Financial investment consulting firm, Motley Fool, says dog-themed memecoins will not be on this list of tokens that are likely to grow 100x in 2022.
Although at the beginning of 2021, Dogecoin made many in the market skeptical, it has really exploded in the second half of the year, showing that buyers have continued to participate in the market.
However, the relatively short-lived success of Dogecoin still resulted in a flurry of clones and among them, Shiba Inu was the most successful project by market capitalization.
Table of Contents
The dog-themed memecoin is out of date
Motley Fool was shown four “imposters,” all dog-themed memecoins, that people should stay away from in 2022.
The financial investment advisory giant says the memecoins are all similar and appear to have no real-world utility.
While Shiba Inu’s 121,000,000% profit has turned small investments into millions, they point out that very few people achieve these “huge” returns.
When it came to Dogelon Mars, the Motley Fool emphasized that there was no need for an “interplanetary currency” and felt quite uncomfortable with this token.
“No one has ever lived on another planet. The fact that Dogelon Mars has even been described as an “interplanetary currency” is insulting to the intelligence of the investment community.”
As for Floki Inu, the financial consulting giant said that, although the project shares the same name as Elon Musk’s pet dog, it still has nothing to do with the Tesla boss. And it also doesn’t create any major impact on the economy when used as a payment token.
What about Dogecoin?
Unlike Floki Inu, Dogecoin is closely linked to Musk, being one of three cryptocurrencies he admits to holding, along with Bitcoin and Ether.
However, the use case as payment token of Dogecoin is not stable. Users say that DOGE’s transaction fees are higher than XRP’s, the network is not scalable and the transaction speed is not too fast. In addition, merchants do not accept DOGE widely.
“Visa is capable of settling all transactions that Dogecoin processes in 1 day on its blockchain in just 1 second.”
The Dogecoin Foundation is well aware of this and has come up plan Turning around since August 2021, when it officially restructured its organization and added Vitalik Buterin to the advisory board.
More recently, the Dogecoin Foundation revealed plans to drive merchant adoption through a new API wallet system, allowing for smooth integration with payment providers.
The plans also include a “staking community,” adding more use cases and reasons for investors to hold tokens.
Although the Motley Fool makes quite logical inferences, it is still very difficult to remove the king of memecoin from the market, especially with its army of loyal investors.
Join Bitcoin Magazine Telegram to follow news and comment on this article: https://t.me/tapchibitcoinvn