Here's the Massive Problem That Makes Dogecoin More Likely to Hit $0.10 Than $1

Bitcoin (CRYPTO: BTC) kicked off the cryptocurrency revolution when it was launched in 2009 by an anonymous developer who used the pseudonym Satoshi Nakamoto. In 2013, two friends named Billy Markus and Jackson Palmer felt the up-and-coming industry was taking itself too seriously, so they created the first meme cryptocurrency, Dogecoin (CRYPTO: DOGE).It wasn't designed with any specific use case in mind. In fact, the friends admitted that the whole exercise was a joke. But those who believed in Dogecoin had the last laugh, because in just a five-month stretch between January and May 2021, it soared by more than 16,000% to a high of $0.73 per token. At that point, it had a market capitalization of more than $90 billion.Unfortunately, Dogecoin couldn't maintain its momentum. It's down to just $0.17 of of Nov. 4. But its lack of a true use case is only one reason it's trending lower right now. There's another, far bigger problem that will apply downward pressure forever.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool