Dogecoin’s success has a lot to teach investors who think of pushing products and services into the market without knowing whether it would thrive. As the future is unpredictable, business analysts should put in their effort, although not knowing what to expect in return. Considering DOGE’s market price surge, every positive energy towards the coin was for a good cause. Elon Musk’s recent shout-outs on Twitter, for instance, are a good example. He also went ahead to ask his followers if his car company, Tesla, should accept DOGE.
Despite the positive appreciation, many people still see Dogecoin as a joke. The first issue is the coin-based meme with the face of a Shiba Inu dog with a somewhat “upsetting” monologue to keep people away.
Dogecoin was developed with its primary features similar to Bitcoin. The coin also functions in a decentralized network system of computers to track daily transactions via a blockchain digital ledger. While people can back their arguments about the potential of BTC and justify its market growth value, the same claims don’t relate to DOGE. The “joke’s on you” meme about DOGE started when a few people supported the coin’s capacity to become a global reserve currency or democratize finance in a few years. Simply put, the ‘joke will be on you’ if you choose BTC over Doge, considering the latter’s outperformance trend in the market.
Dogecoin presents that perhaps people should take it seriously to see and benefit from the overall outcome. In essence, buying Dogecoin with PayPal, or any other crypto, should be considered gambling. People who went in on it earlier talk of massive financial incentive to attract other potential individuals to start trading Dogecoin. However, the objective goes beyond improving the status quo or becoming wealthy. The entertainment aspect of investing in cryptocurrency coins is also worth considering. It is a fact, especially after the surge of meme-stocks to calm people during the pandemic lockdown.
Dogecoin’s success also makes sense because the whole idea and process are exciting. People get a positive distraction from ordinary life and get something fun to discuss with friends and family besides the usual.
If none of the above facts makes sense to you, here is a breakdown to prove people’s interest in Dogecoin.
Why Should You Invest in Dogecoin?
Dogecoin has a good market standing because:
Popularity alone affects the coin’s valuation and market pricing. Celebrity hype had also increased its influence globally with the hope of spiking future returns.
Dogecoin’s high volatility is suitable for crypto novices. One needs to be an iron risk taker to put a lot of money into an investment that can plummet or skyrocket as the market pleases. The ride gets scary sometimes and fun at some point. All in all, are you willing to toughen up to stand the food and surges of investing in Dogecoin?
Dogecoin’s inflationary status, digging model, and overall marketing position are intriguing. Investors looking at it from a sustainability angle go past the concerns about Dogecoin to look at the more significant cause.