Does Dogecoin Have the Potential to Become the Currency of the World?

7:52 am, Fri, 13 May 22

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Dogecoin (DOGE) is the most prominent meme coin in the world. Its popularity is not only because it was the first of its kind but also because of the support it has from influential names such as Elon Musk.

DOGE was initially created as a joke, however, it started to get a lot of support from the community and is now believed to be one of the cryptocurrencies with a bright future. The crypto space is highly volatile and any kind of movement can be seen for the digital assets at any time. However, Dogecoin is not only anticipated to become one of the leading cryptocurrencies.

According to the Tesla CEO, Elon Musk, DOGE has the potential to become the currency of the world. Musk has been known for his controversial opinions and support for Dogecoin, but can it outperform other altcoins so much?

If you are also looking to invest in the meme coin then make sure you opt for one of the best crypto exchanges to buy Dogecoin.

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Elon Musk’s Support for the Meme Coin

Elon Musk has been an open supporter of the meme crypto asset for a long time. The support was somewhat impacted recently. However, the centibillionaire revealed he still supports the meme coin after a tweet was posted in the digital asset’s favor.

According to Musk, DOGE has the potential to outperform the flagship crypto asset Bitcoin and become the currency of the Earth.

He has also previously called the meme digital asset, “people’s crypto” to emphasize the fact that it has a widespread utility and appeal.

Dogecoin is an inflationary currency, which makes it suitable to be opted for by people. It encourages its customer base to spend more but crypto investors do not usually hoard the meme coin considering it does not function as a store of value.

According to Musk, Bitcoin is an unsuitable cryptocurrency to be used as a substitute for transactional currency as it is a disinflationary currency.

There are a few concerns associated with the meme digital asset, considering it might not be as stable as the larger digital assets like BTC or ETH. However, Musk believes it to be the “most entertaining outcome” if DOGE becomes the currency of the world.

The meme cryptocurrency is currently trading at $0.093 (at the time of writing). It has been stuck in a downward momentum, same as the rest of the market but did see a brief surge the day Twitter finalized its deal with Musk.

Here is a graph by CoinMarketCap that shows the price of Dogecoin over the last month.

btc-graph-13-05-2022

If you are interested in buying the meme coin, make sure you take a look at the Dogecoin price prediction first.

Are you a New Crypto Investor?

Dogecoin certainly has caught the attention of a large audience all around the world. Some enthusiasts even believe that Dogecoin is becoming the Internet’s currency slowly. However, since the crypto market is a volatile place, nothing can be said with certainty for now.

As a new crypto investor, there are a few aspects you need to know before you start buying any of the digital assets. Here are some helpful tips that can make crypto investing less challenging and stressful.

  • Make sure you opt for a secure crypto exchange that also suits your needs as an investor or trader.
  • Always start investing with a small amount, as much as you can afford to lose.
  • Monitor the price movement of the digital asset you want to purchase and know the right time to invest.

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