The Dark Days of Dogecoin: How Scammers and Bandits Brought Down Crypto’s Friendliest Currency

CoinDesk’s Bailey Reutzel examines the darker side of dogecoin, chronicling the scams and bad actors that almost killed the cute, iconic ‘doge’.
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CoinDesk's Bailey Reutzel examines the darker side of dogecoin, chronicling the scams and bad actors that almost killed the cute, iconic 'doge'.

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Dogecoin Backs Up its Bark with Bite

dogecoin logoThe recent couple of weeks has been extremely interesting when looking at various altcoins and how they are faring against Bitcoin and fiat currencies. Recent ETF rejections along with increasingly uncertain fiat markets, and the drama between Bitcoin Core and Bitcoin Unlimited -a continuing and needlessly nasty debate over blocksize limits- have paved the way for these altcoins to have a bit of a pump. While it may seem obvious that this could be the “pump and dump” that we are all too used to seeing, I wonder if this is not a bit more concrete as most of these

dogecoin logo

The recent couple of weeks has been extremely interesting when looking at various altcoins and how they are faring against Bitcoin and fiat currencies. Recent ETF rejections along with increasingly uncertain fiat markets, and the drama between Bitcoin Core and Bitcoin Unlimited -a continuing and needlessly nasty debate over blocksize limits- have paved the way for these altcoins to have a bit of a pump.

While it may seem obvious that this could be the “pump and dump” that we are all too used to seeing, I wonder if this is not a bit more concrete as most of these coins have enjoyed a rise then a stable price for longer than most pump and dumps would allow. One of these coins is very dear to me, Dogecoin. Its performance recently has shown that that pup still has some teeth. A moonshot may not seem so outlandish anymore.

Dogecoin prides itself on being the fun and friendly cryptocurrency, and they are willing to put their money where their snout is. The coin itself is insanely approachable as most transactions will only use integers, not fractions of coins. It is hard not to have a smile on your face when you pay for some hot sauce with doge or even when buying an airline ticket with it. In addition to this, the community -largely located on reddit’s /r/dogecoin- is one of the kindest groups of individuals you can come across. Trading knowledge and tipping coins, these shibies make sure that everyone feels welcome and that no one is afraid to speak up and talk about the coin. They’re also still rather active in philanthropic endeavors, as evidenced by the ongoing campaign “Socks for the Homeless.”

More than anything, these reasons are why I am so excited for this coin’s recent performance. Some of the more dramatic increases may very well be due to a pump and dump, but this time I think its base level has moved up as well. What I mean to say is that when the dump does happen, I think that the coin will be in a better position than immediately prior to its pump. All of this is good for any altcoin, but I think Dogecoin has a bit of an edge on other coins that may find themselves in a similar situation. This is because Dogecoin has been historically incredibly stable against fiat currency. That stability sets it apart from a lot of other coins. It also is an incredibly fast confirming currency, with a transaction fee that is next to nothing. For speed and cost, Dogecoin seems to outpace almost any other competitor.

Moreover, Dogecoin may have one of the more potent safeguards for its survival: its community. The community that surrounds Dogecoin does care about the price of the coin and the value of their investment/reserves, but it seems to be far more concerned with maintaining its community and proliferating the knowledge about the coin. For a cryptocurrency with such a playful bark and fun nature, it still has the bite to back it and and prove that it is relevant still. Dogecoin demonstrates Mark Twain’s age old adage, “It’s not about the size of the dog in the fight, it’s the size of fight in the dog.”

A quick reminder that this is my opinion and not investment advice, the best advice I can give there is never invest in anything more than you can lose.

Image Source: dogedoor.net

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