How DOGE became the Asbestos of the cryptocurrency universe.

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I am browsing a meme subreddit and apparently, the new meme of the week is the very sarcastic, very cute, and very catchy Shibu dog - the doge. You may have seen the memes, "much wow", "very wow", and phrases that match the idiocy of the concept, and portrayed by the shibu dog who also shares the obtuse look on its face. A sarcastic meme for silly ideas or downright terrible concepts.

Come 2013, dogecoin hits the market. Developed to be a "fun" alternate of the bitcoin, but faster. However, coining it after the meme gives me a different idea. It could have been that the devs were doubling down on the popularity of the meme, but that is the only benefit of the doubt they have from me. The tokenomics are horrendous. The coin is fast, very fast. It was cheap to make transactions with, sure! But...


Circulating supply: 127 billion (of which +110 billion have been mined.)
Block time: 1 minute
Block reward: 10000 DOGE!

In a way it looks like the coin was designed to fail. Or was it?


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DOGE github repo


DOGE has to be traded in millions to influence an upward or downward movement. With 10000 DOGE printed with a 1 minute block time, it only gives a supply that much room to be played around with. It doesn't really have any use case. So what happens when the meme coin suddenly takes a deep hit?
Everyone blames crypto, not DOGE.

We have seen similar scenarios before. It will be rare to see someone point DOGE out for what it is and blame DOGE alone. Rather, the entire cryptoverse will have to buffer the blames, or actually take the blame.



On the flipside:
DOGE's design makes it really good to be spent around. Instead of something like BTC. Faster transactions and extremely low transaction fees facilitate it even more. Yes, there are coins that do it better. But, doge is an option too. It has a never-ending supply and probably is one of the better marketers for crypto out there.

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motorsport

If the meme power is strong, it will bring stronger hands. Time will tell if doge becomes the asbestos or the plywood.


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11 comments
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Doge and gamble go hand in hand...when they say do not invest more than you’re willing to loose, they must have been referring to Doge

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I bet the miners are having a jolly good day. Anyone who bought the top may be biting their nails off.

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Great message! I even wondered if I should create some kind of meme-token based on HIVE-ENGINE...

!LUV

Link to vote for @cranium as a witness

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You should do it. A tribe would be better. Tribe costs quite a few bucks, though. I remember, there was a meme token. It went to shits very quickly, though.

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Time will tell if doge becomes the asbestos or the plywood.

I like the analogy. And the answer of course, is "it's anybody's guess".

And, as you point out, only time will tell.

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I liked the analogy, too. However, it isn't complete neither it is fitting. In the construction business, asbestos was considered a miracle product and had a monopoly until the discovery of asbestosis. Plywood soon took over since it dominated the materials available in many factors. DOGE, however, doesn't match many of these variables in a cryptocurrency constant, unless of course we only consider DOGE and BTC while omitting all the other cryptocurrencies.

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