Dogecoin is the largest memecoin, i.e. a cryptocurrency created to allude to a meme, therefore having no utility functionality. However, this cryptocurrency has grown exponentially in 2021 and has remained in the top 10 of the Coinmarketcap ranking for several months. It is therefore an interesting investment vehicle.
Dogecoin (DOGE) price: what is the current price?
Here is the live price of Dogecoin. This may interest you: Crypto Avalanche (AVAX): is it time to invest in AVAX? Opinion, analysis and prediction 2022.
The essentials to know about Dogecoin
The creative engineers of Dogecoin, Billy Markus and Jackson Palmer, had launched this cryptocurrency in 2013 to allude to the same popular Doge which was very shared on the internet in 2012 and 2013. Read also: Crypto The Sandbox (SAND): Should You Buy SAND? Opinion, analysis and prediction 2022. Cryptocurrency was primarily used to tip between cryptocurrency enthusiasts.
But Dogecoin became more than one even when its market capitalization reached $50 billion in 2021. Dogecoin gained support from many celebrities and the most illustrious is Elon Musk.
How does Dogecoin work?
Dogecoin is a fork of Litecoin, which itself is a fork of the defunct Luckycoin which is in turn a fork of Bitcoin. On the same subject : Crypto Elrond (EGLD): Should you invest in EGLD? Opinion, analysis and prediction 2022. A fork occurs when a copy is made of an existing blockchain to implement upgrades.
The Dogecoin blockchain is capable of processing around 30 transactions per second, which is much faster than Bitcoin. It uses a proof-of-work consensus mechanism, which allows DOGE miners to earn this crypto.
Crypto DOGE: our opinion and prediction for 2022
Dogecoin is certainly popular, but the project is not a utility platform that could justify its long-term existence. Other memecoins that develop utility platforms like the Shiba Inu could overshadow it.
Dogecoin is relatively stable after its 2021 rally. The cryptocurrency is becoming more and more suitable for payments for goods and services.
Dogecoin (DOGE/USD) could hold above $0.2.
We should no longer hope for an astronomical increase in the DOGE. The price is now stabilizing and remains a good asset for the trade interval.
Conclusion – should you invest in Dogecoin crypto?
Dogecoin is on the decline despite support from Elon Musk and Tesla. Unlike Bitcoin, DOGE will likely be overtaken in capitalization by utility memecoins.
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