The cryptocurrency market has turned green indexes in the past few days after it has been bearish for months. Dogecoin is one of the biggest gainers after the recent crypto meltdown.
Dogecoin has made name for itself after being created ”out of joke”. Today, DOGE is ranked 10th among thousands of crypto assets.
At a time when investing or buying crypto assets looked riskier, Dogecoin has made it to the portfolio of many investors.
In this post, we’ll discuss why you need to buy Dogecoin today. For the sake of beginners, let’s learn about Dogecoin.
What is Dogecoin?
Dogecoin is a cryptocurrency created as a ‘joke’, to make fun of the wild speculations of crypto as at the time it was created. Billy Markus and Jackson Palmer are the two engineers that created the dogecoin. The dog-themed coin was reportedly created in 3 hours.
Also called the meme coin, Dogecoin promotes the currency as the “fun and friendly Internet currency”. Dogecoin was initially designed to be “as ridiculous as possible,” in keeping with its parody theme and to prevent people from actually using it over the long term.
Fortunately, dogecoin has grown popular over time, most especially after it found the interest of Elon Musk.
Today, DOGE is one of the most popular cryptocurrency and has been used as form of payments by some merchants in the world.
Dogecoin
What is Dogecoin’s Worth in the Crypto Market Today?
DOGE is ranked number 10 today among thousands of cryptocurrency listed by CoinMarketCap. DOGE is up 7.79% in the last 24 hours. As of writing, the price of DOGE is s $0.072953 USD with a 24-hour trading volume of $923,520,956 USD.
DOGE has a live market cap of $9,797,257,828 USD. It has a circulating supply of 132,670,764,300 DOGE coins.
Dogecoin can be purchased on most of the world’s crypto exchange. These include Binance, ByBit, Huobi, Kraken, etc.
5 Reasons To Buy Dogecoin in July 2022
Here are the top reasons to buy DOGE today despite the recent crypto meltdown that has plunged the crypto market. They are listed below in no particular order.
1. Merchant Adoption
Dogecoin is one of the most widely accepted cryptocurrencies by merchants, companies and crypto payment processors. You can pay with DOGE for online services, for computer games, for travel, to buy clothes, to buy cars and even houses.
Elon Musk recently announced his Boring Company will accept Dogecoin as payment for rides on its Las Vegas transit system, Loop. You can already fill up a Tesla using Dogecoin at select supercharging stations. Several other businesses, including a NBA merchandise also receive payment for match tickets in DOGE.
2. Whales
Dogecoin accumulation has been growing through July 2022 despite the low price of DOGE. Blockchain auditor @WhaleStats found that Dogecoin accumulation increased hugely in the first two weeks of July. DOGE was among the top 10 buys for BSC whales – with one BSC whale alone buying more than $1.25 million worth of Dogecoin.
According to the Santiment, most of the altcoins recorded a major rebound in their market caps in July. It mentioned that there is a huge rise registered in the $100K valued whale transactions. The tracker added that DOGE is one of those tokens which is seeing these large transactions on the networks.
MyDoge wallet reported that more than 80K Dogecoin transaction have been recorded over the past 24 hours. Earlier, the DOGE founder highlighted that a huge spike in the number of transactions hit around 70,000 number. This was reported as a surge of 59.49% over the past week.
3. Social Media Popularity
Dogecoin follows Bitcoin and Ethereum as the most popular crypto assets today. It has mass followership on social media platforms.
Dogecoin has created one of the largest followings in the cryptocurrency space. Take Reddit. The /dogecoin sub-Reddit has 2.3 million followers. Compare that to the 1.3 million /Ethereum followers, the 700k /Cardano followers and the 149k /Solana followers. Only Bitcoin has a bigger Reddit following, with 4.4m.
Dogecoin’s popularity has seen it spike in price purely based off social media trends. In July 2020, for example, the price of Dogecoin spiked following a TikTok trend to take the Dogecoin price to $1.
4. Influencers
DOGE is where it is today as a result of the work of influencers. Elon Musk is one of its biggest influence and has made cryptic tweets about the dog-themed coin on his Twitter page even before acquiring the bird-app.
Other celebrities and big-name investors have joined the Dogecoin bandwagon. For example, Snoop Dogg, Gene Simmons and Mark Cuban. The Dallas Mavericks owners Cuban announced in March last year his NBA team would allow ticket purchases via DOGE, and later declared his franchise had become a top Dogecoin merchant with more than 20,000 transactions carried out.
5. Currency
Dogecoin has an annual inflation rate between 3-4% and though this will decrease over time, it can help it gain adoption as an alternative to fiat currencies.
It was created to rival Bitcoin and has performed well since its launch. Only time will tell if it will be adopted as a legal tender like BTC.
Why You Might Not Consider Dogecoin
DOGE was created as a parody of Bitcoin. It’s parody nature prevents it from being incorporated and acquired as a digital asset so could be risky.
You might not consider investing in DOGE because it lacks a supply cap. It’s because cryptocurrencies with no supply limit are ineffective inflation hedges.
Despite its increasing network of users and supporters, Dogecoin has poor technical support. Doge has a smaller development staff than Bitcoin, Ethereum, and Cardano. Doge has also made no technological advancements or adjustments since 2015. It’s also worth mentioning that it doesn’t offer any unique selling propositions in terms of technology.
Should you buy Dogecoin in July 2022?
There’s a strong chance Dogecoin will remain a major cryptocurrency throughout the rest of the year.
Dogecoin has already earned its place in the top 20 cryptocurrencies, and it’s unlikely to be flipped by any new meme-coin soon. Continual support from Elon Musk despite pulling out of his Twitter takeover bid should offer ample opportunity for price rallies this year.
If you’ve been waiting for low DOGE prices to buy Dogecoin, July 2022 is your time. Dogecoin is at its lowest prices in 18 months.
The Bottom Line
Dogecoin has emerged as one of the top gainers in July 222. There are several reasons for investors to consider investing DOGE however it is the most risky form of investment.
Remember if you must invest in crypto assets, you must put what you can afford to lose.
Also Read- Dogecoin vs Filecoin-Which To Buy in 2022?
If you need to sell Dogecoin and other crypto assets such as Bitcoin, Litecoin, and USDT, Prestmit is one of the best places around. Payment options here include the Nigerian Naira, Ghanaian Cedis, and USDT.
