Hayner, in an interesting demonstration, showed that Dogecoin wasn’t designed to generate enormous quantities of money.

The coin’s creators, Jackson Palmer, and Billy Markus use Dogecoin for  smaller-scale jobs like buying used vehicles and planning parties.  Additionally, he said that the meme-coin lacks a Genesis wallet and a  sizable central money pool in comparison to other cryptocurrencies.

When questioned about why the US Securities and Exchange Commission  (SEC) failed to investigate the meme coin, he said that dogecoin is  similar to bitcoin (BTC) and has a vibrant community.

The United States Commodity Futures Trading Commission (CFTC), one of  the leading regulators, has classed bitcoin as a commodity.

The development team didn’t anticipate DOGE to rank among the top 10  cryptocurrencies, says Hyner. Now that the meme “cannot be stopped,” he  believes the coin has a chance to finish in the top three.