Is Dogecoin Really Turning Into A Joke?

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Is Dogecoin Really Turning Into A Joke?

ForexMinute.com – Looking at the recent Dogecoin charts, one can assume that something is very wrong with this proudly-absurd coin. The past few days have brought some really bad pessimism to Dogecoin and its famous community. Let us look at why this superb coin is gradually turning into a sadistic investment tool:

Unfortunate Events
Every coin, at one point in its trading career, has faced severe downfalls whether it is the leading cryptocurrency Bitcoin or the runner-ups like Litecoin, Nxt and Darkcoin. But what we are seeing in Dogecoin charts is an absence of stability, especially at the time when other coins were less volatile. Such incidents are indeed caused by multiple unfortunate events that eventually created a state of pessimism inside the Dogecoin market. At first there is this shutdown of famous Dogecoin betting site Doge Dice, followed by Doge patent controversy and the unfinished report of Dogecoin creator Jackson Palmer leaving the coin’s subreddit.

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Increasing Competition
By not taking them so seriously, the Dogecoin has let go of its top seat to new coins, mainly Nxt and Darkcoin that rose magnificently in previous weeks due to their innovative and transparent marketing approach. The coin needs to understand that the concept of being absurd has helped them in the past indeed, but the new users are more inclined towards making profitable investments. The cryptocurrency market is gradually being recognized by mainstream businesses, and staying away from making new developments will certainly make Dogecoin an outdated joke.

Bill C-31
The reason why Doge Dice had to shut down its website was Bill C-31, which recently was passed in the Canadian Parliament. As the bill clearly dictates cryptocurrency businesses to conduct certain activities like record keeping, verification procedures, registration and suspicious transaction reporting, betting sites like Doge Dice are dumb struck as a majority of their customers are anonymous. Unable to comply with the law, they have no option but to stop running their website inside the Canadian territory. Eventually, Dogecoin has been hit huge.

Intended to be a joke, Dogecoin in real the economy can’t afford to be taken absurdly. The coin really has to gain more business by effective marketing and new developments. The arrival of ASICs may help its price a bit, but it would be Litecoin eventually who will take the maximum benefits from it, provided security and stability which Dogecoin currently lacks. The coin has potential indeed, and a great community to back it up. But the time now is to play real and hard.

A personal request: Come back Jack!

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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