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Doge: A Fundamental Analysis of the Worlds Most Expensive Running Joke
Key Insights
- Dogecoin is surprisingly a top ten cryptocurrency by market cap, the second biggest Proof-of-Work coin, and one of the oldest coins in the industry. At times its market cap has reached over $75b, and stands at $9b today.
- In recent years Dogecoin has found a recommitted group of developers. They have put together a roadmap to try and bring the tech stack up to date and rebuild the back end in an effort to help merchants add Doge payment capabilities for customers.
- Daily active addresses and transaction counts rival (and even surpass) some bigger protocols.
- Overall valuation and concentration of holders remain key issues. Beyond that there likely remains a ceiling for how broadly such a volatile payment mechanism can truly achieve long-term product-market fit.
It may take some serious investors by surprise that the internet’s favorite meme-cryptocurrency, Dogecoin (DOGE), is a top 10 cryptocurrency by market cap and the second largest Proof-of-work (PoW) network after Bitcoin.
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Tom is a Sr. Research Analyst at Messari. His primary focus is on Layer-1's as well as the relationship between traditional finance and crypto. Prior to joining Messari, Tom worked in Investment Consulting at Meketa and Investment Management at SSGA. Tom studied Finance at Bentley University and earned his CFA and CAIA Charters.
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