Thousands of people are asking on Google, “Is Dogecoin Dead?” Another thousand is asking, “Is Dogecoin a good investment?”
An answer to the first question is simple. Dogecoin isn’t dead. It still keeps on going strong and the value is measured in millions of dollars. In order to answer your second questions, I first want to explain a little bit background to you about Dogecoin and 7 interesting facts.
So, spend the next 2-3 minutes with me by reading my article of this interesting cryptocurrency called Dogecoin.
Is Dogecoin a Good Investment? – Video Review
Before you run into my article, I want to give you an opportunity to watch my video review of Dogecoin. I know that many of you prefer watching videos instead of reading so I wanted to give you this opportunity as well. After the video you can dive into details of the text below. 🙂
Dogecoin Review
Name: Dogecoin
Launched: 2013
Type: Cryptocurrencies
Short Review: Dogecoin is certainly one of the most interesting cryptocurrencies in the world. There are several benefits compared to other coins but I still think it’s a little bit like a bubble. My prediction is that cryptocurrencies will go on rising, in general, and Doge will be one of them. However, I’m pretty skeptical about Dogecoin in the long term.
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Dogecoin Is One of the Oldest Cryptocurrencies #1
You probably already know that there are hundreds of different cryptocurrencies in the world. The oldest, biggest and the most popular one is Bitcoin which was founded back in 2009. Then you have probably heard of other ones like Ripple, Ethereum, Dash and Monero.
Dogecoin is 6th oldest cryptocurrency that was ever created according to Wikipedia. It was launched back in 2013 by Jackson Palmer and Billy Markus. Some people may ask, “If Dogecoin would be a scam, how could it stay around for more than 4 years and the worth is still measured in millions of dollars?”
That’s a good question!
Dogecoin Is Based on the Internet Meme #2
Dogecoin is based on the Internet “doge” meme. This is probably one reason why it has also been called as a “joke” coin.
You can see this dog in their logo which has also been in thousands of memes on the Internet. The dog belongs to Shiba Inu -breed and has a cute look in its eyes.
Despite this, you can transfer Dogecoins on the Internet and it can work as a currency like any other cryptocurrency.
Dogecoin Has the Largest Circulating Supply #3
At the moment there are more than 112 billion Dogecoins in the world. 10,000 new coins are mined every single minute and mining continues indefinitely. It means that there will be over 5 billion new Dogecoins each year.
It also means that the value of one Dogecoin will always be relatively small. People can buy thousands or even millions of them easily. At the moment when I’m writing this article the value of one Dogecoin is around $0,002.
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Dogecoin Has Sponsored Interesting Projects #4
Dogecoin has sponsored probably several worthy projects over the years. So, they have done something good for the society and this has naturally brought them even more media attention. Let me give three most famous examples.
- In 2014 Dogecoin sponsored a Jamaican bobsleigh team to attend winter Olympics.
- Dogecoin has Donated money to water projects for poor countries like Kenya. This helps to provide clean water for people who are in need.
- They have sponsored a driver in a Nascar race.
Dogecoin has also sponsored a Nascar driver. You can see their logos and colors in the car.
I think these are strong moves from Dogecoin and I’m wondering why other coins haven’t done so many similar projects. They give a positive image for the coin and make good for the world at the same time.
Dogecoin Community Has the Reputation of Being Super-Friendly #5
Dogecoin has for a long time had the biggest cryptocurrency community in the world right after Bitcoin. Members have been in active on Reddit and on many other forums.
You know that countries have some kind of a reputation. Germans are known to be strict, Finnish people are serious, Africans are laid back, Americans are competitive and want to succeed, Asians are polite and so on.
Dogecoin community has a reputation that they are extremely friendly and welcoming for new members. This is, of course, a good thing for Dogecoin because new members will more likely want to join and invest money on Doge. Then the value will continue rising.
Dogecoin Market Cap Has Been Over $435 Million #6
“It’s just a joke coin. It will never have a real value.” Well, that may be true but this joke has had value for more than $435 million. I don’t know how much is your net worth but I guess that $435 is quite a lot of money for you.
When we moved to the end of 2017 the value went down from $420 million but its still measured in hundreds of million dollars. That’s exciting.
Imagine that you would have invested $10,000 on Dogecoin on February 2017. Then you would have held the coin for one month and sold all. Guess how much money you would have then? $220,000!
