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Is it wise to invest in Dogecoin?

Whether you call it luck or coincidence, Dogecoin has become a hot topic in the crypto world. Being a religious follower of Bitcoin, it is striving hard to work similarly to the trillion-dollar cryptocurrency on British Trade Platform. From Elon Musk to other big names in the industry, the joke-inspired cryptocurrency has got the honour to be discussed by some of the leading personalities today. No matter how much we hype this cryptocurrency, investing in Dogecoin is still debatable in the crypto industry.

Dogecoin is a meme-inspired cryptocurrency that is simply a carbon copy of Bitcoin, made in only 3 hours. It’s made by a well-known software engineer- Billy Markus, who himself admits the creation of this cryptocurrency as a joke. The reason why we call it a resembling copy of Bitcoin is because Markus attempted to copy-paste the Bitcoin Codes on blockchain to bring Dogecoin into existence. To add more, we have listed a few aspects that will help you decide whether it’s wise to invest in Dogecoin or not.

Worth of Dogecoin:

Everything comes to the worth of Dogecoin that makes it capable of being invested or not. At the time of writing, Dogecoin is valued at a worth of only 7 cents with a $9 billion market capitalization. The numeral is the combined market capitalization of numerous altcoins that are launched quite earlier than Dogecoin. Founded in 2013, the popular cryptocurrency has successfully made it in the list of 20 largest digital currencies in the world. While it sounds convincing to give Dogecoin a try, let’s see the other side of the story.

Investing In Dogecoin:

It won’t be wrong to say Dogecoin has been a reason for few laughs and an interesting topic to discuss over the internet. What can you expect more from a cryptocurrency whose mascot is a Shiba Inu Dog turned into trending memes? It won’t be justifiably to call this dog-themed cryptocurrency an excellent store of value unless it’s tried and tested Dogecoin.

The volatility of Dogecoin:

When it comes to the volatility of Dogecoin, we’re bound to mention its 2000% surge in price after the first price variation in 2017. While this shows Dogecoin to be an ideal cryptocurrency for Buying and Holding, we’re unsure how it works practically on the decentralized digital ledger. Also, not many crypto exchanges have added Dogecoin to their list of cryptocurrencies, so we can clearly see the hands up for investing in Dogecoin.

The Future of Dogecoin:

Bitcoin, being a trendsetter, has given rise to a number of cryptocurrencies, out of which Dogecoin turned out to be the most revolutionary one. Some people consider it as a viable alternative to Bitcoin in some aspects, while others strongly believe that Dogecoin is going to die today or tomorrow. Whatever the case is, there are still many more years for Dogecoin to develop a sense of fidelity towards its users. Some rumours also say that there are masterminds running Dogecoin, which is likely to be revealed very soon.

 

As long as the usability of Dogecoin is concerned, we suggest using it as a test cryptocurrency while practising your trading skills. We don’t think losing 70 cents is a bigger deal for you than ruining your cryptocurrency portfolio due to investing in a meme-based cryptocurrency. However, you can also use this cryptocurrency to make small contactless payments but be sure of the risk associated with it. Compared to Bitcoin, Dogecoin is more frequently mined yet available in a pretty large quantity for investors to avail.

Can Dogecoin make anyone rich?

We won’t say Bitcoin is entirely a waste less cryptocurrency only because it doesn’t prove to be the best store of value. This dog-themed cryptocurrency has actually made substantial profits for people in short periods in return for a small investment near to a dollar or even less. It’s better to have something better than nothing, and Dogecoin offers you this opportunity.

Conclusion:

Whether you’re planning to start your crypto journey or trying to have a side income, Dogecoin might work ideal for you here. While investing, you cannot be 100% sure of making profits through Dogecoin but giving it a try is never a bad choice. On the bright side, predictions say that Dogecoin will either surge in price or become a non-existent cryptocurrency forever.

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