If the stock market and index funds don’t excite you anymore, and you can’t wait to roll your dice on other alternative investments that are private and exciting, other than Bitcoin, of course, then cryptocurrency Dogecoin (DOGE) is sure to catch your fancy.
What is Dogecoin?
It started as a joke when two experienced software engineers Billy Markus from IBM and Jackson Palmer from Adobe created Dogecoin in the year 2013 to mock all those people who were hyped about Bitcoin trading. They represented Dogecoin with the very popular and funny Shiba Inu the meme dog, and this made Dogecoin viral the same year.
Dogecoin, like many of its counterparts, is an open-source cryptocurrency that is decentralize, which means it is not back by any government authority and has the technology that is derive from Litecoin. The mention-worthy features of Dogecoin are that it’s private, uses scrypt algorithm, it’s consumer-friendly, has low prices, and unlike many other deflationary cryptocurrencies, Dogecoin is an inflationary cryptocurrency as it has no upper cap for its supply, which stays unlimited.
Popularity of Dogecoin
If there was ever a contest held between cryptocurrencies for popularity, hands down Dogecoin will stand out as a winner, thanks to the meme dog logo. Another interesting thing to note is that Dogecoin’s popularity increased further when Tesla CEO Elon Musk started tweeting about Dogecoin in 2021, making it one of the most used altcoins. With over 2 million subReddit subscribers, the Dogecoin community is going strong and big with every passing day.
Dogecoin Value Worth
Compared to Bitcoin, Dogecoin trades at a much lower price, almost like the steal deals at the mega marts that bring a smile to your face. Just like other cryptocurrencies, the Dogecoin price in India remains volatile, the rate fluctuating now and then. Currently, Dogecoin is being trade between $0.13 – $0.23 and it seems to have fallen when compare to March when it was being trade between $0.053 – $0.058 per coin. However, this is still a profitable deal for those who purchased Dogecoin when it was launche.
Dogecoin – Is it still worth investing?
If you are a novice in trading cryptocurrencies, then let us tell you that it is way different from stock market trading and is not as simple as buying shares. The way cryptos generate, validate, distribute, and then get account for involves high-level technology that can make a layman feel lost in the world of jargon and complicate systems. You can begin cryptocurrency trading very easily these days, all it takes is to register with a trusted cryptocurrency exchange in India, verify KYC and you are all set. Beginners can make use of all the useful tips that are share by these cryptocurrency exchange platforms to learn the knack of trading.
Since crypto is not back by the government, a lot of people are still skeptical about investing in it, even though a lot is being spoken about it in recent times.
Dogecoin has shown enormous instability during the past year, and this may create limitations for many investors. However, there is a large part of investors that believe that Dogecoins is a game-changer in the world of cryptocurrency. wondering how? Let’s see some top reasons.
– Holding Dogecoin for extended periods is possible, even though it experiences its share of surges and drips, but investors have a firm belief that Dogecoin will get you the expected profits.
– It is one of the most speculated cryptocurrencies out there and its market positioning is unique, thanks to its inflationary status, and unique mining model. Since Dogecoin was an entrant, crypto’s mining model is based on proof-of-work model which is similar to Bitcoin, however, there is a prediction that Dogecoin’s mining model will see a shift to proof-of -validation model which will allure those investors who are sitting on the fence with the old cryptos.
– It’s also report that Dogecoin uses less than 2% energy per transaction when compared to Bitcoins.
– The Doegecoin’s blockchain has been verified by the miners using a script algorithm, making it high on anonymity.
Investors are showing growing concern about the inflationary status since there is no upper cap with Dogecoin, investors fear that if demand exceeds the supply, it may cause the Dogecoin’s price to tumble down steeply and that too quickly. We recommend people who are new to cryptocurrency to invest in diverse portfolios, where you buy a few Dogecoins and put some amount into other cryptos too. Take time to research all the different cryptos, understand how they work, this will require you to have keen observation and learning skills.
One should also be able to handle the highly volatile nature of the cryptos and have their heart up their sleeves to take some calculated risks to succeed in crypto trading.