From Elon Musk’s Twitter posts causing a stir in the values to internet communities coming forward to investing in it, the drama around Dogecoin is indeed gripping. So, when is the perfect time to buy Dogecoin? Is Dogecoin a good investment?
With this crypto being relatively new, you must first understand specific points like – the history of the coin, its legitimacy, market valuation, and more to answer these questions.
Dogecoin – What Is The Buzz?
What started as a mere joke has now gained a solid fan base among investors. Dogecoin is an open-source, encrypted money shared cryptocurrency.
Unlike Bitcoin and the rest of deflationary cryptocurrencies, which exist in limited quantities, there is no cap on the inflationary Dogecoin. With stable proof-of-work, blockchain, and mining processes, the founders managed to render the coin efficient, safe, and stable.
With Elon Musk working around with tweets, the status of Dogecoin has visibly soared and reached an all-time high in 2021. However, there are still many investors who have second thoughts about investing in Dogecoin.
To figure out the right time to buy Dogecoin, you must understand its stand in the market now along with its potential in the future.
Considering all the similarities and differences from other cryptocurrencies, Dogecoin continues to be a good asset without supply limitations.
How Does Dogecoin Work?
Dogecoin was made from a fork of the Bitcoin blockchain. Besides earning people’s trust through humor, Dogecoin also has a minimal entry cost and a high demand. Over the last few years, the coin maintained its position for $0.05.
In April 2021, Dogecoin’s price skyrocketed and reached an all-time high of $0.65. For the crypto enthusiasts and the loyal followers of Doge, this number translates to significant profit margins and gains.
With Dogecoin gaining more and more popularity among investors worldwide, now somehow seems to be the right time to invest in Doge. But is the high going to hold for long?
Is Dogecoin A Good Or Bad Investment?
Before you invest in Dogecoin, you must understand that it is an inflationary coin. It means that Dogecoin has an endless supply and keeps snowballing over time.
Every year, there are more than 4 billion Dogecoins mined and added to the supply. But the fact is no one even expected Doge to reach even $0.10. However, now it is close to reaching $1, which showcases its immense potential as a cryptocurrency.
Dogecoin prices are currently very low, and now would be a great time to invest in cryptocurrency.
Benefits Of Investing In Dogecoins
Dogecoin offers investors a variety of advantages over other conventional methods. Some of the benefits include:
Dogecoin’s Community Following
One of the main reasons for Dogecoin’s surge in popularity is the coin’s strong community following. From creating campaigns to save Doge to using it to serve social causes, the community has been involved in various social projects worldwide.
Even though it is considered a joke currency, these communities have drawn various investors and traders from across the world.
Support from Trading Volumes and Exchanges
Dogecoin was trading on some of the popular crypto brokerages and crypto exchanges even before the recent hype. After reaching its all-time high, it has seen many additional listings as well.
With more and more collaborations waiting in line, the future of Dogecoin indeed looks prosperous.
A project that began as a meme has now transformed into a global phenomenon affecting the lives of millions. Finding the right time to buy Dogecoin or any cryptocurrency for the matter can sometimes feel like walking on shells. However, with constant learning, monitoring, and the help of a crypto exchange platform, you can find your best odds at any time.
