Is Dogecoin a good investment?
Is it worth spending your hard-earned money on?
Don’t worry! You aren’t the only one wondering this right now. There are many like you are living in the same dilemma.
Due to unprecedented fluctuations in the Dogecoin price, everybody is confused about whether it’s the right time to invest in DOGE or not.
The cryptocurrency market is quite volatile and to predict its value would be quite challenging and uncertain at the same time. However, with quality research and profound insights, you can surely come up with a good assumption.
So, would you like to have a tour of the price prediction of DOGE? We have a blog on the Dogecoin price prediction where we have covered various aspects of this cryptocurrency such as: What caused the surge in its price, Dogecoin’s price history, Elon Musk’s obsession with this crypto, and more.
With this blog, we ensured that our Convey Warriors don’t need to wander elsewhere in search of information. Read on to know what experts think of Dogecoin investment.
If you are looking to invest in Dogecoin but aren’t sure about where to start, then you have landed in the right place. Although there are a lot of risks associated with cryptocurrency, its popularity among investors is increasing every day. Ever since the rise of Bitcoin, the crypto market has crowded up quickly, especially in the past few months.
But Dogecoin, that started off as a joke, has turned into an actual investment opportunity.
Let’s have a quick glance at what professionals are saying about investing in this virtual currency. Is Dogecoin worth buying 2021? Read on to find out.
The CEO and co-founder at CoinSwitch Kuber, Ashish Singhal calls this entirely a subjective decision. He suggests that investments in Dogecoin are like any other form of cryptocurrency. Therefore, it should be only done up to an amount that one is fine with losing.
However, Singhal is bullish on the prospects of cryptocurrency investments. He believes its inherent simplicity in comparison to equity, combined with the fact that it is gaining in popularity every day, works in its favour. One caveat, of course, is the entire trading experience.
Here, CoinSwitch Kuber is trying to make the investment process as easy as possible for the investors.
The order books, graphs, buy/sell indicators, etc., were pretty complicated. We wanted to build an experience as simple as Swiggy - add to cart, checkout and food delivered.
The CEO and founder of Cashaa, Kumar Gaurav points out the fact that Dogecoin has been in the crypto market for over seven years now. Therefore, in terms of its legitimacy, there aren’t any questions about why you shouldn’t invest.
DOGE is known to have a specified goal of building a payment system that is free from traditional banking charges. Therefore, if an investor invests money in the coin, he or she is actually taking part in a constructive project, which forms a good investment.
Gaurav specified that this is only his personal view and shouldn’t be considered as any financial advice.
According to him, DOGE’s low value is the real reason for its growth. This could be also helpful in teaching new investors about crypto and the basic principles of demand and supply in the market.
Gaurav affirmed that the industry is in its initial stages and the price of the coin is expected to grow. This is due to the fact that a huge number of individuals are joining the market every day and to begin with, they tend to pick something at a low price.
CEO and co-founder of Unocoin, Sathvik Vishwanath compared DOGE with bitcoin and said that dogecoin is a better alternative.
It's because the main reason behind the discovery of bitcoin is fast and free payments on the internet. But the surge in bitcoin’s price and its high transaction fees in the blockchain makes Dogecoin the better alternative to it.
As DOGE’s transaction confirmation time is less than a few minutes, and every coin is worth no more than a few rupees, Vishwanath believes that it is proving itself to be the fast free transfer use - case saviour. On the other hand, bitcoin is settling itself as a digital gold which is likely to be a reserve currency on the internet.
However, Vishwanath warns people to be careful. According to him,
Shiba INU appears to be working up in price more due to rumours than utility while Doge appears to just have found an on the ground use case.
Based on previous records, investments in DOGE have appeared to be riskier than that in bitcoin. Nevertheless, the general public has the potential to make this coin a good investment as they have already accepted this crypto with open arms.
Hence, DOGE is a good bet, but as an investor, one must know when to exit from it.
The only right answer to it is - first think of it, then buy it.
It’s a long term game, so, don’t sell it soon! Keep it with yourself and wait for the right time.
Whatever you plan, first make yourself financially aware. Check out our other blogs to know more about Dogecoin.
Always remember profit comes with a little risk, so there’s no need to be afraid. Investment is good when done right.
Do you think DOGE has a future?
Will it remain as a joke or will it be accepted as a true asset?
Let us know your thoughts in the comments below.
Note: Always start investing with a small amount.