In the last few days after the crash of the US’s popular SVB Bank’s crash, the price of Bitcoin suddenly started rising. Bitcoin has crossed the $28,000 mark and is making new highs after a long time. Ethereum has also crossed $1750 and making new highs. But the question is about the most popular and first meme-based coin Dogecoin. In the last crypto rally, Dogecoin was the most popular Dog-based meme coin that grabbed the attention of crypto investors across the world.
Dogecoin (DOGE) is based on a Japanese Shiba Inu breed dog named Doge. It gets more popular after the adoption by the billionaire Elon Musk, who seems to prefer Dogecoin to Bitcoin (BTC). After the adoption by Elon Musk dogecoin climbed 1000% within a month and made millions of dollars for its investors.
Many crypto investors trusted Dogecoin without any doubt. But now the time has come when investors may ask themselves, “Is Dogecoin a good investment?” The answer may vary according to your risk/reward profile, but there are still some conclusions we can draw about the cryptocurrency that has catapulted meme coins into the stratosphere.
Is Dogecoin Still a Good Investment?
Historically, Dogecoin is a fork of Luckycoin, and Luckycoin itself was a fork of Litecoin which further was a fork of the Bitcoin blockchain network. Dogecoin’s major code update was in 2019; after that, only minor updates happened.
Dogecoin was not a serious project it was invented as a joke in 2013. Jackson Palmer and Billy Markus are co-founders of Dogecoin who invented this coin in a few days by copying Bitcoin’s source code. But now Jackson Palmer and Billy Markus are no longer associated with this project. Dogecoin is an unstable investment but its still popular among its investors due to the dedicated core development team and the Dogecoin community. Some people also think Dogecoin may fail in the future. But it’s not proven yet and time will answer all these questions.
Should You Invest In Dogecoin?
For every coin, the use case makes it important in the crypto market. If the use case is stronger, the coin will be more in demand and the price will increase. Dogecoin’s primary use case in the early days was to reward the DOGE community for amusing comments via tipping. Now the use cases have expanded from its previous tipping use case. It can be used as a medium of exchange between two parties. Elon Musk has also said one day you may purchase Tesla Car with Dogecoin. Dogecoin transactions are faster as compared to other coins.
By viewing these use cases and their transaction speed we can say it will become a good crypto coin in the future. The Dogecoin community also believes it will be the best coin among all meme-based coins.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.
