Dogecoin Developer Says Meme Coin Is ‘Unresponsive’ And ‘Sick’

Dogecoin, the meme-inspired cryptocurrency beloved by many, is dealing with a technical hurdle as its community turns into more and more congested with “inscriptions,” knowledge messages saved immediately on the blockchain. This has raised issues in regards to the community’s ongoing “health” points.

Dogecoin Struggles: Community Congestion Raises Issues

Based on a tweet by Timothy Stebbing, a Dogecoin developer and basis member, the community is presently experiencing points on account of numerous inscriptions. He described the state of affairs as “Dogecoin is currently sick,” emphasizing the urgency for options.

Dogecoin is presently sick. We’re being contacted by plenty of exchanges saying Dogecoin is jammed/unresponsive and many others. We all know the difficulty is inscriptions clogging the community, and devs throughout the board, core, fdn, and many others are actually placing their heads collectively on varied concepts from…

— Timothy Stebbing (@tjstebbing) February 6, 2024

The congestion stems from the meme coin’s blockchain’s twin goal: facilitating monetary transactions and storing inscriptions, much like NFTs on different blockchains. Nevertheless, in contrast to NFTs, many throughout the DOGE neighborhood view these inscriptions as having no actual worth or sensible use, labeling them as “bloatware” or “spam.”

This knowledge overload is inflicting the community to grow to be “jammed/unresponsive,” as reported by Stebbing. A number of cryptocurrency exchanges have contacted the Dogecoin Basis to specific issues in regards to the community’s sluggishness.

Rocky, I’m not a fan clearly however I’m additionally not a gatekeeper, Dogecoin is a decentralised challenge. Completely we’d like dialogue. Dogechain and Doglabs (doginals) are utilizing Dogecoin for an alternate goal that I’m not basically in opposition to but when it’s going to carry down…

— Timothy Stebbing (@tjstebbing) February 6, 2024

DOGE Basis Seeks Options Amid ‘Sickness’

The Dogecoin Basis and its core group are actively brainstorming options to deal with this concern. Stebbing talked about exploring choices “from friendly to extreme,” suggesting that transferring knowledge off-chain on the protocol degree may be a possible resolution. This is able to liberate area on the primary Dogecoin community for core functionalities like monetary transactions.

The difficulty of community congestion shouldn’t be totally new. Dogecoin contributor @Tdogewhisperer had beforehand flagged a surge in transactions, reaching a peak of 1.9 million inside 24 hours. Nevertheless, he clarified that these transactions have been primarily for creating inscriptions, not for transferring funds.

Dogecoin presently buying and selling at $0.07856 on the each day chart: TradingView.com

Additional including to the complexity is a current switch of 100 million Dogecoin (roughly $7.8 million) to Robinhood, a well-liked cryptocurrency platform recognized for attracting retail buyers. This has sparked issues about potential speculative exercise and its affect on the value of Dogecoin, which has been experiencing fluctuations in current days.

DOGE Value At A Look

Dogecoin (DOGE) is treading water around $0.07, down 0.7% within the final seven days, and 1.8% since February started. The “love month” hasn’t been type to memecoins. Main gamers like Shiba Inu, BONK, and PEPE are all within the crimson, with losses starting from 4% to 9%. This downtrend casts a shadow over the once-booming memecoin market.

Regardless of the broader stoop, Dogecoin has proven stunning resilience. Its worth drop is the smallest amongst its memecoin friends, suggesting it may be weathering the storm higher. May whales be the key weapon?

Whales Dive In

In the meantime, on-chain knowledge hints at strategic whale exercise, with massive buyers scooping up DOGE. Estimates counsel whales have purchased roughly $27 million value of DOGE previously two weeks, probably accumulating over 40 billion cash. This shopping for spree suggests whales see worth in Dogecoin’s future.

Featured picture from iStock, chart from TradingView