For Binance, dogecoin would demonstrate the potential for decentralization

For Binance

Dogecoin was something of an anomaly when it started gaining traction in the market. It has changed the way the cryptocurrency market sees and perceives the value of an asset despite the usefulness it may or may not have. The digital resource was only pushed forward by memes and the love of the community. But in less than a year, the asset has become one of the most valuable cryptocurrencies on the market.

Since then, dogecoin developers have tried to introduce use cases for cryptography. Its use as a payment method has given it somehow convincing utility in space. However, that still doesn't change the fact that at its core, dogecoin wasn't created to do anything beyond being a joke, and this, says Changpeng Zhao, CEO of Binance, demonstrates the full potential of decentralization.



Dogecoin has fluctuated wildly in the past, but the meme coin had grown to the point where it was no longer as volatile as it once was. Furthermore, he persevered in the market. Through market crashes and declines, Dogecoin has resisted. Its success led to the creation of other successful meme coins such as Shiba Inu and Folk Inu. Why are they valuable? Because their value is determined by people.

“If a large enough number of people in the community like it because it's cute because they like the meme, then it has value,” Zhao pointed out. The CEO added that an asset only needs another person who is willing to buy it to be valuable and since people are willing to buy meme coins, then they are valuable.