Is Dogecoin Destined To Be Successful?

September 03, 2018 Quick read

The cryptocurrencies are revolutionizing the investment business at a rapid pace. The schemes and technologies involved in the cryptocurrencies are gravitating investors which are because of the trust they have in them. There are many cryptocurrencies which are in the list of favourite cryptocurrencies of the investors such as Ethereum, Bitcoin, Dash, etc. One such cryptocurrency that includes in the list is Dogecoin. The Dogecoin became popular because of the Doge meme which was trending when Dogecoin was founded but the Dogecoin became worthy of investing because of the technology that is integrated into itself.

Dogecoin is a peer-to-peer digital currency which uses Blockchain technology that makes it decentralized. The transaction of Dogecoin is completely anonymous and private which makes Dogecoin a favourable coin of the investors. The current market behaviour of Dogecoin suggests that it could see a massive surge soon which can be beneficial for the investors to increase profit on their investment. The Dogecoin was perceived as just as another altcoin which was the clone of Litecoin. But the features and services that Dogecoin provided was state of the art which made it completely different than other altcoins in the market. But eventually, the speed of Dogecoin’s growth raised many questions regarding the future of Dogecoin in the minds of investors. The questions then converted to doubts and the investors were discouraged to invest in the cryptocurrency. Here are some facts that will help you understand the potential of Dogecoin and why they are destined to be successful.

Coin Circulation

The coin circulation of Dogecoin is currently around 115 billion coins which in the market. The maximum circulation is not set which makes them easier to obtain. The Dogecoin has become the perfect cryptocurrencies to initiate an investment in the cryptocurrency industry. The Dogecoin have very less market rate which makes it easier for the investors to Buy Dogecoin or other cryptocurrencies.

Block Time

In spite of the popular belief of Dogecoin being the clone of Litecoin, they both have quite a different approach to the users. This is because of the different use of technology in both cryptocurrencies. This difference influenced many factors such as block time of both the cryptocurrencies. The Dogecoin has a block time of 1 minute where the Litecoin has a block time of 2.5minutes which was resulted from the different approach towards the technology.

Market position

The Dogecoin has a market capital of $611 million USD which has enabled it to rank as a top cryptocurrency in the market. This market is growing continuously which has encouraged many veteran investors to HODL Dogecoin and exchange Dogecoin when the price is right. There are many cryptocurrency exchange platforms such as Evonax that have helped the investors to buy and sell Dogecoin. As the transaction time is less and the cost is inexpensive, Dogecoin has become a saviour for many budding investors as well.

Here are some important facts that can justify that Dogecoin is destined for success. It is true that Dogecoin has a few rough edges as a cryptocurrency but the development team at Dogecoin is making sure to check these issues and put an end to it. They are trying to find appropriate solutions to all the issues and hence then the Dogecoin has the chances of making it as a successful cryptocurrency.