More than once, the meme cryptocurrency Dogecoin was predicted a loud failure because it is practically not fixed by anything, and its rate is completely dependent on bitcoin: if it falls, DOGE will have hard times.
55% of analysts are firmly convinced that there will be no future for Dogecoin. Moreover, according to them, they would highly discourage users from using it as an investment for the long term.
Is Dogecoin dead? 21% of experts believe that for them, Dogecoin is a symbol of the movement of cryptocurrencies forward and represents progress. According to them, the coin will definitely remain at the top and will soon show its true potential. 4% of respondents advise investing in DOGE with the hope that it will “shoot” sooner or later.
What is DOGE
The coin entered the market in 2013 as a joke addressed to the cryptocurrency market. But the real moment of glory for the meme-coin happened in 2021. She gained immense popularity after Elon Musk drew attention to her. It was his tweets that drew public attention to this cryptocurrency.
Mining takes place using the PoW algorithm, which, among other things, is used in the case of BTC and some other coins. However, mining Dogecoin is quite a profitable business, because there is no emission.
In addition to investing, the holder can use cryptocurrency as a means of payment. It is noteworthy that this is available much more often than with other digital money.
Is it worth investing in DOGE?
If the trader assumes a long-term investment, then the answer is no. DOGE is on everyone’s lips, but it has no serious value. In a sense, at first, this could also be said about military-technical cooperation. But at the moment, bitcoin has a limited supply and has become popular in the traditional world economy. On the other hand, Dogecoin has an unlimited supply and high volatility. Therefore, it is quite difficult to understand whether he will repeat the fate of military-technical cooperation in the future.
If we talk about short-term investment, DOGE has great potential here. It is already a proven fact that the price of a coin can rise after a single post on social networks from some influential celebrity. Although interest in it is gradually fading, the way to re-ignite this “bonfire” still works. This means that for the rate to rise again, the attention of a famous person is necessary. Although there is no guarantee that this will happen in the near future.