Do you know what Tesla’s CEO Elon Musk’s favorite cryptocurrency is? Yes, we are sure you must have it by now, it’s Dogecoin. With so many different cryptocurrencies floating in the market, Dogecoin is undoubtedly taking big strides in the cryptocurrency world. With a little bit of smartness and proper knowledge, you can also invest in this cryptocurrency and reap the benefits. Let us first understand what Dogecoin is.
What is Dogecoin?
Launched in December 2013 as a ‘joke’ by Billy Markus and Jackson Palmer, Dogecoin (DOGE) is a P2P, open-source cryptocurrency that is considered an altcoin. Dogecoin is also nicknamed as meme coin because it depicts a friendly and funny brand image of Shiba Inu dog. For the novice, Dogecoin differs from Bitcoin’s proof-of-work protocol in many aspects and it uses the Scrypt technology. Dogecoin can be mined unlimited times either individually or by joining the mining pool, thanks to its uncapped total supply.
5 reasons why Dogecoin is Trending
Let us now discuss the reasons why Dogecoin is trending and why you should buy Dogecoin in India?
1. Dogecoin Scales Faster Revenue Generation: Dogecoin is built-in with a secure transaction system that allows you to send and receive money without any intermediaries, which means it is a peer-to-peer cryptocurrency that can be exchanged directly between two individual parties without the involvement of any central authority. It utilizes basic technology to verify transactions and prevents duplicate spending attempts by people. It has been observed that Dogecoin uses SCRYPT technology, which results in a relatively faster processing speed than bitcoins. In no time Dogecoin is expected to overwrite its status as just being tipping currency to real digital currency and this will happen once more institutional partnerships are formed.
2. Dogecoins are Being Backed by Big Shots of the Industry:
There is no doubt that big names of the industry have millions of followers and they have high influential powers. Renowned names like Elon Musk, CEO of Tesla, celebrities like Paris Hilton, and Snoop Dog are backing Dogecoin, and thanks to these big names that millions of people who didn’t even know that this cryptocurrency even existed are now investing in it with full interest. Dogecoin has a very active and supportive community of over 300,000+ members and it is large in circulation because stacking up Dogecoin is not as heavy as other cryptocurrencies and also because Dogecoin is not looked at as an asset. Dogecoin can be bought and sold on digital currency exchanges. You can trade dogecoin to INR and INR into doge with a tap of a few buttons and with zero transaction fees.
3. Dogecoin Has a Dynamic Developer Team: This is the most important part of cryptocurrency, a need to have a dynamic development team that can make enhancements to the cryptocurrency so that it becomes more versatile with the changing needs of the business sector. This is important for the cryptocurrency to last and yield benefits in the long term.
4. Dogecoin has Steady Inflationary Supply: The entire idea to develop cryptocurrency was to supersede fiat with decentralized money, and we all know that the first crypto fizzled out on this aspect, as bitcoin’s focus is shifting to being established as a digital gold that is worthy of storage. The deflationary nature of Bitcoin and others is what makes it fall flat on this front. So for example, if more and more people purchase bitcoins and hold them, then there is only a scanty sum of it is left for ordinary exchanges. So, the inflationary nature of Dogecoin adds an edge and makes it more desirable in the long run. More and more people are investing in Dogecoin because it is looked at as something that can be turned into real currency which can be used to spend, rather than storing or hoarding it.
5. Dogecoin is Now Top-Tier Cryptocurrency: The position of the cryptocurrency in the market is very important. The capitalization ranking it holds matters a lot to appeal to and attract various investors. We can safely say that today, Dogecoin is one of the top cryptocurrencies in the market and it falls into the category of first-tier, sharing its space with Bitcoin and Ethereum. Ranking 10th in the market cap ranking, Dogecoin is now being considered an elite cryptocurrency. With such a strong, established market presence of Dogecoin, people who are entering the world of cryptocurrency investments have to take Dogecoin seriously.
We hope the above top 5 reasons have given you plenty of food for thought to consider investing in Dogecoin. This ‘inflationary’ coin is seeing a surge in the rise in its market value with every passing day, which in itself is an excellent reason for you to buy and hold Dogecoins.
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