Dogecoin For Beginners 7
Dogecoin For Advanced 7
Dogecoin Quiz 1
Pros And Cons Of DOGE
Before investing in Dogecoin, it’s best to know its Pros and Cons so let’s get right on to it in our lesson below.
– DOGE made great returns so far and keeps on reaching new all-time highs each day. Lots of analysts and speculators think that the coin has a big future as it is an attractive option for new and established traders.
– You can Day trade the cryptocurrency and earn profits by capitalizing on its volatility. This means you can buy it when you start researching about it and get to know its bullishness in the future. Due to the volatility, small price changes can make big gains for investors.
– The strong social media community is a huge plus for the project.
-As mentioned in the lessons before, this project is supported by plenty of celebrities. Elon Musk, for example, is the biggest supporter of the coin, and most of the time when he posted about it, we witnessed an instant price rise.
-Dogecoin has a humanitarian aspect as well. The coin was used to tip people on social media for their content. It was also involved in supportive social causes like funding the Jamaican Bobsled team with $50,000 for the 2014 Winter Olympics in Russia. Aside from this, it sponsored other athletes like Shiva Keshavan and NASCAR driver Josh Wise.
-There are a few DOGE available for purchase because, unlike other coins, DOGE is infinitely mineable. There’s no limit to its supply and as a result, when a person wants to purchase the coin, they can do so via multiple exchanges. The availability brings more liquidity and usage to the cryptocurrency which explains the huge transaction count.
-The trading volumes for the coin are soaring over the past two years.
-More exchanges are listing the coin. Back in 2021, eToro showed support for the coin, and their reason for the cryptocurrency listing was attributed to the strong client demand. Later, Gemini listed Dogecoin so now the users can own the coin as an option of investment. This explains the trading volumes and the surging market capitalization of the cryptocurrency.
– Dogecoin scales faster than BTC. The coin is built on basic technology that is associated with crypto and this allows for verification transactions and preventing double-spending attempts. Through the process, it provides secure access for sending and receiving money without a third party. Dogecoin employs the Scrypt algorithm which allows for faster processing speed than BTC.
-Dogecoin benefited from many mainstream partnerships.
– There are a few portals that showcase a situation of DOGE collapsing in the near future.
– There are no questions about the creators’ belief in cryptocurrency. The leaders should act by example but it’s not what are seeing. The co-founder billy Markus sold all his coins to purchase a Honda civic. Charlie Lee did the same thing back in 2017 and experienced some strong backlash for the decision. Not holding an amount of your own project raises doubts about future innovation and partnerships.
-Dogecoin relies on the fun nature and not real innovation. It was created to make fun of other cryptocurrencies and not really an innovative mechanism behind it.
-There’s too much negative influence from celebrities like Elon Musk.
– Dogecoin was also associated with pump and dump schemes. Several traders and investors that held their assets for the long term saw huge losses that were associated with their investments due to pump and dump schemes.
-The project is not really the number one transactional currency.
-Dogecoin is infinitely Mineable and this principle takes away scarcity as a very important element for the future of the coin.