Thanks to its meme-like branding and celebrity endorsements, notably from Elon Musk, the CEO of Tesla and SpaceX, Dogecoin has seen tremendous growth in popularity in recent years. The market value of the meme currency has also increased significantly, making it one of the biggest cryptocurrencies in the world. Marshall Hyner, a member of the Dogecoin Foundation board of directors, provided his perspective on why the meme coin cannot be categorized as a security and why it has the potential to rank among the top three cryptocurrencies in the future during a recent interview with FOX Business.
What Makes Dogecoin Not a Security?
In Hyner’s opinion, Dogecoin cannot be categorized as a security under the Securities Exchange Act since Howie is not a centralized institution, nor is it a financial asset with prospects of future gains. In other words, regulators like the United States Commodity Futures Trading Commission (CFTC) classify bitcoin, other cryptocurrencies, including dogecoin as commodities. According to Hyner, as dogecoin is a decentralized digital currency, it, like other cryptocurrencies, is not controlled by a single body and has no expectations of future growth.
Hyner said that he disagreed with the SEC’s approach to enforcement and recommended that they create protocols to ensure project monitoring and continuance. The SEC has been cracking down on cryptocurrencies it views as securities, such as Ripple (XRP) and Telegram’s Gram currency, which it sued for soliciting money through unregistered securities offerings. This argument is relevant in light of this.
It Simply “Cannot Be Stopped”
Hyner thinks dogecoin is an unstoppable force in the cryptocurrency space because of its meme-like branding and community-driven structure. He claimed that the development team did not anticipate DOGE to rank among the top 10 cryptocurrencies, but given that the meme “cannot be stopped,” he now believes the currency has a chance to crack the top three.
The coin has recently gained enormous popularity on social media sites like Twitter and Reddit, demonstrating the coin’s memetic potential. Dogecoin’s success has also been largely attributed to its community-driven character, with its users actively promoting the coin and even utilizing it for philanthropic purposes.
Although Musk’s tweets may not necessarily result in a steady rise in the price of dogecoin, they have surely contributed to the meme coin’s increased visibility. This is seen in the reactions following Musk’s Saturday Night Live performance, in which he called dogecoin a “hustle.” The price of dogecoin fell sharply as a result, however, it has subsequently increased.
It is impossible to ignore dogecoin’s popularity and market value despite the complaints and suspicion surrounding it. In the world of cryptocurrencies, the meme coin has shown itself to be a tenacious force, defying predictions and amassing a sizable fanbase.
Conclusion
The success of Dogecoin is proof of the effectiveness of social media and community-driven marketing. Its popularity has been aided by the simplicity and meme-like branding of its branding, both of which have increased its accessibility to a wider audience. The meme coin has defied predictions and amassed a sizeable market value, making it one of the biggest cryptocurrencies in the world despite complaints and mistrust.