Dogecoin surges 35% as Elon Musk’s Twitter deal approaches close. - CNBC
as a method of payment last year, it is nowhere near the level of adoption necessary to be used as any sort of actual currency substitute.
"These days it's all one big marketing ploy," Mike Bucella, BlockTower Capital general partner, previously told CNBC., which let programmers build applications on their platform to do things like lend and borrow money, there isn't much anyone can do with dogecoin.either, given that this typically requires a certain degree of long-term faith in the coin and the blockchain upon which it's been built.
"If you look at the dogecoin protocol itself, I don't even know if there's anyone over the last several years who has added new functionality or code to it," said Birla. "Dogecoin doesn't really have a development team behind it." Given these limitations, the run-up in dogecoin appears to be purely speculative. Dogecoin has value because other people believe that it has value — and because they believe that someone else is willing to buy it from them at a higher price.
Disclosure: "Saturday Night Live" is a TV show of NBCUniversal, the parent company of CNBC. CNBC owns the exclusive off-network cable rights to "Shark Tank," which features Mark Cuban as a panelist.
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