A Cryptocurrency that was started as a joke based on a popular meme, now it is expected to rival Bitcoin and other digital currencies.
According to Forbes, the bitcoin’s price is up nearly 200% at the earliest, and suddenly Dogecoin jumped by 32% after Binance said it would be listing the coin. Dogecoin is an open-source virtual currency that was incurred as fun at the end of 2013.
According to Wallet Investor, Dogecoin can be a good long-term investment strategy, especially for those who are interested in investing in Altcoins. In 2021, Dogecoin can trade between $0.004 to $0.0063, and its value is going to increase in the next coming years.
What Is Dogecoin And How It Is Compared To Bitcoin And Other Cryptocurrencies?
As discussed above, Dogecoin is a digital currency that works the same as other Cryptocurrencies. This virtual currency is invented by software engineers like Jackson Palmer and Billy Markus. Elon Musk is a former CEO of this Cryptocurrency.
On the other hand, Bitcoin is the most popular digital currency across the world, and it is dominating other Cryptocurrencies, according to the market analysis. Due to this, investors are ignoring other Cryptocurrencies that are present in the market.
You may not realize that Altcoins such as Dogecoin, Ethereum, Litecoin, Neo, etc., can rise in value in the upcoming future. So, this is important for you to realize the importance of all other alternatives of Bitcoin.
Dogecoin can be the best investment for the long term, and you must take this Cryptocurrency seriously because it is already trending all over Twitter after Elon Musk’s recent tweet.
How Is Dogecoin Used?
Dogecoin has already acquired a large number of followers on social media platforms, especially Twitter. At the same time, the platforms of Dogecoin use Redditt for charity purposes.
Moreover, the platform of this digital currency is also used to raise funds for good reasons. In the year 2014, Dogecoin raised $30,000 to help clean water wells and $50,000 to help send the Jamaican Bobsled Team.
The Worth of Dogecoin – Comparison to Bitcoin
The worth of Dogecoin has increased after Binance listed this coin in the Cryptocurrency exchange. The lowest possible value of one Dogecoin is around $0.002 and the highest $0.008. This does not make the worth of this asset low.
However, the value of this digital will grow significantly in the coming years. And the best part of this virtual asset is that it has no limited supply like Bitcoin. The supply of Bitcoin is limited to twenty-one million.
There are around 114 billion Dogecoin circulating at present. As compared to Bitcoin, Dogecoin is excellent for smaller transactions, and its platform is used for donations, tipping, etc.
According to the latest reports, the market capitalization value of Dogecoin is around $1,068,335,483. This value is determined by the total number of coins on the market.
Why Is Dogecoin Expected to Rival Bitcoin?
Elon Musk’s tweets declare Bitcoin to be “almost as bs as fiat money,” and he praises Dogecoin, saying that this virtual currency is designed to be inflationary.
At the same time, fewer Bitcoins entered the market over time, whereas Dogecoin spits out ten thousand new coins every minute. Here, Elon Musk (former CEO of Dogecoin) is trying to compare Bitcoin and Dogecoin.
On the other hand, according to Coinpedia, some analysts believe that Dogecoin could hit $1 billion by the end of the year 2021. This value is actually showing the potential of this Cryptocurrency. You can also visit www.oil-profits.com, to know more details about the same.
The Final Thoughts
Those investors who are interested in investing in Altcoins (Bitcoin alternatives) can try Dogecoin. As already discussed above, this asset’s value will rise in the coming years and, thus, it can be expected to rival Bitcoin and other digital currencies.