Financial advisory firm Motley Fool says dog-themed memecoins won’t be on this list of tokens, which are likely to grow 100x in 2022.
Although Dogecoin made many in the market skeptical in early 2021, it really exploded in the second half of the year and shows that buyers are still participating in the market.
However, Dogecoin’s relatively short-lived success still resulted in a spate of clones, and among them, Shiba Inu was the most successful project by market cap.
The memecoin on the subject of dogs is out of date
Motley Fool was shown four “scammers”, all of them memecoins on the subject of dogs, that people should stay away from in 2022.
The financial advisory giant says the memecoins are all similar and appear to have no real use.
While Shiba Inus has made a 121,000,000% return on small investments millions, they indicate that very few people achieve these “huge” returns.
Regarding Dogelon Mars, the Motley Fool stressed that there was no need for an “interplanetary currency” and was quite uncomfortable with this token.
“Nobody has ever lived on another planet. The fact that Dogelon Mars was even referred to as “interplanetary currency” offends the intelligence of the investment community. “
As for Floki Inu, the financial advisory giant said that while the project bears the same name as Elon Musk’s dog, it still has nothing to do with the Tesla boss. And it doesn’t have much of an economic impact when used as a payment token, either.
What about Dogecoin?
In contrast to Floki Inu, Dogecoin is closely related to Musk, as it is one of three cryptocurrencies he admits, along with Bitcoin and Ether.
However, the Dogecoin payment token use case is not stable. Users say that DOGE’s transaction fees are higher than XRP’s, the network is not scalable, and the transaction speed is not too fast. In addition, dealers do not generally accept DOGE.
“Visa is able to process all transactions that Dogecoin processes on its blockchain in 1 day in just 1 second.”
The Dogecoin Foundation is aware of this and has come up with it to plan Has been reversing since August 2021, when it officially restructured its organization and added Vitalik Buterin to the advisory board.
Recently, the Dogecoin Foundation announced plans to drive merchant adoption through a new API wallet system that enables seamless integration with payment providers.
The plans also include a “staking community” that adds more use cases and reasons for investors to hold tokens.
Although the Motley Fool draws fairly logical conclusions, it is still very difficult to remove the king of memecoins from the market, especially with his army of loyal investors.
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