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Sunday, December 3, 2023

Dogecoin’s ‘the Longer, the Better’ is Killing its Memecoin Position

Dogecoin is maintaining its position among the top 10 cryptocurrencies by somehow managing to stay relevant.

In the last week’s rally, the momentum started shifting toward bulls. Investors thought that Dogecoin will break out of its long-term resistance. But, alas, DOGE couldn’t continue its strong bullish momentum for long. At press time, the meme coin was down by 4% in the last three days. DOGE, at the time of writing, returned below the trend line. On the micro-frame, the situation appears to be much better. However, on the macro lens, Dogecoin continues to disappoint its investors. Moreover, investors, including the long-term holders (LTH), are eventually losing patience. They made significant progress recently by moving their supply around. In the process, investors consumed more than 7.4 trillion days. This, after having consumed another six trillion days before.

Dogecoin (DOGE) was the first and largest meme coin in the crypto market (DOGE). DOGE is well-known among cryptocurrency aficionados, as well as some non-crypto fans. This is because of the online hype around Dogecoin, particularly because Elon Musk has regularly mentioned Dogecoin (DOGE) on his social media. DOGE, the first meme coin, was created in 2013 and is the primary reason the crypto market began to take meme currencies seriously.

Dogecoin (DOGE) was created on its network utilizing Bitcoin’s (BTC) technology, making Dogecoin more autonomous and reliable. Dogecoin is an excellent option for online payments. Dogecoin cryptocurrency token’s value will continue to climb gradually, maybe even quicker than in the past. Dogecoin’s limited quantity also assures that the demand and supply scales are balanced, which aids Dogecoin’s prospective growth.

Reasons to Buy Dogecoin in July 2022 

1. Fun. Dogecoin was the first meme-coin. It was also the first ever currency based on a dog. The name comes from the popular ‘doge’ meme that was Know Your Meme’s ‘top meme’ in 2013 featuring a shy Shiba Inu dog surrounded by Comic Sans phrases like ‘wow’ ‘so scare’ ‘what r u doing?’. Dogecoin directly appeals to meme culture and offers a unique way to get into cryptocurrency investing. So long as you haven’t invested at a bad time (and invested funds you need for living expenses) it’s hard not to smile with a Dogecoin investment.

2. Merchant adoption. Dogecoin is one of the most widely accepted cryptocurrencies by merchants, companies, and crypto payment processors. You can pay with DOGE for online services, computer games, travel, buying clothes, to buy cars, and even houses. Elon Musk recently announced his Boring Company will accept Dogecoin as payment for rides on its Las Vegas transit system, Loop. You can already fill up a Tesla using Dogecoin at select supercharging stations.

3. Social media. Dogecoin’s popularity has seen it spike in price purely based on social media trends. In July 2020, for example, the price of Dogecoin spiked following a TikTok trend to take the Dogecoin price to US$1. 

4. Elon Musk. Backing from Elon Musk helped Dogecoin swell in price to its all-time high of US$0.7376 in May last year. The high price coincided with an Elon Musk appearance on Saturday Night Live. In the run-up, he had issued Tweets in support of Dogecoin. For example, on May 8 last year, SpaceX announced a rideshare mission to the Moon completely funded by Dogecoin. 

5. Celebrity backers. Other celebrities and big-name investors have joined the Dogecoin bandwagon. Examples, are Snoop Dogg, Gene Simmons, and Mark Cuban. The Dallas Mavericks owner Cuban announced in March last year that his NBA team would allow ticket purchases via DOGE and later declared his franchise had become a top Dogecoin merchant with more than 20,000 transactions carried out. 

Should you buy Dogecoin in July 2022?

There’s a strong chance Dogecoin will remain a major cryptocurrency throughout the rest of the year. Dogecoin has already earned its place in the top 20 cryptocurrencies, and it’s unlikely to be flipped by any new meme-coin soon. Continual support from Elon Musk despite pulling out of his Twitter takeover bid should offer ample opportunity for price rallies this year. If you’ve been waiting for low DOGE prices to buy Dogecoin, July 2022 is your time. Dogecoin is at its lowest price in 18 months. 

Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.

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