Here's the Massive Problem That Makes Dogecoin More Likely to Hit $0.10 Than $1

Core Insights - Bitcoin initiated the cryptocurrency revolution in 2009, followed by the creation of Dogecoin in 2013 as a joke by Billy Markus and Jackson Palmer [1][2] - Dogecoin experienced a significant price surge of over 16,000% from January to May 2021, reaching a market capitalization exceeding $90 billion [2][8] - Currently, Dogecoin's price has dropped to $0.17 as of November 4, 2023, primarily due to its lack of a true use case and ongoing downward pressure [3][5] Use Case Challenges - Dogecoin struggles to find a practical use case, with only 2,116 merchants accepting it as payment, mostly in niche sectors [5] - The extreme volatility of cryptocurrencies, including Dogecoin, complicates cash flow management for businesses [5] Speculative Nature - The 2021 rally of Dogecoin was largely driven by speculative investors and endorsements from high-profile figures like Elon Musk, leading to a loss of over 90% of its peak value by mid-2022 [6] - Recent interest in Dogecoin was sparked by the announcement of a government agency led by Musk, but this is more related to the acronym "DOGE" than any fundamental value [7][8]