Dogecoin started as a joke following a misspelt meme describing a dog. It is a decentralized digital currency with anonymity provision on blockchain trading. The digital currency has been valuable to millions of investors and has been a synonymous altcoin mainly for Reddit and Twitter users –it’s a reward for good behavior.
Dogecoin is cheap and can be purchased at a bargain price; one token trades at $0.56. Doging (trading with dogecoins) thrives on the idea that it is a peer-to-peer electronic currency. Most of its proceeds are used for charitable works.
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Investors have gradually embraced it as a currency exchange as you can trade it with dollars. This currency continues to draw investors’ attention. Are you one, and should you consider it?
Top 3 reasons you should invest in Dogecoin
Like other digital currencies, there are speculative thoughts concerning this investment. Dogecoin has its fair share of downsides, but that shouldn’t stop you from investing. Though with caution, here are some of the compelling reasons you should trade in Dogecoin.
A promising future
Dogecoin originated from a joke in 2013 but gradually gained popularity. The fact that it has been in existence for over five years could signify that it holds a future in cryptocurrency trading. The trend seems unshaken about crypto’s volatility and still breaks through the blockchain. Whether you choose to HODL or trade, you are bound to accumulate higher returns.
Besides, the brains behind Doge’s inception are working on this project. What this means is that investors will be dealing with a reputable firm as it betters its services. Furthermore, having a good and active developer means that your cryptocurrencies will be safe from security risks.
Rich personalities are investing in it
A profitable crypto venture should attract investments from renowned wealthy people. Elon Musk is among the world’s richest people, backs Dogecoin, and is ambitious about anything he sets his mind on. For instance, Musk facilitated the delivery of Tesla and proved everyone wrong by initiating a rally at the company’s cost. Following this success, Tesla has become the leading automobile dealer.
Musk has also been at the forefront championing any venture that will propel space research. If Musk is investing in Dogecoin, he knows what he is getting into, making it sensible for investors to buy this digital currency.
Another thing to note from Musk regarding Dogecoin is that he invested in Dogecoin for his 10-month old baby. Who invests in crypto for a baby without knowing where the investment would be in maybe ten or so years? If investors pick this idea and buy dogecoin tokens for HODLing, there’s a lot in store for them.
Celebrities are also endorsing dogecoin investments, creating an increase in liquidity. There’s a possibility for future transactions to be done through Doge as it gains stability –you can exchange Dogecoin for other assets.
It ranks better
Blockchain investments with higher rankings attract more investors. Doge ranks among the top ten in market capitalization. The elite rank is a sign that both experts and novices will find it appealing, impacting liquidity significantly. This reason should convince you to invest in this cryptocurrency.
This cryptocurrency is popular among crypto investors way from its inception. With these reasons and others, Dogecoin is the way to go. However, approach Dogecoin crypto trading rationally.