Dogecoin, the cryptocurrency that continues to defy expectations, is showing potential for another big surge after an endorsement from Ethereum co-founder Charles Hoskinson. Dogecoin might soon find its own value floor, improving use, utility and overall market value.
The Dogecoin price skyrocketed in these last few months, thanks to the support of billionaire Elon Musk. Having affected more than one cryptocurrency, Musk continues to tweet in support of the meme coin and even recently called out to developers to support Doge for significant upgrades.
Dogecoin Price Could See Big Boost
Supporters for the joke coin keep coming in these last few weeks. FTX chief executive Sam Bankman-Fried said that Dogecoin remains an asset for 2020-2021. American entrepreneur and investor Mark Cuban also emphasized Dogecoin's value in decentralized finance. More recently, Hoskinson directly answered Musk's developer call, per Forbes.
Hoskinson emphasized Dogecoin's gains and risks over the years. What started out as a meme coin could undoubtedly gain enough value to rival some of the bigger cryptocurrencies existing in these last few years. Unfortunately, Dogecoin still needs a bit more support from professionals.
He said that Dogecoin needs real developers to work on its utility and use. This could take years of engineering effort to create the system where the Dogecoin market could flourish.
Note that Dogecoin continues to present its potential despite its currently decreasing value. Dogecoin quickly spiked its value in a matter of days, and investors are seriously accounting for another sudden rise at any given moment. Because of its erratic value, investors who can predict the pattern could sell their Dogecoin at any virtual price point and still gain profits in the long run.
Hoskinson is also openi on the possibility of teaming his blockchain Cardano together with Dogecoin. He hopes that Musk will follow through with his initial support to get real developers working on Dogecoin.
Hoskinson made a video outline emphasizing the challenges Dogecoin has to face to ultimately succeed in the long run.
Doge-Cardano Partnership Possible
Hoskinson believes Dogecoin could work as a modern cryptocurrency in two or three years. He also shared that Dogecoin and Cardano working together to overcome the challenges could be "a lot of fun."
Forbes reported that Dogecoin has seen little to no developer activity since its creation in 2013. It is understandable since the crypto coin was ultimately built for fun and entertainment. Hence, Dogecoin was held by a small number of crypto wallets. However, despite its shortcomings, Dogecoin surged with enough market value to attract investors from Gamestop and AMC.
Dogecoin is believed and proven to be one of the most successful cryptocurrencies, thanks to its soaring popularity in the market. With a little more work, it could stabilize enough to remain popular in the coming years.
However, take this information with a grain of salt. Dogecoin market remains volatile, and despite the apparent support from Charles Hoskinson himself, Dogecoin values remain unpredictable at any date.
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