Possibility of Dogecoin Becoming the Internet’s Currency?

8:29 am, Tue, 19 April 22

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Dogecoin is the most popular meme crypto asset in the world and has the attention of a large number of crypto enthusiasts. Even though it started as a joke, Dogecoin (DOGE) has gained quite the popularity and success over the last few years.

DOGE has been backed by some of the most influential names in the crypto market, such as Tesla CEO Elon Musk. However, that’s not all, the meme coin also brought a lot of profit to the Robinhood exchange and turned it into one of the most prominent crypto trading platforms.

This is one of the reasons why the CEO of Robinhood, Vlad Tenev, believes that Dogecoin is the currency of the internet.

Here is a graph by CoinMarketCap that shows the price movement of DOGE over the past week.

doge-graph-19-04-2022

It is currently trading at $0.140 (at the time of writing) and if you are also interested in buying it then make sure you keep an eye on Dogecoin price prediction.

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What Supports Tenev’s Opinion for Dogecoin?

The CEO and co-founder of the trading application Robinhood, recently tweeted that he believes Dogecoin has the potential to become the internet’s currency.

Vlad Tenev had several reasons that supported his belief in DOGE’s bright future. One of the reasons why Tenev thinks so is because Dogecoin has one of the lowest transactions fees in the crypto space and has one of the fastest transaction times. This makes Dogecoin an easy option for making online payments.

Even though these are prominent factors that can lead DOGE to be what Tenev believes, it may not be as smooth and easy as expected.

Dogecoin is a well-known meme coin but it only has 40 transactions per second (TPS). This may not be enough as the competing payment structures boast tens of thousands of TPS at the same time.

According to Tenev, Dogecoin can have a fighting chance if it goes against payment giants, such as Visa. However, Visa currently has 65,000 TPS, which means DOGE would have to increase its performance 10,000x to be as prominent.

The popular meme crypto asset is available in an unlimited number in the crypto space, which is one of the factors that can work against DOGE. However, Tenev does not share the opinion, instead, he believes that the inflationary characteristics of the meme coin are manageable. This is why the unlimited supply of DOGE is not a problem according to Robinhood’s CEO.

In short, the meme digital asset does have an undeniable value and if you are also interested in buying it then make sure you opt for the best crypto exchange to buy Dogecoin.

What Should New Crypto Investors Know?

Buying or trading crypto is an exciting yet risky venture, especially for people who are new to the crypto space. There are several details and aspects people need to be familiar with before they dive into crypto investing or trading.

Knowing some helpful details can make it easy for novice parties to buy crypto and trade it in the future (if they want).

Therefore, if you are a new crypto investor, consider following the tips mentioned below.

  • Keep a track of the price movement of the digital asset you want to buy.
  • Make sure you choose an exchange that is secure and suits your needs.
  • Begin by investing as much as you can afford to lose.

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