Dogecoin: a Promising New Currency on the Crypto Market

Published: 2021-09-15 10:25:09
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Category: Economy, Computer Science, Modern Technology

Type of paper: Essay

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Dogecoin (DOGE) is one of those cryptos that look easy and fun, more of a joke, but have an actual functionality. It is designed to be the currency for the internet. DOGE is superfast to send, and costs almost nothing to send value across the internet. One of its greatest use cases is in payments through social media. Since Dogecoin is a social coin, it stands a good chance to be adopted by social media platforms. If at some point a major social media company like Facebook or WeChat integrate Dogecoin into their systems, its value would surge.
More exchanges are also taking an interest in Dogecoin (DOGE). Recently, Robinhood announced that they were listing Dogecoin. Robinhood is an exchange that gives young investors a chance to get into stocks markets without the fees associated with brokers. Similarly, by listing Dogecoin, Robinhood is also giving users of this exchange a chance to buy into Dogecoin, without the complexities that come with crypto exchanges. Besides, this listing has elevated the status of Dogecoin, since it is listed on Robinhood alongside big cap cryptos such as Litecoin (LTC).Dogecoin (DOGE) is also supported by the fact that it allows for anonymous transfers. In a world where privacy is a major concern for most people, privacy coins stand a chance to grow by a huge margin going into the future. Governments may not like them, but their utility means that they will always be there. As a privacy coin, Dogecoin stands out because it is supported by its other features including low transaction speeds, an easy to install wallet, and high transaction speeds. This makes it an all-rounded crypto for people looking to transfer value over the internet.
It’s also noteworthy that Dogecoin is quite cheap in dollar value. This makes it attractive for small investors looking to put some money in crypto, but don’t have enough to purchase a large enough number of the bigger coins such as bitcoin (BTC). For instance, with just $100, one can buy thousands of Doge coins. For the same amount, you would get a very negligible amount of Bitcoin. This explains why Dogecoin tends to rise faster than bitcoin when the market is bullish. At the moment, Bitcoin (BTC) is up by around 9%, while Dogecoin is trading higher and is up by over 19%. It’s an indicator that investors are slowly taking advantage of the positive momentum in the market, to buy into low dollar cost coins such as Dogecoin (DOGE).
All these are factors that point an easy, low cost and highly efficient crypto like Dogecoin (DOGE) that will be around for a long time. It has always been considered a joke coin, but it’s actually a real crypto that has a strong use-case in making payments over the internet. Its biggest potential is in social media based payments, which will become a reality pretty soon. China’s WeChat is leading the way in that direction. Once one of the big social media platforms integrate it, its value will surge.

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