Dogecoin Returns and What It Relates to (Does Dogecoin Have a Future?)
The returns of Dogecoin and what it relates to. According to Cointelegraph, Doge
The returns of Dogecoin and what it relates to. According to Cointelegraph, Dogecoin began trading in January 2020. As the price of Bitcoin rose from $20,000 to $60,000, the price of Dogecoin (DOGE) also skyrocketed. Dogecoin currently has a market value of over $20 billion, making it one of the top 9 cryptocurrencies globally. Like other digital assets, Dogecoin offers many advantages. It can help people make faster decisions and avoid being harmed by fraudulent activities. Since these assets are not regulated by any government or entity, investors need to have a better understanding of Dogecoin. Using smart contracts for transactions will yield better investment returns for investors.
Does Dogecoin Have a Future?
Editor’s note: This article is from 8btc (ID: bitcoin8btc) and is authored by “Porridge Overnight,” which is authorized to be published by Planet Daily.
When Dogecoin was launched in December 2017, its price reached a historical high of $2. However, after its market value dropped to nearly $10 billion from its peak, its value skyrocketed over 10 times, eventually becoming one of the best-performing assets in cryptocurrencies – Dogecoin (DOGE).
Although many people consider Dogecoin to be the next competitor to Bitcoin and Ethereum, it has not made significant progress during the past few years. According to data released by crypto analyst Willy Woo, Dogecoin’s trading volume has soared to a historical high since the beginning of this year, surpassing the total trading volume of mainstream cryptocurrencies such as Litecoin, Monero, and even EOS by more than half.
Comparing these numbers with other cryptocurrencies, we can find out that the three tokens are Ethereum (ETH) and Bitcoin (BTC), XRP, and BCH (LTC). Moreover, due to their similar characteristics to gold, the demand for cryptocurrencies is increasing. Additionally, the price of Dogecoin keeps rising. However, the current situation is just the opposite: “Personally, I don’t think these three altcoins have reached their potential yet.”
It is worth mentioning that after a brief surge, Dogecoin encountered a series of resistance. A continuous decline since the end of November last year led to a significant sell-off, and it has only shown signs of recovery today. (Image source: Twitter)
In addition, Dogecoin has been targeted by hackers as the project utilizes the Lightning Network for large-scale money laundering activities and potentially has security vulnerabilities. According to previous reports, in early September 2018, some users attempted to steal virtual assets and make profits by purchasing smartphones or computer devices using Dogecoin. At that time, many people in the Dogecoin community suspected it was a scam, and they seemed to have little knowledge of how to use such a tool. However, despite this, the “whales” maintain a positive attitude and can still continue to hold their funds, thus avoiding losing millions of dollars in investment.
In fact, since Bitcoin halved in May, the price of Dogecoin has steadily climbed to new highs, reaching nearly $20,000 in the past week, with a closing price of $21,700 per coin as of the publication date.
However, in the short term, this price fluctuation may cause Dogecoin to further decline to a low point, posing significant risks to investors.
For example, Dogecoin founder Jackson Palmer publicly stated that Dogecoin is “not a real investment” and he believes that Dogecoin is “not well-suited as a means of payment.” Additionally, he also claimed that Dogecoin cannot be used as a currency like Bitcoin.
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