The application prospects of Dogecoin in the payment field are challenging when competing with traditional payments like PayPal. Dogecoin offers faster and borderless transactions in theory. However, it lacks the regulatory compliance and widespread merchant acceptance that PayPal has. Its high volatility also poses a risk for payments. To succeed in the payment market, Dogecoin needs to address these issues. It may need to work on getting regulatory approval in more regions and convince more merchants to accept it. Otherwise, it will struggle to compete effectively.