What is dogecoin’s role in the digital currency space? Well, for starters, it exists to compete with bitcoin, which is likely its primary function.
Bitcoin, as many would no doubt believe, is the leader amongst the digital currency entities. It rules the world of virtual finance and has made its mark like no other competing cryptocurrency has. In recent weeks, bitcoin’s price has significantly risen and stabilized following two worrisome and questionable months (both January and February) and now we are beginning to see a lasting influence once again.
In the long run, dogecoin is not quite where bitcoin is, but that could primarily be because dogecoin is still in its infancy. Bitcoin has now been in existence for a solid six years, and while there have certainly been ups-and-downs the digital currency has certainly managed to hold its position and stand strong in times of strife and turbulence. Its price is incomparable to those of its competitors. Dogecoin, on the other hand, is only a little over a year old. While it experienced a heavy price spike and solid trading records in the first few months of its existence, it has since fallen heavily, and although stabilization has been witnessed to a certain extent, it will be a while before dogecoin comes close to bitcoin’s level.
However, dogecoin has another purpose, and that is to provide those in the financial world with things that they would probably not receive through any other means. Despite its lagging price over the past year, dogecoin has managed to do wondrously charitable things on a global scale. It has raised money to build schools in Cambodia and sent the Jamaican bobsled team to the Winter Olympics. It has built waterwells in Kenya. In this sense, dogecoin has certainly made a mark comparable to the one made by bitcoin. It is the currency’s charitable drive and what it has done in this arena that will solidify its stance and increase its power and popularity over time.
In simple terms, what is dogecoin’s role? Well, its role is to provide, and on this very basic level, it does exactly that… And it succeeds on astoundingly high terms.