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We’ve been constantly hearing about the importance of “innovation” in the cryptocurrency space. Meanwhile, Dogecoin hits $50B after having been all but dead for
by atweiden 6y ago
We’ve been constantly hearing about the importance of “innovation” in the cryptocurrency space. Meanwhile, Dogecoin hits $50B after having been all but dead for a solid decade. Makes you wonder just how important Defi’s so called “innovation” is to its valuation, and how much of it is just a narrative.
- meowkit 6y agoIts been a single week of pumping. Dogecoin has not been around for a decade. The sarcasm around innovation is unwarranted.
- piva00 6y agoNot a decade but the best part of it, Dogecoin is alive since 2013, no reason whatsoever for the rally in 2021, 7-8 years after with no innovation.
- atweiden 6y ago“One week of pumping” isn’t true at all: DOGE originally broke into the top 10 list off the back of the GME hype several weeks ago. This is now the second time it’s happened. In addition, DOGE has undeniably flippened numerous B-rate defi coins throughout its very illuminating run. Importantly, DOGE clearly shows innovation isn’t necessary for a coin to receive a sky high valuation. Dogecoin at c. 7.5 years old is about as old as any other coin I can remember, and it’s been all but dead for that entire length of time. Now suddenly DOGE is more valuable than the great majority of coins which have been historically propped up by generous amounts of drum beating — e.g. “wow, such innovative”. What does that tell you about the importance of innovation in cryptocurrency valuation? Either these coins never needed to innovate in the first place, or all the purported “innovation” drum beating by biased defi investors has always been nothing more than empty rhetoric.