Is Dogecoin All It’s Cracked Up to Be?

Inspired by a Shiba Inu Japanese breed of dog, Dogecoin has evolved into a wildly popular internet meme of which Doge, the project's mascot, has been at the center. 

The meme coin's role in the economy has gained prominence with validation from the likes of Elon Musk and Mark Cuban. In response, Dogecoin's value has ballooned from a fraction of a penny this time last year to $0.17 at last check, with an eye-popping market cap of $22.5 billion. 

Dogecoin has muscled its way into the top 12 of the crypto rankings, surprising everyone from crypto market influencers to the co-founders of the Dogecoin project. 

While it was intended to be a silly joke, investors have been laughing all the way to the bank as users have flocked to Doge for its fast and cheap payments. Now an entire litter of dog-themed meme coins has emerged with Dogecoin leading the pack. 

Dogecoin's use cases are two-pronged: as a store-of-value asset and as a payment method, the latter of which has increasingly gained popularity thanks to companies adding support for Doge transactions. 

One of the biggest risks for holders of Dogecoin — or any crypto asset for that matter — is sending funds to an incorrect wallet address. The blockchain's decentralized nature means there is nobody on the other side to help if things go awry.