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Should you still invest in Dogecoin? We have the reasons behind “YES”.

Shiba Inu though surpassed the pioneering Meme token, Dogecoin, last week; Dogecoin does not seem to go down in terms of its popularity as a great investment token for the investors.  Dogecoin is still one of the most popular tokens among investors since it gives them an easy way to make their foray into crypto and know about the volatility. Dogecoin’s inflationary qualities, mining model, and connections to Litecoin are all interesting.

Dogecoin has been one of the first “meme tokens” and was developed as a joke by its founders Billy Markus and Jackson Palmer in 2013. It has shown exhilarating growth since its launch for two key reasons. 

Dogecoin was an early player in the market. Investors did not have many options back then, and just being a part of the crypto market carried a greater sense of purpose. Dogecoin’s standing as a charade invited crypto enthusiasts to be a part of Dogecoin for reasons that are beyond money. 

The reasons to invest in Dogecoin are many; some of these are as follows:

Dogecoin’s popularity 

The Dogecoin sub-Reddit shows 2.2 million “subshibers” (Shiba Inu subscribers) on its page.  Some of the most popular names like Musk and Snoop Dogg have endorsed Dogecoin.

Due to the speculative nature of cryptocurrency, popularity is not enough. As for a valuation, Dogecoin is worth it since it increased in value. Those investing in DOGE also are relying on more headlines from the celebrity hype. The return DOGE has given to the investors over the last year is a staggering 9,000%.

Great for Novices

Dogecoin is ideal for crypto novices. Dogecoin’s high volatility during the last year is a warning to some investors. However, the investors looking to be a part of the crypto game still want to invest in Dogecoin as a great investment opportunity. 

This is because they think holding Dogecoin for a long period can give them a glimpse of what crypto investing is about.  Accordingly, those may want to put some money to work in Dogecoin. This cryptocurrency will certainly provide a roller coaster ride that would be both fun and scary.

Unique Market positioning

Dogecoin’s inflationary status, mining model, and connections to Litecoin are something great. Being an early crypto entrant, Dogecoin’s mining model follows a proof-of-work. Like Bitcoin, this means multifaceted computational problems should be resolved to validate the transactions across the Dogecoin blockchain. Dogecoin reportedly uses a lesser amount of energy per transaction than Bitcoin i.e. below 2%. Those building a perception about cryptocurrencies from a sustainability view like that.

While Shibacoin is on the run and it’s the new shiny token at the moment, Doge has proven to be a serious contender with longevity since 2013 and is still a good horse to bet on. With that said, one should not put all their eggs in one basket, instead, one should leverage new opportunities, because with new opportunities comes new ideas that can change the crypto landscape.

 

Written by Anthony Fernandez
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