Dogecoin Loses One of Its Top Dogs; Will Dogecoin Survive?
Tending from the recent news that broke out of Dogecoin Foundation about the stepping away of Dogecoin’s core developer, many investors and Dogecoin enthusiasts have been asking to know what the fate of Dogecoin would be.
Ross Nicoll is the core developer of Dogecoin and also the director of the Dogecoin Foundation advisory board. He has been handling many things concerning the cryptocurrency. But in a few weeks back, Ross announced that he would be stepping away for a while. So is there a way out for Dogecoin? Will Dogecoin survive this hard time? Let’s see all of these in this post before you go ahead buying Dogecoin.
Dogecoin’s Shaky Growth over the Years
When Ross Nicoll announced his stepping aside a few weeks ago, he mentioned how tiring his full-time job with Dogecoin Foundation has been. He said the stress of managing the crypto is extremely high, so he has to step aside for a while to focus on himself for a period. But he also mentioned some more things that need to be considered about Dogecoin and Dogecoin Foundation.
Right from its creation, Dogecoin has defiled many expectations. A normal business would have a clear statement and business plan before setting out. A normal business would have a trademark registered to protect the business. A normal business will have a headquarter and will not be run by part-time semi-volunteers. But luckily for Dogecoin, it started off in the cryptocurrency industry – an industry that is far from normal.
Even at that, Dogecoin is far different from many cryptos in the space. It started as a mere internet joke and wasn’t created as something that would last. Dogecoin has no utility and no business plan. It was created just for fun. However, Dogecoin was able to make its way through the sea of the crypto community and won a huge number of following to itself. It has a substantial number of investors backing it and has grown exponentially over the years to reach almost $17 billion.
Dogecoin is presently among the top 20 cryptocurrencies based on market cap and still sells at a good price despite having some downtime in the past few months. All these interesting stories about Dogecoin would, however, not be complete without mentioning the efforts of Ross Nicoll. Ross and the billionaire businessman Elon Musk played an active role in the publicity and success of the meme coin. That is why many people still believe it would be a really hard time for Dogecoin because of Ross’ departure. It may not be very easy to re-engineer this multibillion-dollar project.
Dogecoin Foundation Is Bringing More Experts On Board to Cushion the Effect
Recently, Dogecoin Foundation brought some more people on board to help cushion the impact of Ross’s departure on the network. Notable among them is Ethereum founder Vitalik Buterin. Vitalik was brought on board to help scale the platform to transit it from just a meme coin to a widely used cryptocurrency.
Dogecoin is presently enjoying some acceptance as more people are beginning to see it as a useful form of payment. Many experts have predicted that the coin will soon be used for the acquisition of goods and services. But everything still hinges on how Dogecoin fought through this trying time.
Can Dogecoin Survive Nicoll’s Departure?
Although many have been ruminating on what effect Nicoll’s departure would have on Dogecoin, the developers said it hadn’t had so much impact. There hasn’t been a huge impact on DOGE’s price, and there have been some mitigating measures in place to make sure things remain the same. However, since Nicoll is no longer with Dogecoin Foundation, it means the foundation will now need to get full-time employees on board while also working on resolving the trademark issues that the foundation has been facing recently.
This is not the first time Dogecoin has defiled various expectations. It has done that right from its creation until it reaches $17 billion and is among the 6th by market cap. And there are different predictions showing positive signals concerning the future of the crypto. There is likely going to be more adoption soon as more people begin to accept it as a payment method and means of acquiring goods and services. Although Dogecoin Foundation recently lost an active figure, measures have been in place to cushion the effect of Ross Nicoll’s departure on DOGE’s price and on Dogecoin as a whole.