Is Dogecoin Being Turned From a Meme Into Money?
The Dogecoin Foundation, seeking to change the brand image of the cryptocurrency, is in the process of buying more than 10 million dogecoin (DOGE), approximately for $1.8 million. This purchase was made via its corporate body, House of Doge, with the intention of creating a reserve of DOGE and enabling its usage in real-world scenarios.
The House of Doge Is Setting Achievable Milestones For The Foundation
House of Doge, the commercial division of the foundation created in February, has been assigned a 5-year project to enhance DOGE utility and is leading this campaign. Their target is to ensure that DOGE is no longer classified merely as a memecoin but as a practical global currency. To achieve this, they need to prove that Dogecoin can be used for low-fee transactions in everyday life.
“Constructing an Infrastructure for Liquidity and Stability”
“Dog House is setting up a payment ecosystem with guaranteed liquidity as well as reliability with the strategic reserve, and so it has been constructed under foundational principles,” elucidated Michael Galloro, House of Doge Board Member with ample reserves. “We bridge waiting time for a transaction to be completed to real-world value through everyday practicality, making Dogecoin a powerhouse for all daily purchase conveniences.” Soon the foundation will reveal several agreements with controlled alternatives, those cementing the payment ecosystem vision for Doge.
Shaky Journey of DOGE in Getting Political Attention and Correcting in Value
A surge in the value of Dogecoin was witnessed a few months before the Presidential elections when there was speculative optimism that the abbreviation D.O.G.E could be aligned with a planned Department of Government Efficiency. Subsequent profit booking along with extensive selling resulted in a steep market correction that saw the value shed over 30 percent in the January Coin-Disk Market Value Contest.
Changing Established Perceptions is Difficult
The Dogecoin Foundation’s grand goals are hindered by the need to change the prevailing perception of the coin as a mere memecoin. While the cryptocurrency’s low transaction fees and fast processing times enable it to be used for everyday payments, there needs to be a broader adoption for public perception change.
Real Life Usage Planning
Foundation buying OVER 10 million DOGE and creating a reserve is clearly an indication of an implemented strategy. By creating a stronger and more liquid system, they hope to facilitate effortless daily transactions using dogecoin.
Adoption combined with partnerships is the way forward.
Most importantly, the Foundation must pioneer partnerships with major payment processors to increase merchant and consumer adoption, as this endeavor’s success hinges on these factors. In the next few months there will be a deciding factor on whether dogecoin will ever be considered a widely accepted currency instead of a meme coin.
Market Fluctuation Considerations
The strategy of the foundation also has to contend with the internal volatility of the cryptocurrency market. Although there is some stability from the 10 million DOGE reserve, external factors can still greatly affect the value of Dogecoin. How well the Foundation is able to manage its fluctuations will determine its success in fulfilling the vision of a payment-centric focus.
