The ever-growing digital market has been surprising us for over a decade; sometime after the appearance of Bitcoin, new cryptocurrencies have been stealing the spotlight thanks to their innovative approach to finance, showcasing the high potential to reshape the traditional economy. Blockchain technology is one of the most influential technologies of all time, and it has brought incredible opportunities to investors worldwide.
In terms of innovation, in 2013, the internet was taken by storm with the surge of a new currency, presented as Dogecoin, which showcased as its mascot the viral Shiba Inu meme. The young generations took this joke as an opportunity to make a new income, and even if the main intention of the developers was to poke at the success of Bitcoin, people skyrocketed the value of the new coin with no irony. Nowadays, the coin is still here, and still thriving, so if you are asking yourself why, in this article, we are going to unveil the main aspects that make Doge stand apart in the digital market:
Dogecoin, the “meme coin”
The concept of memes is still popular on social media platforms, but who was expecting a meme to enter the web3? In 2013, the two engineers Billy Markus and Jackson Palmer introduced Dogecoin to the web3 as a light-hearted joke about the success of cryptocurrencies, especially poking at Bitcoin. However, jokes apart, Dogecoin immediately grabbed the attention of investors, who saw the potential of the new currency and decided to give it a chance.
So, we can say that the fact that dogecoin is inspired by a funny meme is one of the factors driving the popularity of the currency. If you are willing to become an investor and embrace the power of the meme coin, check the Dogecoin prediction to identify the best opportunities in the network.
The power of a consensus mechanism
Like the majority of cryptocurrencies, dogecoin operates on blockchain technology, so you might think that there’s nothing special about it. What makes Doge stand apart is its proof-of-work consensus mechanism, through which miners validate transactions by solving complex mathematical problems aiming to secure the network voting on the credibility of the activities.
The proof of work mechanism uses a significant amount of power for the mining process, but it adds an extra security layer to the blockchain, minimizing the risks of unauthorized access to the network. Understandably, this concept boosts the credibility of the network in the eyes of users, enhancing Dogecoin’s reputation significantly.
A strong community of investors
Dogecoin has one of the strongest and most active communities in the digital market. The fact that the coin is inspired by a meme has already helped the network grab the attention of people all over the internet who are very interested in following the path of the coin constantly as they choose to commit to the network long-term. The popularity of Dogecoin is also driven by the involvement of celebrities.
For instance, Elon Musk is associated with the boom of Doge, as the tech leader chose to invest in the promising asset and embraced the power of the web3 for its SpaceX project as well. Musk communicates about the potential of Doge on Twitter very often, and some years ago, he promised that the currency would go “to the moon,” which is now the motto of the crypto realm.
Doge as a payment method
The first cryptocurrency that has been accepted as a regular payment method in the real world is Bitcoin, but now, the widespread adoption and acceptance of Doge is proving the credibility of the currency. Doge can be used as a payment method for many e-commerce businesses to purchase daily goods, being a profitable option for both parties involved in the transaction.
In fact, the popular cryptocurrencies significantly reduce the costs associated with the transaction processes, and the network knows no geographical barriers, so introducing Doge as a payment method is a great way for businesses to enhance their profits, avoiding the high fees of traditional systems, and gain access to a global audience of tech-savvy people. There are still some controversies about the involvement of Doge in the real world, but experts believe that in the near future, the coin could surpass the leader of the market, winning full credibility.
Charity
The dogecoin community and the network itself are highly interested in having a positive impact on society. This ever-growing market pushes Doge to make significant and valuable charity donations. There are various non-profit projects and organizations on the network that want to address the main social causes, such as world hunger and lack of education in many countries around the world.
The charity efforts are promoted on social media platforms to seek support from people, attract more participants in the initiative, and strengthen the generosity and empathy of the Doge community, spreading kindness behind the web3.
Is Doge a wise investment?
Every cryptocurrency has its pros and cons, and due to the volatility of the assets, it can be hard to forecast their future growth. Still, considering the popularity of Doge, which is an aspect that mainly drives the growth of the price, experts and the community believe that the currency could bring significant returns to investors in the near future, as it can become one of the most profitable altcoins of the web3.
Still, becoming an investor requires proper knowledge about the underlying technologies of the market so that you can identify the best opportunities and adopt efficient strategies that could serve your financial needs most. With that said, we hope this article encourages you to take the next step towards financial freedom and dip your toe into the web3 to explore the opportunities you have for a wealthy future. Still, remember the golden rule of the crypto world: only invest what you can afford to lose.