Doge: A Fundamental Analysis of the Worlds Most Expensive Running Joke

Dogecoin is surprisingly a top ten cryptocurrency by market cap, the second biggest Proof-of-Work coin, and one of the oldest coins in the industry. At times its market cap has reached over $75b, and stands at $9b today. In recent years Dogecoin has found a recommitted group of developers. They have put together a roadmap to try and bring the tech stack up to date and rebuild the back end in an effort to help merchants to add Doge payment capabilities for customers. Daily active addresses and transaction counts rival (and even surpass) some bigger protocols. Centralization and concentration of holders remain key issues. Beyond that, there likely remains a ceiling for how broadly such a volatile payment mechanism can truly achieve long-term product-market fit.

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