A joke cryptocurrency is up nearly 25,000% in six months, outpacing nearly every other investment
as a method of payment, it is nowhere near the level of adoption necessary to be used as any sort of actual currency substitute.Unlike rival cryptocurrencies like ethereum, which let programmers build applications on their platform to do things like lend and borrow money, there isn't much anyone can do with dogecoin.either, given that this typically requires a certain degree of long-term faith in the coin and the blockchain upon which it's been built.
"If you look at the dogecoin protocol itself, I don't even know if there's anyone over the last several years who has added new functionality or code to it," said Birla. "Dogecoin doesn't really have a development team behind it." Given these limitations, the run-up in dogecoin appears to be purely speculative. Dogecoin has value because other people believe that it has value. And because they believe that someone else is willing to buy it from them at a higher price.
"We see dogecoin rising in price as a factor of low liquidity and extreme growth in the network," explained Greenspan. "Once the network does reach critical mass, I don't think that type of growth is sustainable.""The real value is in today's meme-driven culture, and doge represents the network value of memetics, which may prove to be enormous," explained Bucella.
Disclosure: "Saturday Night Live" is a TV show of NBCUniversal, the parent company of CNBC. CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a panelist.
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