DogeCoin was seen as a goner, once it sank toward $0.0009 during the large October shakedown of cryptos. But now, DOGE seems to be returning on stage, with a price spike of more than 25% in just a day, along with other altcoins growing without boundaries.
There are the five top reasons to keep an eye on DogeCoin and own some:
1. Easily acquaints newbies with cryptocurrencies
DogeCoin is available through faucets, micro-wallets and can just be sent and received with very small fees. Because of this, owning a few DOGE can invite many friends over to cryptocurrencies. DOGE is easily exchanged, very liquid compared to other low-priced assets, and is similar to larger coins in transfer utility, if not better.
2. DOGE mining is greener
DOGE mining used to be done independently, but now it's tied up with the production of Litecoin blocks- no extra machines, no extra electricity. There will be an unlimited supply of DOGE, produced each time a LTC block is solved, for a simple, one-layered means of payment.
DOGE has climbed to position 36 on CoinMarketCap, with a total capitalization of $396 million. While this seems like a lot, a sudden spike in popularity could really lead DOGE ahead. Other altcoins have big dreams and projects, but DOGE relies on sheer luck. With a price of $0.003531, nearly four times the price at the bottom, DOGE has shown it can cause active trading and move to a higher price range- while remaining affordable.
4. DOGE is popular with Asian investors
Investment from Korea, Japan, and by some channels- China, does not bypass DOGE. The latest rise in crypto coins has been propped up by the newly acquired wealth of Southeast Asian countries, and DOGE has received its share of trading, investing and just plain return to a fashionable status.
5. DOGE refuses to disappear
The DOGE meme and culture turned out to be surprisingly resilient. A coin made as a joke managed to survive where other overly promoted digital assets fell to the wayside, their prices sinking to nothing, along with the community support. Projects like Panda Coin were serious efforts (with a hidden personal enrichment agenda), while DOGE was made as a joke and turned successful. Even at depressed prices, DOGE was used and traded.
Of course, there are caveats around DOGE. In the earlier years, it has been used in scams and has seen thefts. But now, DOGE may be entering a new stage.