Dogecoin has had its fair share of hype surrounding it in the past few years. It was touted as a new and upcoming currency that would take off and become a giant in the future. Some even went as far as to call it a surefire success and the best thing since sliced bread. There was so much hype going around that a lot of people were left high and dry after they lost all of their hard earned money into Dogecoin.
So what is this ridiculous new currency? Dogecoin was designed by two software engineers, Billy Markus and James Palmer, who came up with a unique payment platform as a joke, completely joking that it would become a serious, top ranked currency by the end of the year. However, despite its laughable overtones, some believe it to be a legitimate long term investment opportunity. With a market capitalization of less than a few dollars, you can easily see how dogecoin’s popularity has soared.
To make any kind of investment decisions, you need to have solid information and dogecoin price predictions are no exception. You need to understand the factors that affect the value of this digital currency. Some of these factors include supply and demand, appreciation, depreciation, and government support. Let’s take a look at each individually and then how dogecoin price predictions can help you decide if this is an investment worth making.
Supply and demand are major considerations for any type of investment, particularly when it comes to scarce resources. Dogecoin is similar to many other cryptic, because like litecoin and other currencies, it was designed as a Lite wallet replacement. Due to the low supply, more dogecoin are being traded every day. As the supply continues to increase, the value of dogecoin will likely follow. If you’re able to spot profitable trends, it’s likely that dogecoin prices will increase, and you’ll earn a profit.
Another consideration is appreciation. Unlike many other currencies, dogecoin continues to grow in value. This is in part due to the efforts of marketers promoting it as a good investment vehicle. Dogecoin jokes continue to circulate throughout the internet as people talk about the bright future of this new altcoin. While dogecoin jokes aren’t serious, there’s no doubt that the perceived value of this relatively new form of cryptographic money has increased significantly over the past year or so. This has resulted in dogecoin prices continuing to climb.
Government backing is also a key factor in dogecoin’s value. Unlike many other cryptos, dogecoin was created in an effort to be recognized as a legal digital currency backed by a government. If the government recognizes dogecoin, it is likely that the value of this new form of currency will increase. A joke currency is one of several ways dogecoin has reached the mainstream.
The success of this new alternative depends heavily on the strength of its marketing and promotion. While dogecoin jokes circulate through the internet, and its market cap keeps growing, its value is based on its marketing. Dogecoin was created as a marketing tool for the dogebait industry – a type of internet joke. Marketers have invested a lot into promoting this niche market, and the results have been impressive. If you look back at how other currencies have failed, you’ll find that they were largely ignored by the general public. Due to the popularity of dogebait, the value of this currency has grown.
If you’re interested in investing in doge, there are several ways to do it. You can purchase dogebait, which is sold in different outlets throughout the world. You can even get your very own pet dog wearing a dog collar! You can use the currency in other ways, such as by sending messages to friends on Twitter, posting blogs about foreign exchange, or even by tweeting about the value of your chosen currency. These are just a few ways you can invest in this exciting new currency.