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Dogecoin Mania ‘Good for Crypto Industry,’ Says Michael Saylor – Here’s Why

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MicroStrategy CEO Michael Saylor says the mania-driven Dogecoin (DOGE) rally is beneficial to the crypto sector at large.

In an interview on Morning Invest, Saylor, whose company now owns 91,579 Bitcoin, says that the hype surrounding the meme crypto asset and other speculative investing strategies is likely fueled by an utter lack of confidence in traditional financial markets.

As investors are discouraged by an inflating dollar, reasons Saylor, they are turning to investing opportunities that embody huge risks, like GameStop and meme coins. The increasing risk appetite, notes Saylor, is good for crypto.

“[The public has] lost confidence in conventional strategies, conventional money, conventional bonds, and conventional treasury strategies. Because they’ve lost confidence, and they’ve literally lost hope, they’re being driven to speculate more and the result is the GameStop saga, the result is the Archegos saga where they put on huge leverage on equity. The result is the SPAC explosion where people are literally buying speculative shell companies that do nothing but potentially do something that we don’t know what, but they figure that’s better than holding cash.

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They’re crowding into cryptos and the wise [investors] are buying Bitcoin because they understand that this is sound money for the next hundred years, but I also think people are speculating in other cryptocurrencies and it’s not that different than the GameStop thing. People are looking for something other than to wait and watch their money get debased.” 

Saylor adds that Dogecoin is providing a lot of fun and entertainment for people, attracting crypto newbies in the process.

“I think also, it provides entertainment… Dogecoin is fun, and if I take away the ability to go to professional sporting events and gamble at the sporting event, then this is another way for me to gamble on the market. So I think ultimately it’s understandable in the monetary environment. It’s good for the crypto industry, it’s generating massive awareness and massive enthusiasm, lots of people are signing up, lots of people are opening up accounts…

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I don’t think that you’re going to want to leave Dogecoin to your grandson or granddaughter, but on the other hand, I wouldn’t begrudge you gambling on a boxing match or gambling on a basketball game if it were legal in the jurisdiction when you do it.”

While the billionaire technology entrepreneur is optimistic about DOGE, others aren’t so sure. Ethereum co-founder and Cardano creator Charles Hoskinson recently said that Dogecoin poses an existential threat to the crypto markets.

“When someone buys DOGE, if you look at the commentary of the community, 99% is, ‘We’re going to get rich…’

If that mentality persists, there are only so many doublings you can have before it doesn’t happen anymore and then a panic sale happens…

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So catastrophic failure is the most likely outcome here, as people with wildly unrealistic expectations and very limited experience investing acquire these assets, and then once the failure occurs, their opinion of the entire industry will be the same as Bill Maher’s, the same as a lot of people in the mainstream, like Charlie Munger.”

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Mapping how Dogecoin can make it in the big leagues

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While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.

Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big? 

DOGEing its way up

A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable. 

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This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.

Dogecoin average transaction fees | Source: BitcoinInfoCharts

What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance. 

Dogecoin total addresses vs those with balance |

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Source: Intotheblock – AMBCrypto

Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.

This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.

Dogecoin UTXO age bands | Source: Intotheblock – AMBCrypto

Is this behavior common?

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As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.

Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again. 

Dogecoin social users | Source: Santiment – AMBCrypto

Ergo, for some real value to pump in, this pattern needs to be changed.

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Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.

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Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.” 

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled. 

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For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.

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One Thing Must Happen To Spark Widespread Dogecoin Adoption, According to Elon Musk

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Business magnate and billionaire Elon Musk says Dogecoin (DOGE) must make one key change before it can be realistically used for everyday transactions.

The fees associated with transacting DOGE are far too high, rendering the cryptocurrency not yet viable to be used as a medium of exchange, according to Musk.ADVERTISEMENT

Musk’s comments come on the heels of AMC Entertainment CEO Adam Aron conducting a poll which asked if the cinema chain should adopt the memecoin. Out of the survey’s 140,000 respondents, 77% said AMC should adopt Dogecoin.

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In response to Dogecoin co-founder Bill Markus’s excitement about these poll results, Musk tweets,

“[It’s] super important for DOGE fees to drop to make things like buying movie tix viable.”

This marks the third time in recent months that Musk has called for DOGE to improve in some manner.

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In June, Musk tweeted that it’s “important to support” a proposal by Dogecoin developers that suggested changing the crypto’s transaction fees, and in August he praised the memecoin for upgrading its node count, which did result in lower fees.

Currently, the average transaction fee for the memecoin is $0.49, a 414% decrease from its six-month high of $2.52, according to BitInfoCharts.

DOGE is currently trading at $0.22, according to CoinGecko.

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