The co-founder of Dogecoin, Billy Markus, has urged the community to promote the asset as a digital currency. Though Markus is no longer actively involved in the project, he has continuously made suggestions to assure DOGE’s continued growth.
The Future’s Currency
In a series of tweets, Billy Markus asked the Dogecoin community to sink the ‘meme/speculation label’ and promote Dogecoin as a virtual currency for payments. Markus argues that the crypto ecosystem is rife with tokens and assets created by communities seeking to profit from the asset’s ownership. He feels that Dogecoin has the required characteristics to distinguish itself as a medium of exchange.
“Dogecoin needs to market itself as a digital CURRENCY,” he tweeted. There are already many digital speculation and utility tokens and chains, and meaningless speculation tokens are created every day. Dogecoin should be the most widely adopted cryptocurrency for shopping and tipping. If you want Dogecoin to flourish, remain relevant, and exist, utility comes from using it, accepting it, and showing its advantages to others.
Markus is not the first to advocate for Dogecoin’s adoption as a main digital currency. Elon Musk previously opined that Dogecoin was the best form of money he had ever seen. In an interview with TIME, the billionaire shared that he preferred Dogecoin as a payment method over Bitcoin and Ethereum because of its scalability and inflationary controls.
Dogecoin is now accepted as payment for some Tesla items. Additionally, AMC cinemas recently stated that it would accept payments in the pioneer meme currency.
Musk also said that if he acquires Twitter or builds his own social media site, he would include the meme currency as a tipping option. Musk has recently voiced his dissent with the microblogging network, which leads to the speculation that the world’s wealthiest man may consider purchasing it or launching his own social media platform.
The Dogecoin’s Outlook
Despite being created as a meme, Dogecoin has exploded in popularity. The coin is favourably supported by billionaires Elon Musk and Mark Cuban. While progress on the project has been inconsistent, this year looks different.
The Dogecoin Foundation, which actively supervises the project, announced that they would be collaborating with Ethereum’s Vitalik Buterin to transition Dogecoin to Proof-Of-Stake (PoS). Markus also urged anyone who cared about the project to join it.
As of the time of writing, the meme currency has lost 0.88% in the previous 24 hours and is now trading around the $0.14 price threshold on various platforms. Regardless of today’s performance, Dogecoin witnessed a bullish week, rising 7.55% over the last week. It is the 12th biggest digital asset, with a market capitalisation of $18.6 billion.
