🐕Review of the Dogecoin(DOGE) Project🐕

2023년 4월 9일

Hello! Today, let's review one of the ✴️cryptocurrency projects ✴️ which is the talk of the town these days, Dogecoin.

Today's project name is ⚛️Dogecoin, shown as DOGE token⚛️.

As I have said before, I evaluate crypto projects based on various factors.👇

I have already introduced each of these factors with a brief explanation, so today, I will be looking at DOGE.

🔥Let’s get into it:

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✅ Project Goals: Dogecoin was created in 2013 as a joke. Dogecoin's goals are centered around creating a fun😁, friendly, and inclusive cryptocurrency that anyone can easily use and access. Dogecoin is the start of what is known today as “meme coins”. One of the main aims of Dogecoin is to be a fast and low-cost alternative to other cryptocurrencies like Bitcoin, making it ideal for everyday transactions and small purchases. But the aim to be an alternative to Bitcoin was made as a joke to stop the Bitcoin maximalists from spreading toxicity in the Bitcoin community💬. This is why I have rated Dogecoin’s project goals 4/10.

✅ Founders: Dogecoin was created in 2013 by two software engineers, Billy Markus and Jackson Palmer. Markus, who had previously worked for IBM, developed the technical aspects of the cryptocurrency, while Palmer, a product manager at Adobe, came up with the idea to base it on the popular "Doge" meme featuring a Shiba Inu dog🐕. Initially created as a joke or a "fun" cryptocurrency, Dogecoin gained popularity among internet communities, especially on Reddit, and became known for its friendly and inclusive culture. Markus and Palmer both stepped away from the project in 2015, with Markus citing personal reasons and Palmer expressing concerns about the cryptocurrency industry's direction. Since then, Dogecoin has been maintained and developed by a decentralized community of supporters and developers with no official leadership or centralized authority. Therefore I have scored Dogecoin’s founders 7/10.

✅ GitHub: Dogecoin's GitHub is an open-source repository where the source code for the Dogecoin cryptocurrency is stored, managed, and updated. It is a central hub for developers and contributors to collaborate on the project and make changes to the codebase. The GitHub repository also includes various resources and documentation for developers and users, such as technical guides, FAQs, and release notes. Dogecoin's open-source nature allows for transparency and community involvement in developing and maintaining the cryptocurrency. The Dogecoin GitHub repository has more than 270 contributors with over 14,000 commits. That is why I have scored Dogecoin’s GitHub 8/10.

✅ Inflation Rate: Dogecoin has a unique inflationary monetary policy that sets it apart from other cryptocurrencies like Bitcoin. Unlike Bitcoin, which has a fixed supply of 21 million coins, Dogecoin has an unlimited supply, with 5 billion new coins added to circulation each year. The inflation rate of Dogecoin is fixed at 5.26% per year, meaning that the total supply of Dogecoin will increase by approximately 5.26% each year. This inflation rate is designed to ensure that there will always be new coins available to incentivize miners to continue verifying transactions and securing the network. I have scored Dogecoin’s inflation rate 6/10.

✅ Community: Dogecoin's community is known for its fun, friendly, and inclusive culture, which has played a significant role in the cryptocurrency's success and popularity. The community is made up of a diverse group of supporters, including investors, developers, traders, and enthusiasts, who are passionate about the currency and its mission.
The Dogecoin community is highly active on social media platforms, especially Twitter and Reddit, where they often share memes, jokes, and updates about the cryptocurrency.
One of the unique features of the Dogecoin community is its strong sense of humor and lightheartedness. The currency's logo features the Shiba Inu dog, which has become a popular meme on the internet, and the community often celebrates milestones with humorous memes and jokes.
Also, Elon Musk is an active member of the Dogecoin community with a significant impact on the project. Since Elon Musk is an extremely influential figure, he has managed to impact Dogecoin’s price through tweets, accepting DOGE for the sale of certain Tesla products, and even most recently that he changed Twitter’s logo to Dogecoin’s logo for a week. Due to this, I have scored Dogecoin’s community 9/10.

