Dogecoin is a type of cryptocurrency that started as a joke in 2013 and was created as a meme. Dogecoin is considered as the 12th largest digital currency with a cap of $6.1 billion, where it was started just as a joke and does not have any real purpose apart from laughing memes. In the past, its worth was 380%, and its current worth is 697%. Further, this cryptocurrency enables P2P transactions over a decentralized network. In this article, we will analyze if it is worth investing in Dogecoin or holding it.
Elon Musk about Dogecoin
- Elon Musk, Tesla’s CEO, has tweeted about Dogecoin several times since April 2019, where he remarked, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” As proven several times, Musk’s tweet has moved markets; it had gotten him into legal trouble in the past.
- Over the recent few weeks, Dogecoin had been spiked by Reddit retail investors, boosting GME and Amc stocks. The main reason for this growth of Dogecoin is Elon Musk, he has been pushing Dogecoin’s price by tweeting regularly about the cryptocurrencies using funny remarks, memes, and surveys.
- Recently, Musk tweeted, “Dogecoin is the people’s crypto,” further, he added, “No highs, no lows, only Doge,” and also tweeted a pose of himself as the monkey holding a doge’s head as a baby Simba.
Future of Dogecoin
- Dogecoin is a famous cryptocurrency that takes its logo and name from the Shibu Inu meme, which was popular a few years ago and does not have a market cap. Dogecoin was launched in 2013, and currently, there are 100 billion Dogecoins in circulation, and as many as 5 billion new coins are minted every year.
- Dogecoin is considered as the original altcoin; cryptocurrencies that were released a few years after the mysterious Satoshi Nakamoto released the first Bitcoin into the world.
- Technically, Dogecoin is based on Litecoin, which was based on Bitcoin that has some small modifications like faster transactions, and it does not have the supply cap. Experts say Dogecoin is more exciting and the Dogecoin community uses it for donating for noble causes.
Is it time to invest or hold Dogecoin?
- Just like any other cryptocurrency, Dogecoin’s prices are susceptible to change daily. Dogecoin can be exceptionally volatile; the price of the coin is consistently low. You need to keep looking for the current Dogecoin price, which will help you to forecast the best time to buy or sell these coins.
- Even though Dogecoin has been accepted by several communities and used for several noble causes, experts warn about investing in these cryptocurrencies that should be dealt with much caution. When it was launched, the value of Dogecoin increased to 300% after 2 weeks, when China banned banks from investing in cryptocurrencies as per Investopedia.
- Dogecoin’s value skyrocketed along with other cryptocurrencies in the 2017 crypto bubble, and knocked out from the rest of the cryptocurrencies in 2018, in this time, Dogecoin was trading at $0.018 per coin.
- Further, Dogecoin was used as a tipping coin for rewarding users on the internet for their great content. Since it has no value, there are chances that it can stay in the market for a longer period.
Is Dogecoin a good investment in 2021?
- 2021 is the best time if you are planning to buy or invest in Dogecoin. This is the best price as we can expect the Dogecoin value to increase from the start of the year. Experts say that Dogecoin value might continue to rise, and it will cross the Litecoin value.
- Elon Musk’s favorite cryptocurrency is Dogecoin, and it is still attracting huge coverage; it has a culture that is committed. In 2021, it has gained 45% and 6% more than its competitor Bitcoin. Doge, in 2020 has been highly successful and earned more than 130%.
- WalletInvestor said that Dogecoin is the strongest long-term asset. We can expect a price increase based on the wallet investor forecast. The lowest price of the Dogecoin in 2021 was $0.002, and the highest it might go up to $0.082. We can expect this range to continue, and it might increase the trading range in the following years.
Investing is better, or holding it in the Current Scenario?
- As demand creates value, Dogecoin’s value might increase as people are finding several ways to use it. Dogecoin is used for making donations and also for tipping online. As it is becoming more famous, it is accepted by several merchants for goods and services. Further, it has a faster processing time, and its low price makes it suitable for everyday transactions.Therefore, to invest in it you must go through Dogecoin predictions so that you can get an idea about the future prices and make a huge profit from it.
- Dogecoin is a good investment as the supply of Dogecoin does not have a limit. Moreover, the number of coins that are mined at any time, can vary from a few hundred to thousands.
- Even though Dogecoin is less popular than Bitcoin and Ethereum, it is considered a good investment by several investors.
- Dogecoin can highly benefit from Elon Musk’s tweets. Elon musk’s tweets had made the stocks of companies such as Signal Advance and GameStop soaring. Musk also tweets about Dogecoin by boosting its price from time to time.
To summarise, cryptocurrency comes with a huge risk of high volatility, where you can expect few changes and major dips from time to time. Dogecoin is highly competitive, and it is a safe bet for investors who would like to take advantage of short-term market changes. Dogecoin transactions are fast; Bitcoin transactions are so slow when compared to Dogecoin’s transfer speed. Dogecoin is highly supported in various hardware wallet and wallet apps etc. Simply put, Dogecoin is a good investment. Investors have to check out whether they should invest in Dogecoin or not. So take a glance at it!