Dogecoin Following in Path of Bitcoin for Use Cases

Gerelyn Terzo
·2 min read
7

Dogecoin has come a long way since being founded as a joke. The meme coin, as it’s known, has muscled its way into the top eight cryptocurrencies with a market capitalization of USD 26.8 billion.

With Doge hovering at USD 0.20, the Dogecoin community has become increasingly bullish on the potential of this meme coin. They are increasingly comparing their favorite cryptocurrency to bitcoin, especially since billionaire Elon Musk showed a preference for Doge, which has fueled a rivalry.

Bitcoin’s major use cases are as a store of value, for which it competes with precious metal gold, and as a payment method. Lately “bitcoin is digital real estate” has also been trending on social media, for features such as scarcity, fungibility, liquidity and the fact that it is programmable money, for instance. Bitcoin also shines as a payment method, where it can be used in real estate transactions when the stars align.

Discount for Doge

Now Dogecoin’s use case as a payment method could potentially be on the rise too. One Doge fan and homeowner in the state of Utah has put his home on the market for a listing price of USD 389K. The homeowner, Scott Paul, is at the helm of a company called Wooly and according to reports is a cryptocurrency investor.

Paul is willing to slash the price by 10% for a buyer who is willing to pay for the home in Dogecoin. He reportedly believes in Dogecoin’s future is as a payment method, and he is looking to help the meme coin attain wide-scale adoption. Paul is quoted by KUTV as saying,

“It’s not a hard decision to make, and that’s why I would discount right now because I believe it would go up in value.”

Bitcoin Dominance

The Dogecoin price appears to be stuck at around the USD 0.20 level lately. For its part, bitcoin is hovering just below the USD 40K threshold after climbing up from below USD 30K just about two weeks ago. Bitcoin’s dominance hovers at 46.2% and the leading cryptocurrency appears to still be calling the shots on the direction of the broader market.

While there are rivalries within the cryptocurrency community, meme project Baby Doge Coin, which was created in the wake of Dogecoin, has a message for its peers. The Baby Doge Coin team reminded crypto investors that they are really battling central banks, not one another, and that “coming together” is the way to win.

This article was originally posted on FX Empire

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