✅ Whitepaper: Dogecoin does not have a formal whitepaper in the traditional sense, as it was created as a fork of Litecoin and was initially intended to be a joke or a "fun" cryptocurrency. However, the original codebase for Dogecoin is publicly available on its GitHub repository, and it provides a technical overview of the currency's features and functionality. Since the project does not have a whitepaper, I have scored it 1/10.

✅ Developers: Dogecoin's development team is largely comprised of volunteers and community members who contribute to the project on a part-time basis. The original codebase for Dogecoin was created by programmers Billy Markus and Jackson Palmer, who have since left the project.
Since then, the Dogecoin development team has expanded to include several core contributors and maintainers who oversee the ongoing development and maintenance of the currency. Some of the current core contributors include Ross Nicoll, Patrick Lodder, and Max Keller, among others.
The development team works closely with the broader Dogecoin community to solicit feedback, implement new features, and address any issues or bugs that arise. The team is known for its collaborative and transparent approach to development, with regular updates and discussions on social media and other online platforms. Therefore I have scored Dogecoin’s developers 7/10.

✅ Tokenomics: Dogecoin is inflationary which means it does not have a maximum total supply. Dogecoin’s tokenomics include a few key features mentioned below:

• Inflationary supply: Dogecoin has an inflationary monetary policy, with 5 billion new coins added to circulation each year.
  

• Fixed block rewards: Dogecoin miners receive a fixed block reward of 10,000 DOGE per block. This reward is designed to incentivize miners to continue verifying transactions and securing the network.
  

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• Fast block times: Dogecoin has a fast block time of just one minute, which helps to facilitate quick transactions.
  

But an important factor to keep in mind is that 50% of Dogecoin’s current circulating supply is held just by the top 20 wallet addresses. This makes Dogecoin extremely centralized in terms of ownership. Therefore I have scored Dogecoin’s tokenomics 4/10.

✅ Venture Capital Investors: Dogecoin is a decentralized cryptocurrency and does not have any official VC investors. As a community-driven project, Dogecoin was initially created as a fun and lighthearted fork of Litecoin and has since gained popularity and support from a diverse group of enthusiasts, investors, and traders.
While Dogecoin does not have any VC investors, it has received attention from various high-profile individuals, including Elon Musk, who has been known to tweet about the cryptocurrency and show support for its community. Due to this, I have scored Dogecoin’s VC investors 5/10, even though it does not have any official investors.

✅ Competitor Comparison: Dogecoin is often compared to other meme-inspired cryptocurrencies, which have gained popularity in recent years. Here are some points of comparison between Dogecoin and some of its notable meme coin competitors:

• Shiba Inu (SHIB): Shiba Inu is a meme-inspired cryptocurrency that was created in 2020. Like Dogecoin, it features a cute dog as its mascot, and it has a community-driven culture. However, Shiba Inu has a larger total supply and has faced criticism for its lack of transparency and governance.
  

• SafeMoon (SAFEMOON): SafeMoon is a cryptocurrency that was created in 2021 and has gained a significant following in a short amount of time. It features a unique tokenomics structure that incentivizes holders to keep their coins in their wallets, which is very ponzi-like. Therefore SafeMoon has faced criticism for its lack of transparency and the potential risks associated with its tokenomics structure.
  

• Akita Inu (AKITA): Akita Inu is a meme-inspired cryptocurrency that was created in 2021. It features a dog as its mascot, and it has gained some popularity among crypto investors. However, Akita Inu has a smaller community and less widespread adoption compared to Dogecoin.
  

Therefore I have scored Dogecoin 9/10 compared to its competitors.

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🔔 In conclusion, Dogecoin obtained a total score of 6/10 which is average. But the important point is that Dogecoin is a meme coin after all, which means it will only have value as long as the community stays active and works for the project’s growth. The thing is, there is a high chance of people getting tired of one meme coin and moving on to a newer, more trending one. So if you are thinking of buying some DOGE, it’s best not to put in more money than you are completely comfortable with losing. Many great teams in the crypto space are working on the latest technology in order to build platforms, applications, and protocols that will increase crypto adoption and create a better experience for crypto users. Therefore, in my opinion, it’s best to invest your money in those types of projects instead of meme coins.