Why Dogecoin Is Considered Beneficial For The Investors?
September 06, 2018
The Dogecoin has been around for over four years now where it was considered as a meme coin. The origin of Dogecoin was inspired by a meme that was circulating back in 2013. The meme was hence adopted as the logo of Dogecoin. The Dogecoin during the time of the beginning was considered as the clone of Litecoin but the technology that it employed was completely different. This different technology has been proven beneficial for Dogecoin where the parameters of Litecoin and Dogecoin were different. The Dogecoin was then eventually able to create a reputation for itself.
The Dogecoin had a booming market within a year of its founding. The Dogecoin then got included in the list of top cryptocurrencies. The investors who invested in Dogecoin were able to gain profit from the investment. The Dogecoin was able to gain the trust of investors which then allowed Dogecoin to be a beneficial investment source for traders. The current market position of Dogecoin market is still relevant where it can help investors to gain profit. There are many skeptic investors who still doubt the potential of the Dogecoin. Here are some facts that will help you to set matters straight.
The market history of Dogecoin was particularly interesting back when it was founded. The Dogecoin itself was a marketing goldmine where the meme itself promoted the cryptocurrency. This was able to gain the attention of the investors which created a surge in the market and within a year in 2014, the market capital of Dogecoin reached around $91 million USD. The market progressed and the market capital reached almost $2 billion USD during the global cryptocurrency market surge back in December 2017. Hence Dogecoin had a fruitful history in the market of cryptocurrency.
As mentioned earlier that Dogecoin was based from Litecoin and so many technologies and features contradicted but the Dogecoin had different results than Litecoin. The proof of work consensus mechanism validated all Dogecoin transaction which is regarded as a strong version for a Blockchain ledger. This made the block time of Dogecoin much faster which is only 1 minute per block. The developers at Dogecoin also say that there are 100 billion units in Dogecoin which can be mined and each time they mined a block it will get harder to mine the next unit. Hence the security and rarity of Dogecoin are also maintained.
Exchange Platform Adoption
The Dogecoin is a really popular cryptocurrency and hence there are many cryptocurrency exchange platforms such as Evonax who have adopted Dogecoin as a cryptocurrency that can be bought by investors. The investors can Buy Dogecoin With Bitcoin or USD which can be then sold back in exchange for USD and gain profit. Hence the exchange platforms are known to this fact and are promoting Dogecoin as a profitable cryptocurrency.
Future of Dogecoin
The market for Dogecoin experience two massive surges which were really beneficial for the users of Dogecoin. There are chances of other surges in the future but it is uncertain of the time when the surge might occur. Although the market seems promising the investor should always research the market themselves before making any trade in the cryptocurrency market whether it is Dogecoin or any other cryptocurrency. But the Dogecoin seems different and can help you gain profit at some point in the future.
Here are some of the facts that suggest that Dogecoin is beneficial for the investors. If you are thinking about trading Dogecoin then make sure that you research about Dogecoin and know about the current market position of the Dogecoin. Also, keep an eye on the changing technology which can affect the trading of the Dogecoin. Happy Investing!