Every cryptocurrency in the market is filled with its lovers and haters. Skeptics will always find a reason to point out the flaws and discourage others from participating in investment opportunities that may lead to monetary growth. However, it is upon the dreamers and the realists to ensure that they are taking their decisions practically, logically, and without the influence of the negative nellies around them.
The cryptocurrency surrounded by a lot of controversy and skepticism is Dogecoin. This could primarily be due to the fact that it started out as a joke and a manner of poking fun at bitcoin. However, when it gained support and backing from the bigshots of the industrial and financial world, the Dogecoin price shot up by more than 5000% effectively putting an end to the question marks around its future.
If you are someone who is wondering whether or not to invest in Dogecoin, here are 10 reasons why you can go for it:
- Effective gains in a short period – Especially with people who have a high tolerance for risk and are looking for an investment opportunity for a short period of time, this coin could be beneficial. This coin is trusted to get its investors a much larger gain in a significantly small time. You would simply need to analyze the previous spikes in this coin and wait for the right opportunity to sell it when the prices surge.
- Caught the attention of people – A group on Reddit primarily meant for the supporters of Dogecoin, there are 1.3 million people. The number says enough about the popularity and attention this coin has among people all across the world. Not only the laypeople but also high-profile figures such as Snoop Dogg and Elon Musk have explicitly supported the trading of DOGE.
- Stepping stone – Often, people do not want to jump into this pool by immediately making larger purchases. Dogecoin is a good way around that. This crypto provides an opportunity for investors to test the waters before diving in. Elon Musk deemed it as the “people’s crypto” as it is more fun and accessible. Many of the DOGE fans are novices into the arena and have never invested in stocks before.
- Associations with big names – Since its inception, DOGE has been an effective medium to donate money to charities. Some of the major names associated with this crypto are 1 Jamaican team in 2014 who was unable to enter into the Winter Olympics at Sochi, support to a NASCAR driver, a clean-water project in Kenya, etc.
- Unlimited supply – While many people think that this could be the reason for the downfall of DOGE, others also treat it as a boon by saying that the demand for DOGE would increase when more coins are released into the market. The circulating supply for this coin is currently 129 billion which is higher than any other crypto in the market.
- Affordable as compared to other cryptos – Currently, the value of DOGE to INR is approximately 11.73 Indian Rupees and this value may increase or decrease based on market trends. As the investment is not too much, more people are not opposed to trying out their hand by starting off with DOGE. This, essentially, is drawing more people towards it and the traffic towards Dogecoin is only resulting in more demand and mining.
- Fast mining process – These coins are mined at a fast and efficient rate. The rate is one block per minute which provides a great opportunity for the miners to continue mining more blocks and earn as many rewards as possible. On average, around 14.4 million Dogecoins are mined every day.
- SpaceX and Mission to the Moon – The only cryptocurrency with such far-reaching dreams is Dogecoin. SpaceX has accepted DOGE to be the payment method to launch a lunar mission called DOGE-1 in 2022. The complete mission will be paid for with the help of Dogecoin and it is all set to be the first crypto in space.
- Safety and Community – The several safety features that are put in place to secure each transaction made in Dogecoin reassures the investors of the trustworthiness and genuine nature of their transfers. Dogecoin has around 1090 nodes which renders it immune to hacking. It also has the most active community online and a band of followers that believe that it is the coin of the future.
- Fast transactions – As compared to the top crypto in the market, Dogecoin has a processing speed of about 33 transactions per second. This makes it one of the fastest in terms of transfers and can also be widely used for cross-country payments. The price of DOGE is also much less volatile compared to bitcoin. The relative stability makes it a suitable candidate in the eyes of many people.
This coin has generated a mass appeal in a significantly short amount of time and is also known to have provided several benefits to its investors. Understand your portfolio and risk tolerance before investing in DOGE or any other cryptocurrency. Begin investing under the guidance of an expert and reap maximum benefits.