The odd Dogecoin has been carefully and thoroughly examined by Mike Novogratz who is of the considered view that even with all its apparent deficiencies, it has many fundamentals. He says that its surge is because of various factors including sympathetic support.
There is one cryptocurrency that is open to all criticism and all bad words yet it continues to grow rapidly. That cryptocurrency is hugely popular as the odd coin namely Dogecoin. It is a cryptocurrency developed for the fun factor but over time transformed itself into one of the most popular coins of the present times. The story of Dogecoin goes as far back as December 2013, when it was developed. The men behind this fun-filled crypto coin were Jackson Palmer and Billy Markus who were both software engineers.
The symbol of the coin reflects the facial image of an online meme dog known as Shiba Inu. It is now one of the rapidly growing crypto coins of the world. As of today, Dogecoin’s market capitalization has surged for over and above US$ 86 Billion. Interestingly, in the past six months’ progress of Dogecoin, the value of the crypto asset has grown approximately 25,000%.
Now Galaxy Digital has issued a report regarding Dogecoin and its future. The report has been authored by one of the biggest fans of Bitcoin namely Mike Novogratz of Galaxy Digital. In the report, Novogratz has claimed that in his entire life he has never seen an honest asset like that of Dogecoin. He said that the coin enjoys a distinct reputation amongst its colleagues because its creation was based on the fun factor. He said that he sees Dogecoin as the next Bitcoin.
Galaxy Digital’s examination of Dogecoin further discussed various deficiencies, which are apparent in the coin. Novogratz was of the view that even it being the highly adopted crypto coin of the year; it has so far failed to show any development. He said that there are only a handful of people who are running the nodes to their fullest extent. While most of them fail to do so because they have been challenged by technical difficulties which are faced during downloading process. He also pointed out that Dogecoin’s synchronization with the main network is also a major problem for Dogecoin users.
Furthermore, he said that there is a dire need of improving Dogecoin’s digital wallets. Not even the wallet’s software has been upgraded even after a period of 7 years. As a result, a large number of crypto trading platforms have been unable to render any support to Dogecoin. However, the report suggested that even though there is a bag of problems for Dogecoin, yet its growth is remarkable at the international level.
Nevertheless, Novogratz suggested in the end that the chances of Dogecoin becoming the world’s highly valued coin are almost to none. However, it is the need of the time that it should not be neglected at all.