Dogecoin originally started as a joke back in 2013, but it’s caused real waves in the investing world.
But Dogecoin’s returns have been truly spectacular, outpacing those of even the biggest names in the industry, Bitcoin .
In some cases, market downturns are a good opportunity to buy stocks when their prices are lower.
The cryptocurrency experienced explosive growth essentially overnight, and it’s easy to fall into the trap of thinking that if you don’t buy right now, you may miss your opportunity.
There’s no guarantee that cryptocurrency will still be around five or 10 years from now, and Dogecoin can’t succeed if cryptocurrency is never widely accepted.
However, even among the companies that do accept cryptocurrency as a form of payment, most accept Bitcoin over Dogecoin.
Dogecoin supporters point to the fact that the cryptocurrency uses less energy than Bitcoin, which could give it an advantage.
Ethereum 2.0 is expected to be released later this year or early next year, and it will use 99.95% less energy than the current network.
Celebrity billionaires like Elon Musk and Mark Cuban have promoted Dogecoin on social media, and retail investors have jumped on the bandwagon and sent Dogecoin’s price to the moon.
It has certainly surprised people in the past, and if it continues to improve and develops a real competitive advantage in the industry, it could potentially go far.
Before you invest anywhere, think about whether that investment has strong fundamentals and will make a solid long-term investment.