Why everyone is buying Dogecoin?

by | Aug 2, 2022 | Market, Market News, News | 0 comments

Dogecoin can be viewed as one of the greatest crypto networks today. Dogecoin represents a large number of individuals who loves making money and community with a combination of laughter. The thing that billionaires like Elon Musk also joined the community has simply added to the Dogecoin craze. Today, it is the tenth biggest digital currency by market cap and it is worth 8.4 billion dollars.

In 2014, a few of Dogecoin followers raised $30,000. Using that amount, they sent the Jamaican bobsleigh group to the Winter Olympics in Sochi. The Dogecoin Foundation then started gathering donations to dig a well in Kenya and again more than 40 million DOGE were collected for that cause. Similarly, many donations were made by the Dogecoin followers and the coin started getting the fame and popularity.

In 2020, Elon Musk started showing interest in it and the coin experienced its most significant cost breakout with trading volume of $70 billion daily by April. The price hit the market cap of almost $90 billion and hit its all time high price of $0.7376. From that point, Dogecoin has stayed in the main 20 digital currencies by market cap and this month (July, 2022), it has become the tenth biggest crypto currency with a market cap worth 8.4 billion dollars.

From a cost of $0.0035 in July 2020 to a cost of $0.063 in July 2021, Dogecoin price rose by 1600%. And, for Dogecoin to stir things up around $1 it would have to enlarge to a market cap of $140 billion which is greater than IBM, Blackrock, American Express and Goldman Sachs.

Well if you still haven’t bought the coin then it’s the high time to invest some of your pennies in it as it can be beneficial for you in near future. Below are some points that tell why you should invest in it.

  • Dogecoin has made the biggest following in the digital currency space. The Dogecoin sub-Reddit has 2.3 million supporters which are much more than some of the biggest crypto currencies such as Ethereum having 1.3 million supporters, Cardano with 700k followers devotees and Solana with 149k followers.
  • Getting support from Elon Musk assisted Dogecoin with the growth in its cost to its all time high of $0.7376 in May a year ago. Elon Musk also tweeted in support of Dogecoin which is a very big thing for his followers.
  • Dogecoin is frequently censured for its inflationary nature, yet this can likewise be for its potential benefit. Bitcoin has a fixed supply and keeping in mind that its expectation was to be a substitution currency, not many individuals really use it for normal purchasing. Dogecoin has a yearly inflation rate between 3-4% and however this will diminish over the long run.
  • Dogecoin holders have been increasing through July 2022 regardless of the low cost of DOGE. Experts found out that Dogecoin accumulation expanded gigantically in the initial fourteen days of July. DOGE was among the main 10 purchases for BSC whales – with one BSC whale alone purchasing Dogecoin more than $1.25 million worth.

So, let us know if you are going to invest in the coin or you still prefer investing in others.

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