Dogecoin
Its price is trapped in a tight range between $0.1378 and $0.2967. But it looks like it might bounce back. There are a number of support levels at the bottom of this range, including the 200 EMA level at 55 Satoshis. The first of these levels was rejected on December 20, 2021. The second is at 54 Satoshis. Ultimately, the question is: Does Dogecoin have a future or is it just another bubble?
The popularity of Dogecoin is based on the fact that its creators aimed to target a wider audience than Bitcoin. Moreover, it piggybacks on the popular internet meme “Doge”. Its name also makes it more accessible to a broader demographic than many other crypto assets. As a result, it has gained tremendous popularity and is considered to have a bright future.
As a programmable cryptocurrency, Dogecoin has many advantages. Its value increases over time and it is synonymous with real-world fiat currency. Users don’t have to hoard tangible assets because their funds will automatically increase with increased liquidity. This is another reason that its community has become so loyal. Apart from this, it also has extensive philanthropic uses. If you’re interested in investing in this currency, you can check out Galaxy Digital Research’s report.
Does Dogecoin Have a Future?
Although Dogecoin hasn’t been listed by Binance, it has made impressive progress toward legitimacy. Its loyal community is a good indicator of its mid-term future. The popular Chinese exchange Huobi recently listed Dogecoin as a trading option. And Elon Musk, who has a history of tweeting about cryptocurrencies, has endorsed the coin, claiming it is a “safe word.”
This year, Dogecoin’s technical picture showed several green candlestick patterns. It reached its all-time high in mid-2020. However, it then had a bearish trend and fell below $56k. As the market is flooded with scams, a rocky period is inevitable. While the price of Doge may reach a high in the future, the current era isn’t the time to make money in it.
One of the best ways to gauge the future of Dogecoin is to compare it with the price of Bitcoin. While Bitcoin’s supply cap limits its supply, Dogecoin’s inflation is uncapped. Moreover, it’s not affected by the price of real world currencies, as its price will only increase. There are more than three hundred billion of these cryptocurrencies in circulation. If you’re wondering, “Doecoin has a future?”
While Dogecoin is a promising cryptocurrency with a bright future, it’s still a short-term investment. While it is not a long-term investment, its price has seen ups and downs and is not an investment. But despite the short-term price fluctuations, it’s still a thriving community. Its supporter Elon Musk is one of the most famous people in the world of blockchain technology.