Dogecoin is finished. And I don't want you to lose money on this without understanding what a bad situation this is to be holding this coin. This is not financial advice — I'm not a financial advisor; this is my analysis and my opinion. I'm all in on ICP because it provably has the absolute best technology in crypto, which is why I focus on it completely. And when you look at Dogecoin's technology, it's nearly utterly useless in today's environment.
Tech That Can Hardly Do Anything
On top of that, the market cap for this is $11 billion, and yet the tech can hardly do anything. It was created from Bitcoin and Litecoin, and there's a million dollars every day of new Dogecoin created through proof-of-work mining. This is not a good setup for you to make money. It means a million dollars of new money has to come into Dogecoin — well, not quite, with leverage and derivatives. But despite everything we've seen with Elon Musk pushing Dogecoin with all the memes, and it being one of the oldest, longest-lasting meme coins, there's just nowhere to go from here, because all the excitement is in new meme coins.
Old Meme Coins Don't Age Well
Nothing tends to age worse than old meme coins. They have these lifeless pumps. There's nothing real there. There's a blockchain that is barely used, with almost no reason to integrate with it except to trade it, hold it, and speculate on it as the price goes up. Meanwhile, you have Internet Computer coming in with the most dominant technology in crypto, offering the very best platform to create meme coins. And you have other platforms like Solana, where people are just cranking out tons of meme coins every day on pump.fun. Every one of those makes Dogecoin less relevant, and everything gets more and more fragmented.
Right now, you hardly have any new money coming into crypto. Crypto retail money is basically dead. At this point, most ordinary people I talk to have no intention of ever buying crypto. They see it for the scam and the fraud that it is. And Dogecoin continues to have three and a half or so percent supply inflation — but for what? What is it accomplishing besides just keeping the blockchain alive? Where are we going from here, except down, on Dogecoin?
Tied to Litecoin
The stable software is based on old Bitcoin-generation code — it's years old, with barely any innovation on it. Dogecoin is still going to have to deal with quantum computing too, just like Bitcoin, and make adjustments that account for that. It's not abandoned, but it's pretty close. Meanwhile, with the merged mining they've combined with Litecoin, there's technical debt behind that. Dogecoin doesn't have an independent security system, so its future is tied to Litecoin — another dead-slash-dying zombie coin continuing on momentum and ignorance. But momentum and ignorance are not going to continue forever. Look at history: people, in most cases, continue to get smarter. And as people get smarter in crypto, Dogecoin becomes more and more irrelevant.
The opportunity for making big gains has passed with Dogecoin. The absolute fantasy future for Dogecoin is getting back to where it was before — and if it did, it'd be at a hundred-and-some billion dollar market cap. How ridiculous would that be? Its all-time high would put it near where Solana and XRP are today, which is ridiculous. So there's no reason to have any expectation of a positive future for Dogecoin at this point.
Users are barely paying for the network either. In the last 24 hours there have only been a few tens of thousands of transactions and a few tens of thousands of active addresses. Keep in mind, the network effect should have fully taken off by now if this was going to go well — but it hasn't. There's been no explosive growth, and you can go to a Dogecoin explorer and look all these stats up yourself, which you ought to do if you're holding the coin. Meanwhile, you've got a million dollars a day in new Dogecoin being created. This is just keeping everything barely afloat. And the more the price plummets, the more mining is unprofitable — and if anything happens with Litecoin, it's all extremely questionable.
Where's the Value?
My question is: where's the value? You had this Dogechain layer two that kind of came around for a little while off the hype, but layer twos have been a vast failure across everything. Dogecoin is merely for sending transactions. It doesn't have smart contracts, which is why when I have my CryptoTechCap.com website analyze it, it answers six out of a hundred on what a chain should be able to do to be genuinely useful. So this is extremely irrelevant going forward. And as far as I'm concerned, if ICP rises and even Bitcoin takes a hit from that — because people realize how powerful technology can be in crypto — I think this stands to go down something like 99%.
Basically the only thing it offers over Bitcoin is that the blocks are a little bit faster. But last time I checked, everybody has a faster blockchain today than Dogecoin. There are huge, huge amounts of Dogecoin that could be dumped at any time. Still, significant amounts of it have just been lost, so the market cap is artificially inflated by that. And then you have people saying Doge could reach a dollar, which is ridiculous based on everything I've already said. All the videos hyping Dogecoin have no substance to them, and are based on the idea that people will continue to be absolutely ignorant fools who lose most of their money in crypto. I don't think it's a good idea to bet on that kind of future, where most people just keep throwing their money into something like Dogecoin.
Because if you ask AI to take an honest look at Dogecoin, these are the kinds of things it's going to tell you — and more. We didn't have AI in 2021 that you could ask to fact-check some coin. And there were a lot of new coins back then that are much older now. We can see that price charts over time tend to perform worse and worse. For altcoins, often their first bull market is their best one, as long as they're not artificially listed like 50 times higher than they should have been — like Internet Computer Protocol was, to rug-pull the project — which Dogecoin didn't have to deal with. I share more honest breakdowns like this one in my Crypto Reviews playlist.
Dogecoin Has Had Its Best Days
So Dogecoin, to me, is a setup where almost all the time you're going to lose money holding it. According to my research and calculations, watching it for over a decade now, Dogecoin has had its best days. Even hoping Elon Musk tweets it again at this point would be ridiculous — and even then, you'd be lucky to get some tiny multiples, as the people holding it are desperate to exit at any kind of profit.
I am betting that people continue to get smarter in crypto. I'm doing everything I can to support that through education — showing people, like on CryptoTechCap.com, what market caps should be if the market was logical — for free. If the market was logical, ICP might be the number one crypto by market cap, which would be a massive move from where it's at today. Bitcoin might still be second, but it'd have a market cap that's something like $195 billion. And Dogecoin, at best, would be lucky to maintain a few billion in this scenario. So with Dogecoin, the way I see it, there's just no way this is going to go well for you.
Tired of Losing Money and Time in Crypto?
And I'm here for the people who are tired of losing money and time in crypto — which is almost everyone in crypto; you lose time and/or money. Even some of you who make money in crypto — if you calculated the time you put in against the amount of money you actually make, most people are doing very poorly. Most people are losing. If you're not making at least a hundred-plus dollars an hour — or maybe you make less, maybe $50 an hour — with every hour you put into crypto, crypto content, and crypto trading, then you're losing. There are better things you could be doing for the world. There's more fun you could be having.
So if you're tired of losing money and time in crypto, join the Jerry Banfield Family. We are here to support you. You can share your portfolio with us and we'll give you very honest feedback — feedback that's there to support you in seeing clearly about each coin. And imagine seeing some coin that you're hyped up on: you post it in the chat, we roast it, and it helps you not buy it. That's really valuable. Not getting into some garbage coin like Dogecoin in the first place is the smartest thing you can do. Because as soon as you buy into some coin like Dogecoin, it creates this confirmation bias.
Dogecoin is just a cult coin at this point, and the cults are infinitely spreading and fragmenting. So the future of cult coins is pretty bad, because there are always new cult coins being created. And then Dogecoin becomes just one of 50 or 100 coins people have in their portfolio that they don't even care about, that eventually they'll liquidate without a lot of thought. So imagine stopping getting in on these in the first place, clearing up your mind, saving your time, making more money, and building a portfolio you can relax with.
Thanks for your time today. I hope I used your time well, and I hope all the time you spend with me is vastly positive in transforming your life, helping you make more money, and giving you a better crypto portfolio.