Popular meme coin Dogecoin (CRYPTO: DOGE) continues to underperform the crypto market, and is now up a meager 1% for the year. Dogecoin bulls, of course, will point to the meme coin's past history of explosive upside potential and argue that there's still time for Dogecoin to skyrocket.
But just how much longer are crypto investors willing to wait? There are three factors that should be of concern to anyone thinking about buying Dogecoin right now.
Perhaps the most frustrating thing about Dogecoin is that there are no immediate plans to make any fundamental changes to the way the Dogecoin blockchain works. This is going to limit any upside potential and it possibly explains why the price of Dogecoin has barely moved this year. By way of comparison, meme coin competitor Shiba Inu (CRYPTO: SHIB) is close to launching a new Layer-2 scaling solution called Shibarium that could dramatically increase the functionality of its blockchain, including the potential for new metaverse worlds and non-fungible tokens (NFTs). If Shiba Inu can do this, why can't Dogecoin?
Source Fool.com