Dogecoin, also known as DOGE, is a popular investment. It has an adorable coin and a Japanese Shiba Inu breed dog mascot named Doge. Maybe it’s because of the ringing endorsement by Elon Musk.
The Dogecoin price can be as high as $1,000 or even more per coin. A lot of people think it’s because internet memes love Dogecoin and they believe in it wholeheartedly. The meme-ness of Doge has caused some to make some pretty crazy predictions about its future as an altcoin.
DOGE has a lot of uses as a payment method and environmentally friendly investment. It is also trading on its own merits such as the low transaction fee and lack of need for any added centralization. Some investors are riding the DOGE wave. Without giving too much thought to what value Dogecoin actually brings to the table.
They make claims about how many trades and goods can be bought for the coin, but this ignores some key facts about all coins available in this space–many will significantly drop in future years. But there comes a time when investors will need to ask themselves, “Is Dogecoin a good investment?”
There are a lot of different factors that can go into deciding whether one cryptocurrency is better than another. Factors such as risk/return profile, adoption, market capitalization, distribution, and volatility have all come into play in helping to spark the meteoric rise of coins like Monero (XMR).
Dogecoin investment
Dogecoin is a cryptocurrency that derives from the Luckycoin blockchain, which itself came from Litecoin, and then later Bitcoin. The Dogecoin code updates are few in number, but this has proven to be beneficial.
Because it rides on the coattails of much bigger cryptocurrencies. Dogecoin had a number of significant updates since its release in 2014, though these are mostly minor changes. Their last major update was in 2019.
For all intents and purposes, Dogecoin was not meant to be a good investment. Its co-founders, software engineers Jackson Palmer and Billy Markus, took just a few days to create the coin by copying Bitcoin’s code. It’s important to note that this coin has potential in the long term because of its unique branding and community.
Dogecoin, a cryptocurrency that was created in December 2013, has become increasingly popular. The founder of the currency had good enough luck to buy a Honda Civic. Joe should have saved his DOGE coin until the spring, but he lost thousands of dollars when the coin’s value crashed.
A number of people who no longer maintain an active association with the project are coming out to criticize it. They point to events such as the “crypto crash” and the “bitfinex hack.” The core development team has been strong-willed in persisting. With as many long-term goals as possible, which in turn has led to some poor decisions.
Dogecoin is defying all odds and is currently in an upward trend. Some people say it’s in a bubble, but they’re yet to be proven wrong.
Very used case, and much currency
One way to tell if a Dogecoin investment is right for you is to explore the potential opportunities available with the coin. The stronger the potential use cases, the greater the chance. People would be interested in purchasing this coin.
The DOGE community has been around for a while, but the use cases for DOGE have expanded in recent years. Tipping is still one of the key features of the coin, which allows you to financially reward people for their comments.
Dogecoin’s usage has increased over the years to the point. Where it is considered a medium of exchange. For instance, it can be used to make charitable donations or purchase NBA tickets and merchandise.
One day you might be able to purchase a Tesla with Dogecoin – if Elon Musk’s tweets are any indication. It was also a digital currency. That was raised to get the Jamaican bobsled team to the Sochi Winter Olympics in 2014.
Dogecoin is a cryptocurrency that uses the proof-of-work consensus algorithm, but a different variation than bitcoin. Transactions are complete in just 1 minute on the blockchain, making Dogecoin’s use case as a currency stronger.
Very inflation, much coin
While Bitcoin is capped at 21 million coins and it’s not possible for that amount to ever increase. Dogecoin has an indefinite supply and is more comparable to an inflationary currency like the US dollar.
There are currently a lot of Dogecoins in circulation and production is increasing at a crazy rate. There’s also a limit on the number of Dogecoins. That can be created every year. This is to keep with the trajectory of inflation so as not to devalue currency too much over time.
When you invest in cryptocurrencies. It is wise to look at the supply and demand sides of things. Dogecoin’s supply could run out if not enough people use it. This would cause lesser, or no demand and ultimately make owning Dogecoins less valuable as investors take profits off the table.
So, there you have it. The good, the bad, and the ugly about Dogecoin. Overall, does this make it a good investment? Time will tell. More generally speaking, be sure to do your research before deciding on anything new!
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The Future of Dogecoin
Some people believe that the $26 billion-dollar meme is a sign that the cryptocurrency market may be reaching a high. Others are scared away from the market but some believe that. Dogecoin (DOGE) could reach $1 before the end of 2018.
A lot of people in 2017 were skeptical that Bitcoin could be a feasible form of currency. There was a discussion online about making it more accessible to the general public, but none of the stores around accepted payments with it. Most people still thought it was magic internet money that was worth nothing.
Today, the narrative around Dogecoin has changed. Its adoption of crypto has made a bigger impact on the market as a whole and “boring” products like CDs & treasury bonds are now totally outdated. Ipad users have been using memes to speak with since they were 3 years old, and this is not going to be changing.
Dogecoin was created with the goal of teaching people about blockchain technology. They were successful and introduced a new group of millionaires and billionaires to this exciting technology they didn’t know they wanted.
Elon Musk’s recent tweets to Dogecoin show. That the price of Dogecoin fluctuates wildly and doesn’t make a lot of sense based on history. It may stand the test of time, or it may not, but it is guaranteed to be worth at least a few hundred million dollars even if it does die out soon.
A tightly-knit community of crypto traders is being cultivated by a new cryptocurrency, known as UMOCO. This coin has a unique way of incentivizing its investor base, allowing anyone to make money when the market is bullish.