Dogecoin Slumps

Dogecoin plunged nearly 8% leading up to early Friday morning as major coins crashed. The global cryptocurrency market cap fell about 7% to $1.8 trillion. One factor in the drop is likely the report that the Russian central bank called for a ban on cryptocurrencies. Another occurrence possibly affecting price could be the general mainstreaming of crypto as PayPal ($PYPL@US) and Walmart ($WMT@US) jump in. Cryptocurrencies with significantly more real-world utility are likely to outperform those with less real-world utility in the future. That's why PayPal's and Walmart's efforts could place the prospects of meme coins in jeopardy. PayPal has the world's most widely accepted digital wallet, and Walmart reigns as the biggest physical retailer globally with a fast-growing e-commerce presence. Eventually, Dogecoin might have to compete head-to-head with "PayPal Coin" and "Walmart Coin" for users. If millions of people across the world who aren't into cryptocurrency now choose to go with these familiar alternatives, many of the current favorite meme coins could be in trouble.