Cryptocurrencies are working wonders and gaining popularity in timid parts of the world. The cryptocurrency market concept is growing every day and has now reached $1 trillion milestones. Even more amazing is that this growth seems far from over and will continue to increase with the projection of new currencies entering the market.
Bitcoin has a large share of the cryptocurrency market, but for those considering investing in cryptocurrencies, Dogecoin is another area to invest in. However, like any other cryptocurrency, it has some ups and downs. There have been many controversies surrounding cryptocurrencies and this is no exception. These are some of the reasons we created this guide.
We will look at what the future of Dogecoin looks like and how the market is developing. We will also see if it is worth investing in Dogecoin or not.
But before that, let’s see what this cryptocurrency called Dogecoin (DOGE) is all about.
What is Dogecoin?
Dogecoin is the leader of all meme coins and shares many similarities with other cryptocurrencies like Bitcoin. It was created by Billy Markus and Jackson Palmer and was first launched in December 2013.
It uses the Proof-of-Work (PoW) protocol, which has made it the OG of the crypto industry. The PoW mechanism allows it to secure its network and easily validate all transactions.
Like any block chain technology, Dogecoin can be used as a means of payment. It is cheaper to use Dogecoin for payments as there is no third party involved. Dogecoin can also be used to replace traditional payment methods.
With daily updates from the Dogecoin community, today is now accepted as a form of payment on various websites.
The future of Dogecoin and its price
Although it started as a joke by its founder, it has since gained popularity and continues to grow. In 2013 it started with a price of $0.0003, but in 2021 it was among the top cryptocurrencies after accumulating a value of more than $88. It peaked at $0.73, which was the highest this year after entering the market at $0.01. this showed how fast it can grow and capture the market.
Based on fundamental analysis and technical analysis, Dogecoin may not be ready to stop growing just yet. It can continue to grow to surpass the heights it has reached in its history. With a few improvements, it can grow even further.
The Dogecoin community is trying to make improvements and fix bugs so that it becomes the main payment method for everyone.
So should you invest in Dogecoin?
Whether or not to invest in Dogecoin is not a direct answer. This is like any other block chain technology and is therefore volatile. It can make a high or a fall in a short period. Investing in it is just a chance. There are several ways to buy dogecoin with PayPal using a P2P Crypto exchange, if someone is interested to invest in this meme coin.
Conclusion
Dogecoin ended 2021 as the fourth-ranked digital currency and also claims a share of the cryptocurrency market, making it worth considering for those looking to invest in this industry. It has the potential to grow even more.
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