From $10,000 to $220,000 in one month wouldn’t sound bad at all. If you think that investing $10,000 in cryptocurrencies is a huge sum, I have more than $30,000 in cryptos and I know people personally who have millions of dollars in cryptocurrencies. So, $10,000 isn’t that big sum for many.
Dogecoin Has Been Largely Used for Tipping Online #7
Did you read a great article online and wanted to reward the writer with a little tip? Or did you watch an interesting stream on Twitch and you would like to support the creator?
This is where Dogecoin comes into play.
Dogecoin has been used for tipping other people on the Internet. Coin owners have been able to give some coins for creators with just a few mouse clicks. This has been much easier than making a bank transaction to the creator.
Would you make a bank transfer to somebody who wrote a great blog article? Most people wouldn’t. But giving a few Dogecoins just with some mouse cliks feels more reasonable.
Conclusion – Is Dogecoin Worth Buying?
Some people call the whole cryptocurrency investing a gamble. I certainly don’t agree. Do you call it also a gamble when you invest in the stock market? Is it a gamble when you buy a house? With every kind of investing there are gamblers but also people who evaluate all the facts and make their decisions afterwards.
My prediction is that Dogecoin will go up in value in a short term. There is certainly lots of buzz around this coin and more people most likely want to join the game when they hear about it.
However, I’m not so sure about Dogecoin’s growth in the long run. Yes, there are some practical applications where it can be used but still I’m not very convinced that it could beat other ones. I think the feeling that it has been based on a joke doesn’t give it so much credibility. There are many coins that have tens of developers working on a background full-time.
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Is Dogecoin Worth Investing? – Are Cryptocurrencies Just a Bubble?
Prices have gone rapidly up and a big part of people say that it’s just a bubble. I don’t agree because when I compare cryptocurrencies to banking systems, there are many benefits. You can read more about them here.
But I do believe that some cryptocurrencies are just a bubble. People buy them with the hope of getting rich quickly without studying the real nature of the coin. Without a real value, any coin can’t continue rising in the long term. It has to have some benefits to people’s everyday life in order to continue strong for years.
Many people compare cryptocurrencies to a dot-com boom what happened around 15 years ago. A huge number of tech-companies grew immensely in value. The stock market reached new records every week and people were excited. Many new millionaires were born daily all around the world.
But in 2003 the bubble burst and many companies went bankrupted. People were in panic and sold their investments. While others had won millions, now there were people who lost millions. When the fog has cleared there many companies had disappeared but some were still making strong. Amazon and Google were just two example. If you would have invested even some money in those two 15 years ago, you could be a millionaire today.
I believe that there will be some momentarily crashes in the cryptocurrency world when people panic. Then is probably the best time to buy and make big profits. I believe that there still will be those “Amazons and Googles” of the cryptocurrency world afterwards that will maintain the value and keep growing even stronger.
Which one are the strongest investments in your opinion? Let’s discuss below!
What do you think about Dogecoin?
Is it worth buying or not?
How Much the value will be in the future?
Great article. I’ve been thinking of investing in Dogecoin, but honestly, I just prefer ETH or LTC.
Thank you for your thoughts. I’ve also written articles of Ethereum and Litecoin if you want to check them out 🙂
Useful post, thank you
You’re welcome. Let me know if you have requests for future posts 🙂
I know dogecoin but I have never used it. In fact, I even don’t know the wallets that support dogecoin. I use coinbase and it only supports bitcoin and ethereum. I never consider investing in any crypro currency except bitcoin. However, recently, I have taken interest in various crypro currency and I may try my hands on dogecoin.
On Coinmarketcap.com you can see the list where of exchanges where you can trade each coin. However, I advise you to be careful because there are also some unstable companies. Many people use Poloniex for trading alt coins but thousands of people have also negative experiences of using it including myself.
If your prediction about Dogecoin going up in value in the shortest period of time, then I think it’s worth investing on and selling off before the price starts gong down. I don’t think there is any gamble when it comes to investing in Dogecoin for other investments comes with a level of risk as well.
Usually I invest long-term rather than short-term speculation. I have achieved much better results when I have invested with the long-term mindset. Trading is extremely risky in general if a trader doesn’t have a huge knowledge and lots of patience.