Complete Guide 2021- Factors to Consider when Buying Dogecoin
The future prediction of Dogecoin is uncertain, as the thoughts of whether the value of one coin will reach $1 in a few years. Its increasing price in the market has many users waiting for the day the value would hit an incredible high. Perhaps Dogecoin’s ‘joke meme coin‘ status has significantly contributed to the market price variations over the years. Given its current competitive state in the market, the coin would survive with massive buying to keep it stable and in the game for a longer time. Given that people across the globe mine approximately 150 million Dogecoins daily, consistent events would have the value climb to a dollar to compete with the top coins, Bitcoin and Ethereum.
While Dogecoin is complicated like any other crypto coin, people often forget to consider what shapes it in the market. Here’s a look into deeper insight:
Factors to Consider when Purchasing Dogecoin
The highly speculative nature of Dogecoin affects its market value significantly. Users have to understand and acknowledge the risks involved before buying or selling the coin. Here are some essentials to say against your financial needs to establish Dogecoin’s suitableness to invest:
Coin Availability
Availability determines if particular crypto goes viral in the market or stays less popular despite its daily presence in the digital space. One way to know if a coin is popular or reliable is its listing on multiple exchanges. In this case, you can find and trade DOGE on several platforms in your state or region. It is accessible and better placed compared to other obscure altcoins in the market.
Appreciation by the Society
A currency that’s not widely accepted and supported by a community is less likely to do well, and the fact also applied to Dogecoin. Good for it, it boasts of an active and vibrant community of Reddit crypto enthusiasts who have ensured its survival since its launch in 2013.
A Joke Became the Talk
Dogecoin starting as a joke was a good thing for its survival. The first presentation of no severe intentions to compete in the market defined its success. Many people still question Dogecoin, though, and its capacity to achieve and maintain long-haul profits. If you are skeptical about gains, you’ll have to do more homework around Dogecoin to establish if it fits your crypto needs.
The Coin’s Future Growth
One would know the future stand of Dogecoin following the recent interview with one of its developers, Jackson Palmer, in March 2017. According to him, Dogecoin has no intention of implementing new features to improve its functionality. Palmer’s exit from Dogecoin in 2015 also raises questions on the coin’s stability and longevity in a few years. According to him, DOGE would soon become outdated and subsequently wind down.
Top Celebrity Support
Dogecoin’s major rally is attributed to Elon Musk and his influence on propelling the coin’s value in the market. Musk used his appreciation for crypto, memes, and internet society to tweet positively about Dogecoin. Should he at any point speak otherwise about it, the price will take a significant downturn, especially now with the support of crypto exchanges which allows users from all over the world to buy DOGE with PayPal.
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