What is the function of Dogecoin in today's crypto market, beyond the meme culture?
» Specific CryptocurrenciesSo, you guys probably heard about Dogecoin, right? That crypto that started as a joke based on a meme but then got famous? Yeah, that one. I've got a question that's been bugging me for a bit. Setting aside the whole meme thing, what’s the actual function of Dogecoin in today’s crypto market? I mean, there must be more to it, right? Would appreciate any thoughts on this!
That's a good point, but what if we consider the inflationary nature of Dogecoin? How does that play into its role in the broader crypto market?
Well, one perspective could be dogecoin's inflationary aspect. We all know cryptocurrencies like Bitcoin are designed to be deflationary, with a capped limit that can ever be in circulation. This scarcity is what often drives up the price. On the other hand, Dogecoin, with its 10,000 new coins mined every minute and no capped limit, can be a risky game to play. The endless supply means it's less likely to appreciate over time compared to its counterparts. So, from a practical perspective, it's usefulness in the crypto-market becomes questionable. However, there's always the chance that market dynamics could change this. What do you guys think?
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