The digital currency market has become a hunting ground for millions of investors all over the world. Cryptocurrencies, like Dogecoin, are grabbing the attention of investors because of the decentralized nature of these currencies. The number of coins in the market are increasing because of the increased interest in the crypto market. At the moment its very hard for new coins to penetrate the market because of the competition of the existing coins which are working hard to improve their market capitalization.
Among the hundreds of cryptocurrencies in the market, only a few of them are seen as stable. Dogecoin is among the most stable coins while the most popular digital currency remains to be Bitcoin. With the crypto markets being very unpredictable and highly volatile there have massive price swings. During these hard times, Dogecoin has remained quite stable, catching investors’ eyes.
Dogecoin’s journey may have started as a joke, however its unique features and continuous technical developments have helped the digital currency grow. The coin is currently having a market cap of $377,612 000. The coins continue to grow despite some investors seeing it as a joke. Here are some aspects which show why investors should actually take this digital currency very seriously.
The Bitcoin Theory And Myth
Many analysts and investors have slammed Dogecoin for copying Bitcoin in all aspects. However according to Ross Nicoll the architect behind Dogecoin this digital currency is having continued updates and developments to improve its Blockchain platform while adding new features. The architect distanced the coin from Bitcoin adding that it was actually working on a Doge-Ethereum bridge which would allow the coin to take advantage of Ethereum’s smart contracts. More to that Doge is faster than Bitcoin when it comes to approving transactions and is considered to be more stable.
Other than having a faster transaction process transactions fees in lower than that of Bitcoin. Additionally, its market cap does not fluctuate like that of Bitcoin. In 2018 alone, Bitcoin has lost more than half of its value. This drop affected all digital coins which depend on Bitcoin’s algorithms, though Dogecoin was not among them.
Market Movement Of Dogecoin
Dogecoin is currently worth $0.0032 and is already among the top 50 most popular digital currencies according to market cap. The frequency of use is increasing. With its ability to resist volatility with some technical developments, the coin can become one of the most valuable assets for crypto traders.
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