Why It Makes Sense To Take Dogecoin Seriously

It’s an open secret that Dogecoin came into being when one individual decided to launch a cryptocurrency that was openly absurd, only to see it begin to make money. To this day, people who have only been half-listening will respond to mentions of Doge with “Oh yeah, the joke coin?”. And to some extent, of course, they are right. The purpose of Dogecoin was to make people laugh. Nine years on from its initial market entry, it’s still here. This is where someone would normally say “They’re not laughing now”. But that’s untrue – a lot of people are laughing plenty.

There are good reasons to take Dogecoin seriously, even if you don’t agree with what it represents. Even if you find parts of its story distasteful and/or irritating, this is a coin that features in serious altcoin analysis, is traded by wealthy speculators, and, at least, is memorable. If you turn your face against Dogecoin, and refuse to take it seriously, then you risk not learning a pretty valuable lesson. So let’s look now at why it makes sense to embrace Dogecoin and, even if you see it as a joke, at least lean into the humor and be on the side that’s laughing.

Antagonism is a potent motivator

Let’s start by looking at the most recognized supporter of Dogecoin. Elon Musk is a highly wealthy individual and, regardless of what you think of him, has a substantial profile and all of the market muscle that comes with that. He might be the closest thing the financial world has to an “anti-hero”. When he speaks, there are at least some people who listen intently and follow what he says. 

There are others who are persuaded by his tendency to do things that he knows others will find annoying. The fact that Doge isn’t supposed to be successful has made Musk and others all the keener to keep it in the public eye. Maybe a lot of Dogecoin supporters are trolling, but it has been a lucrative troll for many of them.

It has every right to be in the cryptosphere

If you’re not down with Dogecoin, you may find yourself asked to explain why. If your answer involves saying that it has no intrinsic value and that its trading patterns are dictated by emotion, then guess what? You just described every cryptocurrency. You can make smart contracts with Ethereum, which also has no intrinsic value, so it makes perfect sense that you can use Dogecoin gambling sites. Doge is worth whatever people are prepared to pay for it, which is true of every crypto asset. 

So if you’re comfortable with Bitcoin and Ethereum – and there is no reason not to be – you’ve got to at least accept that Dogecoin has every right to occupy the same sphere.

It’s a genuine decentralized asset

Crypto’s great claim is that it sits apart from fiat currencies as a result of its decentralized nature, and yet… The truth about a lot of the biggest crypto assets is that there are people behind them, driving them, making decisions about their future, and capitalization. They’re decentralized, to a point, sure, but their existence apes that of fiat currencies in that there is an authority of some sort making decisions.

Dogecoin has been more or less disowned by its creator, who wanted to make a point about cryptocurrencies and perhaps did it too successfully. There is now no central authority steering Bitcoin. It is, for real, driven by sentiment and investor decisions. This may be a disadvantage in the eyes of some people, while others will say that nothing is fully anti-authority when it’s pushed by a billionaire. But Dogecoin, in spirit, is as much a crypto coin as the more serious coins, and the more people push against it, the truer that will become.