The pseudonymous Dogecoin founder Shibetoshi Nakamoto lamented how individuals constantly asked him to boost DOGE value indirectly, taking the meme coin to $1.
Nakamoto revealed that most Dogecoin fans appear to mean different things to gain his attention when making inquiries on the potential of boosting Dogecoin’s price.
The founder stated that some DOGE supporters indirectly inquired him to support price surged to $1 through burning Dogecoin supply and imposing a cap on total tokens produced.
Nakamoto portrayed questions that individuals ask in his latest tweet. He revealed that he couldn’t burn the Dogecoin supply since he doesn’t have the protocols for such activities. Moreover, he said that capping the Dogecoin supply might ruin DOGE’s security, an unaffordable risk to take.
Joining the market in 2013, Dogecoin was the first meme token to enter the crypto world. The altcoin has witnessed lucrative movements since its inception. However, DOGE succumbed to the ups and downs in this financial sector. The token climbed to record peaks of $0.73 in 2021 May before losing more than 80% from the ATH.
Despite Dogecoin lacking use cases, most analysts attribute the tokens continued value drops to its design. Unlike most top crypto, like Ethereum and Bitcoin, DOGE lacks a fixed supply. That means miners can mine as many tokens as they can, anytime.
That implies that Dogecoin miners may mint many tokens whenever they need and trade the assets on top exchanges, leading to price crashes. Such narratives had most crypto fans calling DOGE a pump & dump digital coin.
Meanwhile, Dogecoin received massive support from renowned global figures such as Elon Musk and Mark Cuban, despite the token’s flaws. Recently, Musk stated that individuals could opt for Dogecoin payments to purchase selected merchandise.
While publishing this content, Dogecoin traded at $0.14, ranking 11 in the Coinmarketcap list. Meanwhile, the meme coin follows broad market trends. For now, the crypto sector kick-starts recovery after the latest slump.
Though the Dogecoin community target price levels of $1, it seems like they will wait for long. What are your thoughts about the DOGE founder comments? Will such a tone ruin the asset’s sentiment? You can share your views below.