The Ethereum foundation has been spending over $30 million a year on blockchain development, with the largest single project being “Ethereum Dapps”. With all of these nodes and smart contracts running at once, it’s easy to see how this technology could become too demanding for some users. Will doggie meme coins die off in 2022?
The “meme coins that will explode” is a question about the future of meme coins. There are many different opinions on this topic, and it’s hard to predict what will happen in the future.
As the year 2022 starts, everyone’s attention is drawn to the next 100x gainer. But, according to the Motley Fool, none of the doggy meme coins will be included.
While it’s true that Dogecoin had crypto purists scratching their heads about this time last year, the second half of 2021 was considerably more tranquil, suggesting that purchasers had already moved on.
Despite this, Dogecoin’s (very short-lived) popularity resulted in a swarm of clones. Shiba Inu has been the most successful in terms of market capitalization to date.
In any case, the Motley Fool singles out four “pretenders,” all of which are doggy meme coins, as “avoided like the plague in 2022.”
Dog-themed meme coins are now available.
The Motley Fool uses a recurring theme of inadequate distinction and little real-world usefulness to argue against doggy meme currencies.
While Shiba Inu’s profits of 121,000,000 percent transformed tiny investments into millions of dollars at one time, they point out that enormous gains are often followed by corresponding reversals.
When it comes to Dogelon Mars, things become a little tense. The Motley Fool believes that a “interplanetary money” is unnecessary and that this notion is insulting.
“No human has ever visited another planet, much less colonized it to the point that money is required. The idea that Dogelon Mars was ever referred to as a “interplanetary currency” is an affront to the financial community’s intellect.”
In the case of Floki Inu, it’s worth noting that, despite sharing the same name as Elon Musk’s dog, the initiative has no ties to the Tesla CEO. It hasn’t had much of an effect as a payment token, however.
What about the Dogecoin cryptocurrency?
Unlike Floki Inu, Dogecoin has a close relationship with Musk, since it is one of three cryptocurrencies he confesses to owning, alongside Bitcoin and Ether.
Simultaneously, it is pointed out that Dogecoin’s payment token use case fails. They claim that transaction costs are greater than, instance, XRP, that the network isn’t scalable or quick, and that businesses don’t accept $DOGE extensively.
“Visa, the world’s largest payment company, can handle the amount of Dogecoin transactions every day on its blockchain in less than a second.”
The Dogecoin Foundation is fully aware of this, and has been scheming to change things since at least August 2021, when it finalized its organisational structure and appointed Vitalik Buterin as an adviser.
The Dogecoin Foundation has announced intentions to promote merchant adoption with a new wallet API interface that would allow for seamless connection with payment providers.
“Community staking,” which provides a new level of use case and a motive to keep the token, is also in the works.
While the Motley Fool’s reasoning is sound, it’s still difficult to dismiss the king of meme currencies, particularly considering its army of devoted investors. Will that ardent fan base still be there in 2022?
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The meme coin price prediction is a question that has been circulating around the internet. The meme coins are not going to die off in 2022, but they will most likely be replaced by other currencies.
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