Should I Invest in Dogecoin: Is Dogecoin Worth It?

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. ๐Ÿ“ˆ๐Ÿ“ˆ

In 2021 it gained the status of the worldโ€™s biggest meme coin with an ever-increasing line of supporters, aka the โ€˜shibes.โ€™๐Ÿ‘โฌ†๏ธ

So, if youโ€™re wondering should I invest in Dogecoin? Is it a viable cryptocurrency? Keep reading to know!๐Ÿ“–๐Ÿ’ฒ

What is Dogecoin? ๐Ÿถ๐Ÿช™๐Ÿ’ฐ

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. ๐Ÿ†๐ŸŽ–๏ธ

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 coinโ€™s popularity to the point where specific organizations started accepting Dogecoin as payment.๐Ÿ’ท๐Ÿ’ต

This yields a very bright future for the coin and Dogecoin community, but itโ€™s not the only reason that led to Dogecoinโ€™s success. 

Several fundraisers further boosted the currencyโ€™s worth in 2014. However, it wasnโ€™t until 2021 that Dogecoin reached its full potential when cryptocurrency became popular and mainstream.๐Ÿ˜Ž๐Ÿ˜Ž๐Ÿ˜Ž

How does Dogecoin work? ๐Ÿถ๐Ÿช™

Like the other cryptocurrencies, Dogecoin can be used to make purchases; it can be bought or sold and even transferred to others.๐Ÿ’ต๐Ÿ’ณTransactions are further validated via mining by backend miners on high-power computers monitoring all Dogecoin transactions. ๐Ÿ–ฅ๏ธ๐Ÿ–ฅ๏ธ

One aspect that gives it an edge over Bitcoin is that Dogecoin mining is fast and requires less energy, so its eco-friendlier.๐Ÿƒโœ…

Since itโ€™s an inflationary coin, thereโ€™s no cap on the supply of Dogecoins. Today there are over 140 billion Dogecoins in circulation. ๐Ÿ’ฑ๐Ÿ’ฑ

Is Dogecoin worth it? ๐Ÿค”๐Ÿ’ก

If you are thinking, should I invest in Dogecoin? Make note that while the growth has been phenomenal, users still argue that Dogecoin isnโ€™t a good investment. Unlike the other currencies, Dogecoin doesnโ€™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.๐Ÿ“บ๐Ÿง‘โ€๐Ÿคโ€๐Ÿง‘

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 thatโ€™s good for now, but what about years or even months from today? ๐Ÿ“†โฐ

If you ask experts, should I invest in Dogecoin? Theyโ€™ll probably answer that itโ€™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, letโ€™s take a look at reasons to buy and not to buy Dogecoin today.โœ…๐Ÿค”โŽ

Reasons to buy Dogecoin ๐Ÿ’ฐโœ…

With the Dogecoin developer team back on improving the coding, sufficient reasons support the purchase of the coin today. 

1. Help people and do goodโœ…

With the tagline โ€œDo Only Good Every dayโ€ (DOGE), the Dogecoin community is all about support, fun, smiles, and kindness. Thereโ€™s also active fundraising and charity promoting the cryptocurrencyโ€™s peaceful and fun side. ๐Ÿ•Š๏ธโ™ฅ๏ธ

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. ๐Ÿค๐Ÿ‘

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.๐Ÿ’ฒ๐Ÿ’ฒ

2. Huge and incredible community๐Ÿ‘ฌ๐Ÿ‘ญ๐Ÿ‘ซ

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. ๐Ÿ‘‘๐Ÿ‘

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.๐Ÿ’ธ

Its popularity led to the introduction of several other meme coins as well. ๐Ÿช™๐Ÿช™

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.๐Ÿ‘๐Ÿ‘

3. Loved by Elon Musk๐Ÿคฉ๐Ÿ˜

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. ๐Ÿ’น๐Ÿ’น

With attention-grabbing tweets by the investor, Musk could bring in a sufficient number of investors and adopters for the cryptocurrency. Itโ€™s due to him that today Tesla has actively adopted Dogecoin for part of its merchandise and investments.๐Ÿ“ˆ๐Ÿ“ˆ

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.โฌ†๏ธ

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.๐Ÿ†๐Ÿ†

5. Dogecoin development team is back

The developer team, right after Elon Muskโ€™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. ๐Ÿ˜ƒ๐Ÿ‘

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 โŽ๐Ÿ˜ฎ

Besides these excellent reasons to have Dogecoin on your portfolio, there are a few reasons people donโ€™t like to opt for it.โŒโŒ

1. Volatility and risk๐Ÿ“‰๐Ÿ“‰

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. โ˜‘๏ธโ˜‘๏ธ

2. Unlimited supply

This is perhaps the largest risk of investing in Dogecoin: Thereโ€™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.๐Ÿ“‚๐Ÿ“‚

Future outlook ๐Ÿง๐Ÿค”

The biggest meme coin is an inspiration but also a symbol of fear for investors. Many people believe itโ€™ll only last till the cryptocurrency bull market lasts, but it will hit a low much before the other cryptocurrency.โฌ‡๏ธ๐Ÿ“‰

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. ๐Ÿช™โฌ†๏ธ๐Ÿ‘

Frequently asked questions

Still thinking, should I invest in Dogecoin? Here are some FAQs that can further clear out some facts about Dogecoin.๐Ÿค‘๐Ÿ’ฐ

Where can I buy Dogecoin? ๐Ÿ›’๐Ÿถ๐Ÿช™

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.๐Ÿ’ฐ๐Ÿ’ฐ

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:

  1. Create your account on the exchange.๐Ÿ–ฑ๏ธ๐Ÿ’ป
  2. Verify your account via your passport or driverโ€™s license.
  3. Next, you need to send money to the account from your bank account. ๐Ÿฆ๐Ÿ’ฒ
  4. Once you have the money in your crypto exchange account, purchase Dogecoin by selecting the โ€˜buyโ€™ tab.

Is Dogecoin worth it? ๐Ÿค”๐Ÿช™

Ever since it was launched, Dogecoin has proved itself a worthy investment. However, it wasnโ€™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? โฌ†๏ธ๐Ÿ“ˆ

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 $1.๐Ÿ’ฒ๐Ÿ’ต

The analysis is backed by the coinโ€™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. ๐Ÿป๐Ÿƒ

Final word ๐Ÿถ๐Ÿช™๐Ÿค”

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.๐Ÿ‚๐Ÿค 

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