Bitcoin Cash Suffers Setback
On February 8, 2023, Bitcoin Cash (BCH) found itself on the wrong end of the crypto rankings, slipping to the 12th spot after being overtaken by the ever-dominant Dogecoin (DOGE). In a comedic twist, BCH was recently dethroned by not just DOGE, but also Stellar (XLM).
The Rise and Fall of BCH
This isn’t BCH’s first trip down the rankings; just last week, it lost a battle to Binance Coin (BNB), and in January, it fell beneath Chainlink (LINK). Ouch! With a market cap currently sitting at $8.48 billion, BCH is left gazing longingly at its competitors, especially with Stellar just ahead at $8.63 billion and DOGE leading the charge at $9.59 billion, having spiked a whopping 25% in just a day.
The Dogecoin Surge
The traction gained by Dogecoin can be partially attributed to the star-studded endorsements it received. None other than rapper Snoop Dogg and tech savant Elon Musk lent their voices to the meme coin’s cause. Musk’s latest tweet, fueling the ongoing fervor, suggests he might just be a bigger DOGE fan than a Bitcoin one.
What’s the Deal with DOGE?
Musk expressed that while Dogecoin might be inflationary, it doesn’t significantly compete with Bitcoin’s deflationary nature. He also mentioned that the transaction speed of DOGE should ideally be much faster — perhaps a couple of rocket launches quicker — but that’s just a side note in this cosmic race.
The Speculative Nature of Crypto Endorsements
Meanwhile, BCH ambitiously tries to position itself as a ‘superior alternative’ to Bitcoin. Backer Kim Dotcom took to Twitter to voice his confidence, stating he had joined the BCH team in January and deemed this merely a prologue.
“I joined team BCH early January. This is just the beginning,” Dotcom tweeted confidently.
The Controversy Surrounding Celebrity Endorsements
However, not all view this crypto fanfare positively. Saifedean Ammous, author of The Bitcoin Standard, criticized the promotion of cryptos that lack tangible utility, stating,
“Wow such genius humor!! Incredible intelligence is needed to appreciate the genius of promoting a scam to 40 million followers.”
With so many different narratives in play, one has to wonder: is this all a light-hearted crypto saga or a chaotic drama waiting to unfold?
