking incentive, no investment support, and is not superior to USD. Investors are therefore actively avoiding this cryptocurrency. It is the cause of the Dogecoin price’s stagnation. A cryptocurrency with no supply cap is not always a poor cryptocurrency. Polkadot and Ethereum are inflationary coins as well. However, the key distinction is that Dogecoin uses a proof of labor blockchain, whereas Polkadot and Ethereum use a proof of stake blockchain. You can stake your cryptocurrency on the proof-of-stake blockchain and receive rewards ranging from 2/3% to 10% to 15%. In contrast, Dogecoin lacks this technique. The main objective of an investor is to maximize profit.
The price of Dogecoin won’t increase unless institutional money starts investing in it. The majority of large banks, hedge funds, and businesses only purchase Bitcoin. Tesla acquired Bitcoin though Elon Musk is the greatest proponent of Dogecoin. Dogecoin is a cryptocurrency, but that is all it is useful for. Its price is stagnating because investors are staying away from it.
Ethereum soars beyond $1,100 while Bitcoin bounces and rises back above $20,000. President of El Salvador Nayib Bukele responds to investor concerns over the bitcoin bear market. how bitcoin is now being viewed by investors. Investors want to know what he has to say since El Salvador legalized bitcoin last year. This is an interesting step forward on their behalf.
Dogecoin Founder Turns Down $14 Million Offer
The government is suing Elon Musk for dumping Dogecoin. Musk is accused of racketeering by the claimant. If he is guilty, a criminal case should be brought against him rather than a civil one. You are a schmuck if you follow a schmuck. Schmucks won’t get paid.
The current decline in cryptocurrency prices is due to the Fed. He is saying the obvious on the one hand. On the other hand, there is a macroeconomic narrative at play here. We know that the stock market fluctuates in response to changes in interest rates, and cryptocurrency prices have connected with those of stocks and bonds. In actuality, many things do. One of them is currently the cryptocurrency market.
Twitter users have praised Billy Marcus, the co-founder of Dogecoin, for turning down a $14 million offer to betray the DOGE community and advance the dubious project Dogechain. Billy was offered 10B DC from Dogechain to help with project promotion. That amounts to $14 million at the present pricing. He deserves the utmost respect from the crypto community for turning down this much money to avoid betraying the Doge community.
Influencers who use Dogecoin try to imitate Marcus’ devotion to the project. Influencers on Dogecoin betray the community in order to acquire quick money. Marcus claimed that because everyone has free will and the ability to make their own decisions, it is challenging to safeguard the DOGE community from anything. He continued by saying that a lot of people in the crypto industry are intent on getting money at all costs, even if that means betraying the entire idea.