Numerous benefits come with investing in Dogecoin right now. Most of the time, you’re not required to have any prior experience or knowledge about this cryptocurrency to buy them. You just need some common sense and research.
With the rapid rise of Dogecoin over the past year, it’s interesting to wonder if investing in Dogecoin is still worth it. Throughout the year, it has shown a huge increase in price and size and currently has grown close to a $20 billion market cap.
Best Reasons Why You Should Invest in Dogecoin
Here are the best reasons to invest in Dogecoin. For long-term investors, investing in Dogecoin could be a good idea, for short-term investors, it is still too early to tell.
1. Dogecoin is loved by the Wallstreetsbets crowd
The Wallstreetbets community doesn’t officially endorse Dogecoin, but many members have contacted the site about it and its price skyrocketed just a few months ago. It is the FOMO-driven rally that has kept things hot longer than other rallies. There are a few factors at play here that have allowed this rally to sustain itself longer than others. Some of them are as below:
-The community is determined to make a point
Wallstreet Bet is a lot more than just trying to make money. It is also about trying to make a point about the system. These are people who believe that our financial system is rigged. They’ve been taking assets and propping them up instead of leaving them alone in stocks. This way they can rise in value without you even noticing it.
GameStop was among the stocks that benefited the most from Wall Street’s best. There were various negative corporate earnings reports from other retailers, and GameStop was one of the only companies to have its quarterly profits increase. GameStop got as high as $350 on that day, a result of aggressive purchases by Wallstreetbets.
Hedge funds have been feeling financial pressure for a little while now. This saw losses of around $5 billion in just days, and it proves that retail investors can hold their own against institutions.
-Dogecoin has similarities to GameStop
Dogecoin has been considered a joke coin for a while, but it seems as if they’ve recently started taking it more seriously. However, they do share some similarities with GameStop’s situation.
Cryptocurrencies with high coin supply are attractive, as they are more attractive to investors. Binance also has a low coin supply but is very scarce. Cryptocurrency features a method of keeping the supply in check called coin burns.
Dogecoin might be inflationary, but that doesn’t mean it’s bad. There are a lot of coins mined every few minutes and the supply is unlimited!
Dogecoin started as a joke, but it’s found success and is one of the biggest players in the scene. It has been very successful in attracting Wallstreet investors from other coins, who buy up and hold Dogecoin to make profits. This is chiefly because of their limited supplies and a sudden spike in demand.
2. Robinhood seems to have become more friendly
Robinhood seems to have changed their minds on the issue and is much more receptive. Since criticism from Congress as well as institutions such as WallstreetBets and Dogecoin, they seem to be making changes.
Dogecoin is popular these days, thanks to its steady price and FOMO that prompts investors to keep piling in at the moment. It is an asset not to be underestimated, which could see its price rise even further – potentially testing even higher highs.
3. Diamond hands are increasing, and bolder
This sentiment has been changing for some time and recent prices have improved. Dogecoin’s value has grown too quickly for just about everyone to believe it. They think they’re going to make a huge profit as long as they don’t sell, but it may still end in their losses.
Dogecoin has been on quite a ride lately. Its price is up consistently since April 4th, and the market boom hasn’t affected it much. The broad market correction that most markets are experiencing has not put Dogecoin in any danger either.
Bitcoin and most altcoins dipped by about 10% on one particular day. It was the only one in the top 10 that remained green.
Dogecoin has been performing well ever since the end of Q1 and its market value is currently at over $6 billion. If you invested in Doge tokens during this time, that’s great news because they’ve appreciated by almost 100%.
4. Dogecoin has the backing of Elon Musk
Many retail traders are quite fond of Elon Musk and sympathize with his anti-establishment stance. They recognize his financial clout and admire his innovative, but controversial, ideas. Musk has also been pro-crypto and has been quite vocal in his support for Dogecoin. You are probably wondering, is the support of one man enough to buy Dogecoin?
It remains to be seen if Elon Musk will be able to make everyone ubiquitous with his products or not. Tesla’s strong position in the market has led to a few predictions that betting against them is not a wise decision. In addition, Tesla’s increasing competition has led to greater public confidence in its business and Tesla has been able to reverse so far back on each of those predictions.
When Tesla’s stock collapsed, the company found itself in dire straights and needed a lot of money to stay afloat. Elon Musk restored trust in their production capabilities and turned things around. This revolutionized his power and made him the richest man on the planet. Tesla is not only the biggest car manufacturer in the market but it’s also met its customer’s needs. Toyota is way behind it.
This guy just changed how people view space. He pioneered reusable rockets that will make traveling to Mars a lot easier in the future.
When it comes to naming your cryptocurrency, you should take your pick carefully. After approaching the topic of “Dogecoin,” this paper is sure. That the world-renowned cryptographer and security engineer could not have chosen a better name. It has been on the rise ever since Oliver Lehmann came out in support of the coin.
Elon Musk has introduced a long-term perspective to Dogecoin. In 2016, he stated that he was buying Dogecoin for his then 10-month-old baby who doesn’t understand money. The baby did it with the idea of saving up some money for the next 10-20 years.
5. Dogecoin has lots of celebrity endorsements
Elon Musk is just one of the many high-profile celebrities that are taking part in Dogecoin. Paris Hilton, Snoop Dogg, and other more famous artists have also jumped on board the trend.
So, why is this a big deal? Well, celebrities have millions of followers, and the decisions they make influence their followers – that’s why companies hire them to market their products! Dogecoin influences celebrities in the same way: Millions of people followed it and its celebrity members.
For people who are new to the world of cryptocurrencies, Dogecoin is a great way to start. Several benefits come with owning Dogecoin, such as celebrity endorsements.
On the surface, Dogecoin seems perfect for the blockchain age. Because transactions are highly anonymous, users can quickly buy and sell without impacting their price or their privacy.
And because Dogecoin has a huge user base, liquidity will be created. This is because it is more stable than other coins and can be used for transactions at any point in time.