Dogecoin and Shiba Inu, the two canine based meme coins are born adversaries and till date Shiba Inu (SHIB) has not been able to topple Dogecoin from the top of the meme coin Pyramid. Despite a lot of bad publicity Dogecoin has managed to comeback after a massive cryptocurrency meltdown in 2021.
Dogecoin Still Not Up To The Mark,Experts
Despite a slow start in 2022, cryptocurrency market has been progressing at a very fast rate and there is more and more institutional and national adoption. Dogecoin has been the apple of the eye for Tesla CEO Elon Musk and his tweets have helped swell the value of Dogecoin to swell to great heights. After the great meltdown of cryptocurrencies in June 021, Dogecoin has made a smart recovery. However, experts say that this is the right time to offload Dogecoin holdings because the coin is still not up to the mark.
Elon Musk remains one of the staunchest supporters of Dogecoin. Tesla had started accepting Dogecoin as payments for its wares and this news sent the values of Dogecoin surging by more than 11% in January 2022. Many crypto companies are betting their fortunes on DOGE. It seems Musk is on a mission to make Dogecoin more competitive. Still experts say that this is the best time to sell the meme coin.
Why Are Experts Asking Investors to Sell Dogecoin?
The answer is pretty simple –Dogecoin has not been able to achieve the status of its compatriots like Bitcoin (BTC) or Ethereum. The real world utility of the meme coin is practically zero. Though created as a payment network, DOGE has not been able to achieve much traction. Both BTC and DOGE was launched to provide a decentralized electronic payments networks, but BTC has always had the first-mover advantage. Other crypto assets like Ethereum, Solana and even Shiba Inu are striving to widen their user base. However coming to Dogecoin most of its surge in values are dependent on Elon Musk and one should be aware that Musk is not long-standing.