Spanos believes that the trend of individuals exiting the DOGE market can be a good sign for the overall crypto market
Bitcoin Centre NYC and Zap Protocol founder, Nick Spanos, stated that despite just being a fad, the rise of DOGE is invaluable for the crypto community. The crypto expert’s comments come amid the meme coin witnessing a 38% price crash after Tesla and SpaceX CEO Elon Musk mentioned DOGE during his appearance on Saturday Night Live.
Created by Jackson Palmer and Billy Markus in 2013, Dogecoin emerged as a joke meant to ridicule the growth of altcoins by making the doge internet meme into a cryptocurrency. Despite its origin, the coin’s large supply and low price led to its usage in micro-tipping content on social media.
Dogecoin, presently the fourth-largest cryptocurrency by market capitalisation, rose rapidly after Musk posted a series of tweets advocating for the crypto coin in April. However, its background as a meme coin has led many within and outside the crypto community to believe that its surge is a mere fad – very much here today, but doomed to be gone by tomorrow.
Spanos explained that even if DOGE disappears tomorrow, it has created a lasting impact on the crypto space and will outlive the legacy of other fads that have emerged over the years. He said that even the hype created by DOGE’s price crash post Musk’s appearance on the comedy sketch show will help achieve more acceptance for legitimate crypto projects
“DOGE is a fad, within a growing movement that is here to stay,” the executive said.
While DOGE has been often criticised for the unequal distribution of its coin supply and a lack of innovation in recent years, Spanos argued that it is not innovation or utility why DOGE is important to the crypto industry.
He asserted that DOGE brings to the table a massive surge in interest towards cryptocurrencies, a contribution that is invaluable in crypto’s fight for mass adoption.
“DOGE is a powerful marketing tool, driving attention and adoption of crypto and decentralization as a concept. And in that respect, it is invaluable,” he explained.
DOGE, which lost about 38% of its value falling from $0.72 to $0.44 over the weekend, shows signs of recovery as of Monday morning. However, Spanos believes that the trend of individuals exiting the DOGE market can be a good sign for the overall crypto market. come
“I expect many people to cash in on their DOGE profits in the coming days, and this is likely to boost the wider crypto market as a lot of this money will flow into other altcoins which have strong potential instead of it being converted into fiat money,” explained Spanos.
While DOGE has managed to hold interest even after the initial hype wore out, whether the altcoin can survive without Musk’s interventions is not certain. Regardless, the DOGE fad has opened the doors of crypto for many and hence is expected to have a long-term impact on the growth of cryptocurrencies.