Dogecoin, which began as a meme cryptocurrency, has risen to become one of the largest cryptocurrencyies, with a $32 billion market cap. Created by duo Jackson Palmer and Billy Markus, Dogecoin was introduced as a jab at other cryptocurrencies on the market.
The cryptocurrency, which is based on a popular internet meme dubbed ‘Doge’, has received a lot of interest from investors, memers, and influencers worldwide, who consider Dogecoin a good investment.
Dogecoin’s value has increased by nearly 5000% since the beginning of 2021, and at the time of writing was worth $0.24 per token. Dogecoin’s trading volumes reached all-time highs as a result of memers, investors, influencers, and celebrities embracing the coin.
At one point, Dogecoin’s trading volume even surpassed Bitcoin!
With all of the negative connotations attached to this meme coin, you may be wondering if you should invest in Dogecoin for incredible returns.
Although we recommend you to do your own research, Dogecoin has become a fairly serious competitor in the cryptocurrency space.
With one of the most supportive and active communities and a faster and more efficient mining protocol than Bitcoin, Dogecoin has quite ironically become one of the most efficient payment processing systems in the cryptocurrency sphere.
So much that it has found itself embraced by businesses and corporations around the world as a legitimate means of payment, something most cryptocurrencies are struggling to do.
In this article, we’ll be talking about how Dogecoin is a great investment and how you can get your hands on some for free.
Is Dogecoin a good investment?
As we know, Dogecoin was introduced as a memecoin by its founders; however, recently, it has found itself ranked among the top 10 digital coins in the world and has started to take things more seriously.
After surging by 5000%, Dogecoin has quickly gained attention for its uncapped support for uncapped supply with over 131 billion coins in circulation and its meager price.
Since its launch price of $0.0002, Dogecoin has gained over 120,000% in value today, priced at $0.024 at the time of writing. that alone makes Dogecoin a good investment if you’re able to buy some.
Dogecoin’s influence in social media and cryptocurrency forums has resulted in a wave of users, supporters, influencers, investors, and celebrities on social media platforms to drive up the price. Considering its titanic rise since its launch, Dogecoin has grown out of its meme status. It is widely accepted by a plethora of online businesses, merchants, and companies as a payment option.
With a market cap of $32 billion, Dogecoin triumphs over the likes of Uniswap, Chainlink, Algorand, and Litecoin. Dogecoin has also expanded its foot ground to the Ethereum network at the beginning of this year. Moreover, it has also collaborated with popular open protocol projects such as OpenDAO to encourage DeFi payments with the help of Dogecoin.
Dogecoin is undoubtedly a viable and competitive financial instrument today. With the collaborations and tech updates it has rolled out and plans of moving from the Proof of Work protocol to the Proof of Stake protocol, Dogecoin is a good investment for the long-term.
Shiba Inu as an alternative
Also, if you think you were late on the memecoin craze, then you should consider Shiba Inu. It’s another doggo-themed cryptocurrency that is also a pretty serious contender to the Dogecoin token.
Unlike Dogecoin, SHIB employs the proof of stake protocol, has a limited supply, and is based on the Ethereum network. Adoption has been a bit slower, but the price is rising gradually.
How do you get Dogecoin for free?
If you’re interested in getting your hands on Dogecoin, you can get them for free from Dogecoin faucets.
Faucets are basically websites that make you do tasks and, in return, give you Dogecoin for free.
These tasks often consist of completing reCAPTCHAs, filling surveys, watching ads, or clicking ads.
If you’ve already got some Dogecoin available, you can also generate passive income with crypto interest accounts.