Dogecoin, a cryptocurrency that literally started and took off as a joke, is making some serious rounds on the internet today. The creators never thought anyone would even spend on the currency, let alone take off like that. 📈📈
In 2021 it gained the status of the world’s biggest meme coin with an ever-increasing line of supporters, aka the ‘shibes.’👍⬆️
So, if you’re wondering should I invest in Dogecoin? Is it a viable cryptocurrency? Keep reading to know!📖💲
What is Dogecoin? 🐶🪙💰
After Bitcoin succeeded, all cryptocurrencies followed suit and gained subsequent investments and popularity. Dogecoin was one currency created with no utility but surprisingly ranks amongst the top 10 cryptocurrencies today. 🏆🎖️
Created by Billy Markus and Jack Palmer in 2013, the coin grew to gain supporters and investment, much to the surprise of its developers. As a result, Dogecoin became a whole community which led to it getting the attention of Elon Musk himself.
His interest in cryptocurrency further contributed to the coin’s popularity to the point where specific organizations started accepting Dogecoin as payment.💷💵
This yields a very bright future for the coin and Dogecoin community, but it’s not the only reason that led to Dogecoin’s success.
Several fundraisers further boosted the currency’s worth in 2014. However, it wasn’t until 2021 that Dogecoin reached its full potential when cryptocurrency became popular and mainstream.😎😎😎
How does Dogecoin work? 🐶🪙
Like the other cryptocurrencies, Dogecoin can be used to make purchases; it can be bought or sold and even transferred to others.💵💳Transactions are further validated via mining by backend miners on high-power computers monitoring all Dogecoin transactions. 🖥️🖥️
One aspect that gives it an edge over Bitcoin is that Dogecoin mining is fast and requires less energy, so its eco-friendlier.🍃✅
Since it’s an inflationary coin, there’s no cap on the supply of Dogecoins. Today there are over 140 billion Dogecoins in circulation. 💱💱
Is Dogecoin worth it? 🤔💡
If you are thinking, should I invest in Dogecoin? Make note that while the growth has been phenomenal, users still argue that Dogecoin isn’t a good investment. Unlike the other currencies, Dogecoin doesn’t contribute to the financial system or derive any value from any other asset.
The only thing that gives it value is its community and its tailored around the entertainment concept.📺🧑🤝🧑
A vast base of crypto investors avoids spending on it, leaving it with just some very loyal supporters. Plus, the coin has no value; all its worth comes from popularity. So that’s good for now, but what about years or even months from today? 📆⏰
If you ask experts, should I invest in Dogecoin? They’ll probably answer that it’s not a viable investment option for the long run. But it can make up a good investment in your portfolio for the short and medium term.
However, for a fair analysis, let’s take a look at reasons to buy and not to buy Dogecoin today.✅🤔❎
Reasons to buy Dogecoin 💰✅
With the Dogecoin developer team back on improving the coding, sufficient reasons support the purchase of the coin today.
1. Help people and do good✅
With the tagline “Do Only Good Every day” (DOGE), the Dogecoin community is all about support, fun, smiles, and kindness. There’s also active fundraising and charity promoting the cryptocurrency’s peaceful and fun side. 🕊️♥️
This tagline was the reason behind the high Reddit following that Dogecoin gained soon after its launch. In 2014, DogeTipBot, another phenomenal concept, widened the base of Dogecoin adopters.
This micro-tipping service allowed Reddit users to send a Dogecoin as a tip for the content they liked and appreciated. 🤝👍
This concept was later followed on YouTube and Patreon as well. Since then, there have been multiple supporting channels like TikTok investors just investing $25 in Dogecoin as a challenge for fun, and further media engagement, all of which boost its worth.💲💲
2. Huge and incredible community👬👭👫
Dogecoin relies on its community and support for all its worth. Undoubtedly, it has a big community that has made it the first-ever meme coin. The community of supporters includes millions today, including big names like Mark Cuban and Elon Musk. 👑👍
Their popularity and following have significantly contributed to the support for the crypto Dogecoin. Hence it gained a large number of investors after their endorsements.
