January 21, 2022

Is dogecoin a long-term investment? Here is a sneak peek

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There are a few famous cryptocurrencies that almost everyone is aware of whether or not one has invested in them or not. Bitcoin and Ethereum are popular for obvious reasons: dominating the market cap, steady growth, high profits, etc. However, there are many other cryptos that have entered the market and been made popular by some gimmick or as a meme/joke. One such cryptocurrency would be Dogecoin. Most of the millennials and Gen-Z have heard of this coin as it became popular due to a meme. It was referred to as ‘memecoin’ for a very long time. The entrepreneur billionaire Elon Musk was a helping hand in the increasing popularity of Dogecoin. His tweets were enough to turn the Twitter world upside down as his influence lured a lot of people to invest in this crypto. Of course, there was an obvious surge in the price of the currency as the lay people saw it as being backed by a powerful personality capable of shifting market trends.

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A little insight into Dogecoin: This coin was formed in 2013 and was made popular with the consensus finding the breed of dog, that it is based on cute-looking, fun, and friendly.  The structure and operations of this coin differ from the workings of bitcoin. It uses the Scrypt technology and also has a block time of merely 1 minute. The total supply of transactions is uncapped, this means that there can be unlimited mining of Dogecoin. These are some of the reasons why a Dogecoin buy would be a good option for investors who are in it for the long haul. Owing to the no-limit policy, the growth can be unprecedented.

Long-term investment: When anything involves a significant amount of money, hard-earned savings, and chances of growth, it is natural to be careful and conduct thorough research to understand the potential downfalls and profits of the process. Here are a few advantages that investing in Dogecoin would yield.

  • Faster scalability – The basic premise and technology that this coin is built on allows it to verify the transfers and prevents the glitches that may occur. This process is also considered secure as the access for sending and receiving money occurs without the interference of intermediaries. The SCRYPT algorithm enables a much faster processing speed than Bitcoins. This is seen as a huge advantage by the higher-ups in the finance sector as this can lead to integration and adoption as a transactional currency in the near future.
  • Association with big names – A major advantage of being an investor in DOGE is that it is backed by some of the industrial giants like Elon Musk, Tesla, Snoop Dogg, Paris Hilton, etc. The followers of these celebrities are influenced by their choices and attempt to follow their paths. As the demand for the coin increases, the prices hike. The celebs have the capacity of reaching people from all over the globe, and even people who are not well-versed with the ideas of cryptocurrencies have begun seeing the benefits.
  • First-tier cryptocurrency – In this particular field, the market cap and rankings matter to a large extent. The prime attraction to any new investor would be on the basis of these rankings. Dogecoin is now considered one of the elite-level cryptocurrencies as it ranks among the top ten of all the existing cryptos in the market. With an overall market cap of $27,295.569,362, the worth of this coin is equivalent to some of the top organizations. Of course, this differs for different countries, a single Dogecoin price India is approximately 11.64 rupees.
  • The developer team – The team behind creating this currency is known to be one of the greater ones in the market. The dynamic core team ensures the long-term performance of the currency as it looks towards constant growth and development. The timely enhancements to make the currency more versatile while adapting to the changing times and needs of the business sector is another factor that speaks volumes for its sustainability. Other concerns like security are also being taken care of by these capable hands.
  • Inflationary nature – The main reason behind the development and creation of this currency was to replace the fiat currency with decentralized money. After bitcoin fizzled on this front to become the frontrunners in storing the currency, the inflationary nature of DOGE gained this appeal.
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Dogecoin offers its investors a lot in terms of benefits and growth of the money. As long as it is backed by organizations, influencers, institutions, and companies, the evolution cannot be stopped. Additionally, the constant and necessary research and development that goes into making this currency reach certain heights is one of the other vital factors that would play a role in its eventual impression as a suitable long-term investment opportunity. The right time to buy this coin would be now. Invest immediately to be a part of the process of growth and success of Dogecoin.


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