That's the argument according to one short seller who says that as long as Doge is above 1c, speculative excess in the market is still around. Here is a link to the article: https://www.msn.com/en-us/money/news/famed-short-seller-says-bitcoin-hasn-t-bottomed-until-dogecoin-slips-below-1-cent/
Personally, I do see where he is coming from on this. I said it a while ago but Doge is overpriced and propping its price up is taking away funds from the broader crypto market.
Doges are minted at a rate of 10,000 per minute. That's 14.4 million per day. At current prices of 20 cents, that's $2.88 million needed to just absorb the new doges being printed every day. Doesn't sound like a lot but it adds up.
In a year, more than a billion dollars will be needed and this is at 20c. We were at triple these prices at one point this year.
So what it does is that a billion is taken out of circulation and from other worthy crypto projects. This causes people to neglect them and therefore the crypto market as a whole remains stagnant. I believe that's where we are today.
Rather than propping up Doge, perhaps we should let doge fall so that other projects can flourish. Preferably ones that don't have ridiculous rates of inflation. If you like meme coins, there are even ones like Banano that have a limited supply and a great community around it.
