Once viewed as a joke by millions of people, DogeCoin is fast becoming the best investment in a highly turbulent crypto market. Perhaps the jester finally gets his chance to laugh at the rest.
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Why is Dogecoin suddenly important?
Since the downfall of FTX at the tail-end of 2023, DogeCoin has had its own volatility. $DOGE doesn’t offer anything unique in the crypto token industry, not having any new tech or ideas for the betterment of decentralized finance. This, in many ways, is the token’s greatest asset.
DogeCoin is detached from the powerhouse names like Bitcoin and Ethereum as its value is community-oriented and derived from the power of the public. Even if other tokens lose favour or suffer due to faulty tech, $DOGE has the opportunity to be one of the first to rally behind its audience. Even if the market continues to have a bearish outlook on crypto, DogeCoin can rise.
A token based on opinion
The price of Dogecoin rallies even in general market downturns and derives value from influencer authority. Elon Musk’s on-and-off support of the coin caused huge fluctuations in the price of $DOGE despite the token’s otherwise amateurish reputation.
Rising overall in its year-to-date and six-month price, $DOGE continues to have an increasing market cap. The token remains a detached, potentially high-value, low-evaluated market, making anyone who chooses to buy Dogecoin with PayPal a potentially big winner in today’s market climate.
$DOGE 101: How to Buy
Thankfully, taking advantage of the market and buying a good amount of Dogecoin is as it can possibly be. Despite this and with an obvious nod to FTX’s catastrophic collapse, choose a worthwhile and reputable exchange. Binance, for example, is a historically reliable broker.
Following this, make sure you have a secure cryptocurrency wallet. Check to see if your wallet supports Dogecoin, as this is not necessarily the most popular crypto token around. After setting up a wallet and an account with a trusted broker, all you need to do is make the purchase and follow the market.
Market Research = Your Feed
Remember, $DOGE is not a piece of novel tech. Community is what matters. If the crypto industry feels more confident, Dogecoin will feel this rise twofold, maybe even threefold.
If you want to keep even more security in your hands, follow some of the giants in the field on Twitter and see what they have to say. More often than not, a single tweet or news headline is enough to sway the hearts of millions and cause your token to explode (or implode) in value.
Dogecoin: The Future
One interesting aspect of Dogecoin is its surprising utility. Dogecoin, on a lesser-known technical scale, is one of the most eco-friendly and least taxed crypto tokens.
This fact alone could actually bring some legitimacy into the hearts of humble, elderly investors of the future. Knowing that the coin you support is actually more long-term viable than Bitcoin is not yet common knowledge, but a fact nonetheless that could work to the benefit of Dogecoin.
Also read: What is The Best PC Crypto Wallet?