It’s not a secret that Dogecoin ( DOGE) is a well-known investment. Maybe it’s because of the adorable look of Doge, Dogecoin Mascot, an adorable Japanese Shiba Inu breed dog called Doge. Perhaps it’s the ringing support from the billionaire Elon Musk. Musk appears to prefer Dogecoin over Bitcoin ( BTC). Whatever the reason, the sky has been an option for Dogecoin price that has been reported to rise as high as 1,000% in just a month.
In general, DOGE has also achieved the status of a meme coin and can trade on its social savvy instead of solid fundamentals. However, as its applications as a payment method and an environmentally green investment expand, DOGE will increasingly begin trading by its advantages.
How do you define Dogecoin? A Quick Introduction
Dogecoin was a parody of crypto that grew beyond its founder’s initial idea and grew to become one of the most popular cryptocurrencies that it is currently.
Following the success of Bitcoin, it was followed by an explosion of cryptocurrencies, many of which have no utility.
This led two computer science researchers, Jack Palmer and Billy Markus, to brainstorm an alternative to satisfy the market. Dogecoin is the ideal way to accomplish this. They invented Dogecoin, a cryptocurrency with no utility and a limitless supply.
The founders of Dogecoin believed it to be an unintentional coin; however, it was able to create its community. The community has grown over time, to the point where Elon Musk took an interest in Dogecoin as of 2020.
Elon Musk triggered an unprecedented Dogecoin rally. And the amount of businesses accepting Dogecoin transactions from 2020 onwards has increased.
Should you Invest in Dogecoin?
In 2021, a horde of social media-driven Robinhood investors destroyed Melvin Capital during the GameStop short squeeze. The decentralization of cryptocurrency has caused panic at central banks around the globe. The electricity is being leaked out from the top of the ladder, running down the ladder via fiber optical wired and wireless routers.
Suppose you’re an avid zoomer or millennial with a Robinhood account. In that case, chances are that you have an amount of DOGE larger than any professional financial anywhere on the planet would ever recommend. Additionally, you can increase your Dogecoin reserves by lending the liquidity in DOGE to major Exchanges and DEXs. KuCoin provides attractive interest rates via its web-based cryptocurrency lending program that lets you borrow your Dogecoin crypto for seven, fourteen days, or for 28 days to earn a passive income. And you’ve likely already earned more money from it than advisors like them will earn over the next decade with their portfolios of stocks. So, pat yourself on your back for a job well done.
A stake in Dogecoin isn’t about making money (although it can happen). It’s about becoming a part of something larger.
Apart from the Tesla adoption, Here are two more reasons why it could be the perfect time to buy Dogecoin.
- A Crypto-Four-Year Cycle
The cryptocurrency market is experiencing a huge bear market. If past cycles are any indication, there is a good chance it will reach new heights before the next Bitcoin reduction in half in 2024. This is, in essence, an ideal time to invest in the most potent cryptocurrency that is expected to take a major leap in the upcoming bear market.
Dogecoin is one of the cryptocurrencies which could be a major player in the coming crypto bull market. Since 2021, the adoption of Dogecoin has been growing, and companies such as Tesla have accepted it for payment. However, Dogecoin’s community has become more robust than ever before.
In all, by 2024, Dogecoin will have more worth than what it has today. The hype associated with bear markets could cause it to reach new records, with a price of $1 or more. It is a simple cryptocurrency to invest in today and then hold for the long run.
- The Team of Developers is Back.
After dropping the coin for several decades, the Dogecoin development team returned in 2021. They’ve been working on improving the Dogecoin network and addressing any vulnerabilities on the network. This implies that trust built in the Dogecoin network is expected to improve over time.
The same can bring more acceptance, resulting in a greater intrinsic value for Dogecoin. This gives Dogecoin enormous potential for value growth further into the future.
Virtual currencies can be extremely volatile. Your investment is at risk.
Things to Know Before You Buy Dogecoin
So far, you have a solid knowledge about the question of whether Dogecoin is a great option to invest in or not.
But before you go to purchase Dogecoin, there are some additional things to be aware of besides DOGE’s fundamentals.
Have a look at:
1. Make a bet on Dogecoin only the amount you can be able to afford to lose.
2. Buy when the market is down and sell when they are in bull markets.
3. Make sure you purchase Dogecoin from reputable exchanges. The one we recommend is the KuCoin exchange.
4. Be sure to secure your account, which includes the use of 2-FA.
5. After you purchase, collect your DOGE free of exchanges.
6. The best method to keep them is to keep them in a wallet where you can control the keys. It could be a physical or a software wallet.
7. It is also a good idea to invest in other cryptocurrency options in the event Dogecoin cannot outperform the market.
If you adhere to these easy guidelines, you’re well-positioned to start your Dogecoin venture