Dogecoin’s success can undoubtedly be attributable to the strong community that has grown around the meme coin. The cryptocurrency had been able to surge to new highs based solely on the enthusiasm created by its fans. However, a community capable of admirable things may just as easily damage a brand if it becomes poisonous. This is why Dogecoin founder Billy Markus has taken it upon himself to warn of the consequences of negative community conduct on the Dogecoin brand.
At a time when the market is consistently declining, it is more crucial than ever to have a project that stays true to its brand. That has been the memes, fun, and sense of community that Dogecoin and its community have felt. However, as with any developing community, seeds of conflict can germinate and change a previously friendly community into a toxic one.
keep the #dogecoin brand cool
if people are having fun with it and not getting too crazy and gatekeepy, it is a valuable brand
if people start gettin’ crazy, toxic, attacky, spammy, entitled, etc. that hurts the brand quite a bit
stay cool, stay fun, stay lightheaded! pic.twitter.com/so34KgbBek
— Shibetoshi Nakamoto (@BillyM2k) February 2, 2022
Founder Bill Markus mentions this in a recent tweet, urging community members to stay faithful to the brand’s original goal. He warns that introducing undesirable features into the community will only harm the brand in the long term, hurting the growth of Dogecoin and its price because no one wants to deal with such a community.
Because acceptability is critical to the project’s growth, it is critical that Dogecoin remains appealing to new investors as well as other companies who may want to collaborate with it.
Markus has also highlighted the effect that hype plays in the coin’s success. Essentially, when Dogecoin first became popular at the beginning of last year, it was mainly due to the buzz produced by billionaire Elon Musk. The hype had taken on a life of its own and had become the primary driving factor behind the coin, which had no utility.
okay #dogecoin community, real talk. you have now seen that hype is unsustainable, across the board, for all crypto projects and all projects in general.
instead of focusing on hype and price, focus on helping build and improve something that can last. pic.twitter.com/i5izbNdkAZ
— Shibetoshi Nakamoto (@BillyM2k) February 2, 2022
Regardless of how much excitement has aided the digital asset’s growth, Markus does not believe it is sustainable in the long run. He asked the Dogecoin community to abandon the hype-driven strategy and instead focus on creating something that will last in the coming years.
According to him, it has already been demonstrated that hype cannot sustain a project, probably referring to the coin’s steady downturn after the enthusiasm died down.
Dogecoin has maintained a low level of momentum on the charts. After losing its footing at $0.14, the digital asset has swung north and south of $0.13, with no significant signs of support at this point.
