Dogecoin (DOGE) is one of the best performing cryptos in the past 24 hours. But that’s not the only big news around Dogecoin at the moment. It has also experienced the highest trading volumes in the altcoins market, in the last 24 hours. It now overshadows Ethereum (ETH), Litecoin (LTC) and all the other major cryptocurrencies. This is an indicator that there is growing interest in Dogecoin in the market.
Dogecoin (DOGE) is slowly turning from a joke coin, into a serious investment. While the current price rise could be linked to the Dogethereum hard fork, the rise of Doge as a valuable cryptocurrency has been happening for some time now. That’s because even in the last 7 months of crypto winter, Dogecoin has been relatively stable, when compared to ICO projects. Most of them have lost over 90% of their valuations and are yet to show any signs of recovery.
Several factors support the rise Dogecoin as a serious currency. The first one is that Dogecoin is quite usable as an everyday currency. That’s because it has some of the lowest transaction costs of any decentralized cryptocurrency. Its transactions are also instantaneous, which makes it perfect for transferring value without exposing the transacting parties to the volatility of the crypto market.
Still on its usability as a currency, Dogecoin (DOGE) has also been tested over the years and is proven to deliver on its utility. It has been in the market for several years now, and the Doge community has been using it for internet transactions. Its inflationary nature also makes it quite unique in that it discourages HODLing. This is critical because for cryptos to ever be usable as currencies, the HODLing mentality in crypto has to go. Dogecoin (DOGE) is one of the few cryptos that has risen above this, making its adoption more guaranteed. As more exchanges continue to list Dogecoin (DOGE), interest in it will continue to rise, and so will its value. Already Coinbase announced that they will start offering custodial services for Dogecoin, and Robinhood did list it sometime back.
Going by its current trajectory, Dogecoin (DOGE) could close the year as a top performer in crypto sphere. It has lots of factors supporting it, factors that could see it gain mass adoption in a very short time. It’s one of the most viable investments in crypto at this point.