Investing has become quite popular in the last few years. The crypto space has been crowded with crypto coins, NFTs, meme coins, etc and many people are making wealth from the crypto market. Even though several people had to face losses, it has not subsided people’s interest in cryptocurrencies. Dogecoin is one of the popular cryptocurrencies after Bitcoin and Ethereum. Here are the reasons why you should consider buying Dogecoins.
- Ideal for beginners
Dogecoins can be an ideal option for beginners because holding these coins for a long time will help the investors to get a clear picture of the total crypto market. The market can be fluctuating, but investors will get the confidence to overcome the challenges by investing in dogecoins.
- It is faster
The Scrypt algorithm is a wonderful feature of dogecoin that allows it to create new blocks faster. Thus, it is much faster than the popular BTC. Thus several investors have started considering dogecoins.
- Store of value is credible
The mechanism of dogecoin is based on the predetermined usage of the coin in the form of a P2P exchange method that is extremely accessible. Thus, it gradually eliminates the long-term holding of the coin, reducing circulation and transaction costs.
- Unique market position
The unique features of dogecoin are its link with Litecoin, its inflationary nature, and its mining model. Experts predict that dogecoins will move to a model of proof-of-stake validation, which is used by coin holders to verify transactions.
- Turning to be mainstream
Similar to other coins, dogecoins get their value from the acceptance it gains as an exchange medium. Many small businesses have started accepting dogecoins as a mode of payment, taking their economic impact to zero.
- Accepted by Wallstreetbets community
Even though the community has not officially declared the endorsement, dogecoins always find a mention in the community. This has helped to increase the value of dogecoin by around 12,000% during May 2021.
- Support from Elon Musk
Elon Musk is known to be a pro-crypto too and is active in supporting dogecoins. This has been fetching good popularity for dogecoins and it has been showing rapid growth ever since Elon Musk started showing interest in it.
- Many celebrity endorsements
Many celebrities like Paris Hilton, Snoop Dog, etc have taken up endorsements for dogecoins. As these celebrities have lots of followers, they can influence many people. Thus, dogecoins have become popular because of these celebrities.
- Active developer team
A good developer team is the backbone of a cryptocurrency. If the team is active, the cryptocurrency will display a long-lasting performance. It is because the team can make updations to make the coin more adaptable.
- It is a first-tier cryptocurrency
The ranking of the market capitalization is a significant factor that attracts investors to the cryptocurrency. Dogecoin has a top ranking in the list, which makes it an elite cryptocurrency in the market. It has a worth similar to the top-rated biotech companies. All these factors make dogecoins an attractive coin to investors.