The fight to stay on top in the crypto charts has been an ardent competition. All the cryptocurrencies that are launched and are in the market today have made their way into the race and are struggling and striving to climb the ladder. Cryptos and their respective networks are coming up with innovative and lucrative ideas that would not only lure investors and new users but would also benefit the entire ecosystem in general. These networks are aiming to create a path for new developers and different genres within the society for the greater good. One such crypto is Dogecoin, which, even though started as a joke, is now one of the most sought-after assets globally. The benefits this network provides to the users in terms of monetary gain and resources on the platform are the reasons why people are still drawn to it. DOGE
Dogecoin mining is happening at an unprecedented rate as the number of DOGE that can be generated is unlimited. Why is the mining still going on with full force? How is it that the popularity of Dogecoin has not reduced? Let’s find out.
1 Good for beginners
– While the extreme volatility in the prices can make potential investors flinch, a crypto with a low price can be an asset in this scenario. Holding on to the DOGE coins for a long period can provide certain insights into how the crypto would look. If you can weather the storm it can be a low-risk investment.
2 Faster algorithm
– The network and algorithm behind DOGE is called Scrypt. It is varied from the one that bitcoin uses and can facilitate a faster block creation. The transactions on this network are high in speed and are, therefore, preferred over bitcoin. It is even more rapid than its memecoin competition – Shiba Inu
3 Credible store of value
– It was created in 2017 and the mechanism is rooted in the highly accessible peer-to-peer method of trading and exchange. This can eventually prevent the long-term diminishing of the coins and can lower transaction fees to the minimum.
4 Unique position in the market
– Being the first memecoin, it has a value like no other. The inflationary mining model and ties to Litecoin put in it a unique position in the market. Moreover, the predictions that DOGE mining will soon shift to a proof-of-stake model will even make it more environmentally sustainable.
5 Mainstream uses
– The worth and value of any asset are measured by its utility in the real world. DOGE is slowly being integrated into the mainstream medium of payment exchanges. Even small businesses are accepting it as a mode of transfer of funds. Bigger businesses have already expressed their support for the coin.
6 Social media
– Social media is all the rage in today’s times. Anything can explode and become viral on different platforms online. One of the biggest reasons for the exponential growth of DOGE was its fame on popular sites like Twitter and Reddit.
7 Celebrity backing
– We, as people, follow celebs and influencers. Bigshots and industrial giants extending their support towards DOGE has ignited faith among people – Elon Musk, Snoop Dogg, Mark Cuban, etc are some of the big names
8 Fun and informal
– Investing in something can be a tedious task. If a cryptocurrency is lucrative and fun at the same time, it is literally the best of both worlds. Become an active part of the meme culture and reap benefits from it with an investment in DOGE
9 Low energy
– For the more environmentally conscious people, the fact that the mining of Dogecoin uses less than 2% of the power required by Bitcoin can be a huge advantage. It can also happen in homes without the use of big and complex equipment.
10 Followers and Community
– The largest community of supporters is seen with the brand Dogecoin. This crypto enjoys more than 2.3 million followers on Reddit and the number is a lot more than its competitors like Ethereum and Cardano. The band of followers is loyal and committed to making DOGE one of the most successful cryptocurrencies to ever exist, irrespective of dips in its price.
To be able to effectively learn crypto and the art of trading and making profits with coins such as DOGE and others would be an immensely profitable art. Get on the bandwagon as soon as possible so that you can enter the journey and learn from it as you grow.
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