Is Dogecoin a Good Investment?

tl;drDogecoin was developed in 2013 as a joke. People primarily used it as a tipping system on Reddit and Twitter where users tip each other for creating or sharing good content. Dogecoin saw an exponential rise in its popularity from mid-April 2021, with Elon Musk's twits fueling its popularity. Its liquidity score is almost double than market's average, and its market cap is now more than $33 billion that makes Dogecoin one of the top in terms of market cap among all cryptocurrencies.
Is Dogecoin a Good Investment?
Is Dogecoin a Good Investment?
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Introduction

Dogecoin was developed in 2013 as a joke. It was created by Jackson Palmer and Billy Markus to satirize the growth of altcoins by making the doge internet meme into a cryptocurrency. While it emerged as a joke, it actually found some practical usage, as its large supply and low price facilitated efficient micro-tipping content on social media. People primarily used Dogecoin as a tipping system on Reddit and Twitter where users tip each other for creating or sharing good content. Dogecoin is a derivative of Luckycoin which is forked from Litecoin and uses a Scrypt algorithm. It takes only one minute in Dogecoin to make a block, which is faster than other blockchains. There is no limit to the supply of coins and thus the coin can inflate infinitely. If you are interested in investing in Dogecoin, let's dive into financial details!

Financial Analysis

Dogecoin saw an exponential rise in its popularity from mid-April 2021. Elon Musk's twits about Dogecoin can be considered as one of the main reasons for its increased popularity. Our data shows that from mid-April, the number of Dogecoin followers on Twitter has risen dramatically from 700k to more than 2 million people! The same trend can be seen for its Reddit subscribers, which started from approximately 1.2 million in mid-April and reached up to 2.1 million subscribers today. However, it seems that the figures are going to be constant. You can keep track of these trends here.

Dogecoin's liquidity score is almost double than market's average, which means that you can sell your coins more easily. This could be due to its relaxed and fun-loving community. Its market cap is now more than $33 billion, which makes Dogecoin one of the tops in terms of market cap among all cryptocurrencies, in a way that from late April up to now, Dogecoin has always been one of the top 10 most valuable coins in the market in terms of market cap. Our daily market cap report for Dogecoin can be found here.

You're saying that I should invest in Dogecoin?

We are here to help you make smarter financial decisions by freeing up your intelligence through making it easy to compare thousands of coins. We do all the hard work for you and help you remove emotion from your decisions. However, making an investment decision requires considering your own financial situation and compare your investment options.

To see our easily comparable reports about the available investment options, check out our website.

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