Most crypto enthusiasts will probably know the infamous meme coin, Dogecoin. Dogecoin was created to be a “fun” cryptocurrency, using the Doge meme as its mascot. One of the most special things about this particular coin was its community. They sponsored a bobsled team and even a Nascar driver. Unfortunately, these sentences all contain the past tense – the Dogecoin hasn’t been updated for almost 3 years now.
The meme is dead and so is the coin – right?
How dead is the Dogecoin?
This question can’t be answered as easily as some people think because a coin’s “power” can’t be simply determined by its price. Let’s analyse this coin.
The meme behind it
Such meme, much dead – The doge meme is long dead. The meme gained traction in October 2013, peaked in early December 2013 and “died” in June 2014. We did some memeology on google trends.
Now as we can clearly see, the Doge meme peaked 3 years ago and some people might think its dead. However, the doge meme is not as dead as you might think. Over three years now, the interest has still been at ~8% of its peak value. What does that mean? Let’s put this number into perspective:
Don’t forget that these numbers are relative. As you can see the nyan cat was more popular, but what we’re looking for is the decline over time.
I tried to compare the doge meme to some memes from a similar era and the results confirm that the meme is “dead” since such a search volume is normal. The search interest comes from people who are curious and others, but not from actual “fresh” memes.
Are there any updates?
As mentioned before, the Dogecoin hasn’t published any update for almost three years now. You can view the GitHub here: https://github.com/dogecoin/dogecoin
Such a graph is devastating. This isn’t just a sign of little activity, there is no activity. Some might say that a perfect currency doesn’t need updates, but there always things you can improve with big projects, trust me.
Using Alexa, we had a look at how popular dogecoin.com was.
As we can see, the dogecoin site gained a lot of views in June 2017. This rise in traffic was most likely caused by investors who jumped onboard the hype train. We also added a Price chart, which matches the Alexa rank.
Personally, I have been a member of the Dogecoin Subreddit in around 2015 and it was great. Still to this day, the community is really nice, however, the subreddit is dying. Much sad. You can check it out here.
Now I know that many people believe that dogecoin will finally moon, but this just isn’t true.
Yes, the price is rising but this is purely due to hype and pumping. This coin has 0 support from the devs and will eventually die out.
In its current state, the Dogecoin is a “Zombie” – kinda dead but still moving.