Bitcoin News and Finance
Dogecoin Has ‘Remarkably Strong Fundamentals’ Despite Deficiencies, Says Mike Novogratz’s Galaxy Digital Skip to main content

Dogecoin Has ‘Remarkably Strong Fundamentals’ Despite Deficiencies, Says Mike Novogratz’s Galaxy Digital

Dogecoin Has 'Remarkably Strong Fundamentals' Despite Deficiencies, Says Mike Novogratz's Galaxy Digital

Bitcoin bull Mike Novogratz’s company, Galaxy Digital, has analyzed dogecoin and concluded that “despite its deficiencies, dogecoin has remarkably strong fundamentals and powerful forces supporting its rise.” Novogratz admitted that he had been too bearish on the cryptocurrency.

Dogecoin Should Not Be Ignored, Says Galaxy Digital

Galaxy Digital Research published a report on Tuesday entitled “Dogecoin: The Most Honest Sh*tcoin.” The report outlines the history and progress of Dogecoin, noting that its appeal “has always been its honesty.” The authors described that “Unlike many other cryptocurrency projects, Dogecoin does not seek, or even pretend, to be anything more than to be the world’s most fun currency.”

The report also adds that “with no pre-mine or ICO, Dogecoin’s fair launch positions it more closely to Bitcoin than most other projects in the space, ensuring that no hidden group of insiders stands to benefit disproportionately from its rise.”

While acknowledging that dogecoin “is the best performing major digital asset year to date” and “more people than ever before own DOGE,” the report highlights some major deficiencies of the meme cryptocurrency. “Dogecoin has zero development,” the authors began. “Few people run full nodes and those who do often have difficulty downloading the chain or staying synced with the network. There’s no market infrastructure, barely any wallet software, and despite being more than 7 years old, many exchanges still don’t support it. There is no serious long-term narrative or use-case supporting its wide adoption. And it’s not clear whether DOGE holders are dogmatic about the coin’s long-term prospects.”

Admitting that when they set out to write the report, they expected to find that “Dogecoin is a joke … not credible, resilient, or adopted,” the authors wrote:

As we reviewed the data, we found that, despite its deficiencies, Dogecoin has remarkably strong fundamentals and powerful forces supporting its rise: a genuine origin story, longevity, and a growing community of users who appear determined to meme a Shiba Inu-themed global currency into existence.

Nonetheless, they emphasized, “We don’t expect Dogecoin to become the world’s most valuable cryptocurrency any time soon, but DOGE should not be ignored.”

Among those who have significantly contributed to the rise in the price and adoption of the meme coin are Tesla CEO Elon Musk and the owner of the NBA’s Dallas Mavericks, Mark Cuban.

The report, which can be found here, concludes:

The coin offers a certain honesty that resonates in a complicated world and an often duplicitous cryptocurrency ecosystem. Most assets cannot rival that honesty, and Dogecoin’s longevity is ensured so long as one truism remains: people love a good joke.

Galaxy Digital CEO Mike Novogratz called the report “very balanced,” adding: “I had been too bearish. Glad I’m not short.”

What do you think about Galaxy Digital’s analysis of dogecoin? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory