This week has been a tough one for crypto investors. The market opened the week in negative territory and this has been the trend up to today. Dogecoin (DOGE) has not been an exception, as it has taken a hit for the last 48 hours. However, in spite of this market drop, the Dogecoin community is still spreading the love. Dogecoin socks for the homeless, a charity by the Dogecoin community just completed the distribution of socks to homeless people in Los Angeles. For this month, the Dogecoin community through this charity has donated 10 dozen pairs of socks. This charity may be an act of generosity, but it is a plus to the overall growth of Dogecoin (DOGE) as an investment.
First, such activities add to the awareness of Dogecoin in the market, and in a positive way. That’s because, in the process of distributing socks, there are people who didn’t know about Dogecoin but got to know about it through this charity event. Such people would most likely spread the word about Dogecoin since they have learned about it in a positive way. That’s a good thing towards the growth of this crypto.
On top of that, through such events, Dogecoin’s chances of adoption by institutional players are quite high. For instance, as per a Reddit post by the Doge community organizers of the Dogecoin socks of the homeless, this month they were out-socked by American Airlines, which donated more than 300 pairs of socks. This is a big deal because by getting involved in charity together with such major corporations, it elevates the standing of Dogecoin (DOGE) and places it in a good position for adoption going into the future. This is the goal of every cryptocurrency out there, to gain institutional adoption.
In essence, even as the market lags, Dogecoin’s chances of long-term growth are quite high. It has the fundamentals to back up the positive sentiment it receives in the market. Dogecoin is fast, low cost, decentralized and secure. These together with its strong community have seen Dogecoin (DOGE) gain adoption faster than most other cryptos. For instance, it was recently added as a collateral for loans on salt alongside bitcoin (BTC). These are positive moves that will add to the overall adoption of Dogecoin (DOGE) going into the future.
With all these factors at play, there is no doubt that Dogecoin has a bright future ahead of it. The community is getting bigger, adoption is growing, and exchanges too are adding Dogecoin (DOGE). This makes its short-term price movements inconsequential to its long-term growth. But even in the short-term, Dogecoin’s chances of substantial gains are quite high. That’s because the Bakkt bitcoin futures could be approved this month and could cause it to rise. If it does, Bitcoin could pull the rest of the market with it, and Dogecoin (DOGE) with its recent positive news could be a major gainer. It’s an interesting investment to hold, both in the short-term and the long-run, one with the potential to outperform the market.