People often invest where they speculate potential profits in the short or long term. Since the birth of Bitcoin in 2009, various cryptocurrencies have been developed from Blockchain technology and other algorithms like Scrypt, of which Dogecoin was built on.
Every coin has the potential of reaching a high market price like Bitcoin which is still the most valued crypto coin in the world, but it solely depends on the number of investors such coins will attract. Dogecoin today has attracted many investors which is evident in the all-time bullish trend of the Dogecoin in May 2021.
However, there may be some reasons why Dogecoin may not be a good option for you to invest in by 2022.
Dogecoin Price Today?
One distinguishing feature of crypto coins is their price volatility. Given that cryptocurrencies are decentralized, the price is not controlled, hence, it fluctuates every minute of the day.
There is no fixed price for Dogecoins as the market gives the price at any given time. Therefore, if you wish to know the price of Dogecoin today or in the future, you can check here.
The Most Popular Dogecoin Wallets
Atomic and Guarda are two Software wallets.
MultiDoge is an Online wallet)
Dogecoin wallet is an Android wallet.
Dogecoin Core is a Full node wallet.
Ledger and Trezor are Hardware wallets.
The decision of the best Dogecoin wallet largely depends on the user.
5 Reasons Why You Should Not Invest In Dogecoin By 2022
1. Dogecoin is not the best transactional currency:
Unlike other transactional currencies like Tronic and Ether, Dogecoin can only be used as a digital currency. Cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and Bitcoin Cash have a higher transactional value than Doge.
2. Its lighthearted character may be incompatible with true innovation:
Doge was created as a parody of current coins such as Bitcoin and Litecoin. Doge’s parody nature prevents it from being incorporated and acquired as a digital asset.
3. Possesses no supply capitalization:
One of Dogecoin’s main drawbacks is the lack of a supply cap. It’s because cryptocurrencies with no supply limit are ineffective inflation hedges. Furthermore, Doge’s limitless mining will necessitate larger blockchain mining operations in the future. It is because it uses the proof-of-work process, it will continue to grow its pool of miners and the number of computers it uses to handle the ever-increasing volume of transactions.
4. Association with pump-and-dump schemes:
Pump-and-dump schemes have been around for quite a while. Even though it is forbidden on regulated crypto exchanges, it nevertheless has an impact on some cryptos. Pumping occurs when a significant number of coins are purchased by a group of people, causing the asset’s price to increase. When the coin’s value rises over what it was purchased for, they sell the assets to other investors and profit handsomely. Doge is prone to this type of manipulation.
5. Poor technical assistance:
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 in terms of technology, it doesn’t offer any unique selling propositions.
Doge carved crypto billionaires into a technological future they never imagined they would live in, but investors should always test the waters before investing in cryptocurrencies like Dogecoin, despite its achievements.