Furthermore, their word was so strong that many companies started accepting Dogecoin for payments.💸
Its popularity led to the introduction of several other meme coins as well. 🪙🪙
That also gives it the status of a leader, and all the other meme coins will follow its path as the crypto market takes off. So, having Dogecoin in your investment portfolio makes all the more sense.👍👍
3. Loved by Elon Musk🤩😍
Elon Musk is the strongest pillar in supporting Dogecoin. From 2020 to date, Musk has been the one key person behind its price and performance. 💹💹
With attention-grabbing tweets by the investor, Musk could bring in a sufficient number of investors and adopters for the cryptocurrency. It’s due to him that today Tesla has actively adopted Dogecoin for part of its merchandise and investments.📈📈
4. Meme potential
Dogecoin was the first meme token in the crypto market. The creators thought it would be a fun coin and gave it a Dog image. They never knew it would become so popular in a few years.⬆️
Not surprising, though, since the internet has always had a great love for memes, and Dogecoin seemed to add the much-needed non seriousness element to the crypto market. Today it stands as the 10th most successful cryptocurrency in the market.🏆🏆
5. Dogecoin development team is back
The developer team, right after Elon Musk’s interest in Dogecoin, came back last year and put in all efforts to improve the coin. All the weak areas and vulnerabilities were addressed; hence, more people actively adopted the crypto coin. 😃👍
Plus, it also means that the Dogecoin network will improve and grow with time as its team has its back.
Reasons not to buy dogecoin ❎😮
Besides these excellent reasons to have Dogecoin on your portfolio, there are a few reasons people don’t like to opt for it.❌❌
1. Volatility and risk📉📉
The crypto market is very volatile. The highs and lows make it a risky investment. But again, the risk is pretty much the same as in any other investment. To minimize your losses, best be aware of all the risks. ☑️☑️
2. Unlimited supply
This is perhaps the largest risk of investing in Dogecoin: There’s an unlimited supply. Every year, 5 billion Dogecoins enter the circulation stream, and this will continue until the Dogecoin life.
This supply could affect the price of the coin in the short term, thus making it a risky investment, especially if it makes a substantial part of your portfolio.📂📂
Future outlook 🧐🤔
The biggest meme coin is an inspiration but also a symbol of fear for investors. Many people believe it’ll only last till the cryptocurrency bull market lasts, but it will hit a low much before the other cryptocurrency.⬇️📉
However, as long as the future of cryptocurrencies looks good, investing in Dogecoin has a lucrative future. However, like all fads, Dogecoin will likely face its fall, but as long as it has supporters and endorsers like Elon Musk on its tail, nothing else matters. 🪙⬆️👍
Frequently asked questions
Still thinking, should I invest in Dogecoin? Here are some FAQs that can further clear out some facts about Dogecoin.🤑💰
Where can I buy Dogecoin? 🛒🐶🪙
You can buy Dogecoin from different websites. The buying place depends on how you wish to use the cryptocurrency. To buy it as an investment, you must look into online brokerages like Webull, Robinhood, eToro, etc.
If you want to use the coin for purchases, you can buy it off Binance or Coinbase.💰💰
Then, if you want to use crypto holdings, you can get a wallet like Wasabi Wallet, Ledger Nano X, Exodus Bitcoin & Crypto Wallet, etc. The top exchanges that enlist Dogecoin include:
Go to any of these exchanges and then:
- Create your account on the exchange.🖱️💻
- Verify your account via your passport or driver’s license.
- Next, you need to send money to the account from your bank account. 🏦💲
- Once you have the money in your crypto exchange account, purchase Dogecoin by selecting the ‘buy’ tab.
Is Dogecoin worth it? 🤔🪙
Ever since it was launched, Dogecoin has proved itself a worthy investment. However, it wasn’t until 2020 that the currency saw a shift in popularity thanks to Elon Musk and a huge loyal base that stands by it.
So despite the cryptocurrency market recession, Dogecoin has a stable overview mainly due to the extensive support by Musk. The CEO of Tesla Motors is the biggest reason behind the phenomenal popularity of the meme coin.
However, he still stands by it, and with his continued support, we can say it is a viable crypto coin to add to your portfolio today.
How high will Dogecoin go? ⬆️📈
According to experts, Dogecoin could go up to $0.60 by 2023 and is speculated to grow to $1 by 2025. This is because there will be wider adoption of the coin, coupled with cryptocurrency regulations being set to further relax over the years.
Then by 2030, based on the fact that it will be widely used as a mode of payment across businesses all over the world, experts have predicted that it is expected to go up to $1.💲💵
The analysis is backed by the coin’s past performance and factors impacting its price. These include Bitcoin and its rally that subsequently led to a correction after the bear run in 2021, etc. 🐻🏃
Final word 🐶🪙🤔
Despite the risks and volatility factors, Dogecoin remains a good investment. Moreover, with support from groups like Tesla, the coin has a positive future outlook.
With Bitcoin halving, the crypto market is expected to touch the skies by 2024. So it may be the best time to buy cryptos like Dogecoin, which have solid future potential, especially in the upcoming crypto bull run.🐂🤠
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