Here Are 3 Reasons Why You Should Sell Dogecoin (DOGE) Now
However, today's competition is getting tougher as meme tokens are not that bright anymore, being slowly displaced by the hype of the NFT sector, metaverse and blockchain games.
Dogecoin (DOGE) Not Eligible?
Although many are targeted to reach the US $ 1 per token, this is still a question mark because of the various fundamentals that have not been supported. There is no strong sign of eligibility yet.
Here are three reasons why you should sell your DOGE holdings right now.
Limited Real World Adoption
In the end, crypto assets will always be expected to be useful in the real world to support existing needs or systems.
By relying on adoption as a digital payment tool, Dogecoin is still far from being sufficient to develop due to the lack of use on this side.
Currently, DOGE is only accepted at 1,900 merchants which is a very small percentage of the total 30 million small and medium enterprises (SMEs) that exist only in the US.
There is no other function, this makes Dogecoin look less valuable in the long term so that price appreciation is still in doubt.
No Competitive Ability
As explained above, Dogecoin can currently only be adopted as a means of payment.
Even so, DOGE doesn't top the list as a means of payment, which makes it look mediocre.
In addition, the supply of these meme tokens is still unlimited, so there is no extra value that can protect them from potential inflation.
In contrast to Shiba Inu, which continues to develop great visions into sectors such as NFT, metaverse and others, Dogecoin is very simple and unobtrusive.
Not Have More Power on Social Media
Mostly, meme tokens are growing in value because they have strong support on social media.
Strong backers and social media are the meme token's main weapon to continue to win over investors, and that's not what Dogecoin has.
Because of the two factors above, there is nothing good that can be favored by supporters so that even social media can't help much.
Praised by Litecoin Creator
On the other hand, Charlie Lee, Founder of Litecoin, has expressed his praise for Dogecoin. He calls it a great token and is quite fun.
This seems to be more focused on the ability of Elon Musk who has been able to raise the meme token as the hottest topic in early 2021.
However, Dogecoin is expected to be able to develop its ecosystem better, especially in terms of usability so that it can compete well.
If not, it is possible that the price of this token will sleep for a long time because of the popularity of other crypto assets.
