Should I Invest in Dogecoin? The Verdict for 2022

What Is Dogecoin?

The crypto protocol was made by copying and pasting the source code behind Bitcoin. Markus claims it took him just three hours to launch Dogecoin and that he did so for a joke. Even Markus sold all his holdings in 2015; he must be kicking himself now.

How Is Dogecoin Used?

In theory, DOGE would be classed as an alternative currency. Plus, Elon Musk recently started accepting Dogecoin as a payment method for Tesla merch, which seems like the use case he foresees.

Should I Invest in Dogecoin?

Dogecoin was only created as a joke and has swung about wildly in price, it’s probably not something at which you want to throw your inheritance. But if you’re committed to this high-risk but admittedly irresistible coin, here are a few aspects to take into consideration.

Cultural Capital

Dogecoin gives many people a sense of camaraderie; you could even say that it has cultural capital because of how it’s impacted society and brought people together. 

Profit on Market Irrationality

You can see Dogecoin as a 100% rational movement for the people, or it is the perfect example of how irrational the markets are. The markets are always doing crazy things, and once you embrace that fact, you can profit from it.

Energy Efficiency

The energy inefficiency problem of the blockchain world has been heavily publicized over the last year or so. Protocols like Bitcoin can only function because of mining, requiring individuals to solve cryptographic puzzles using increasingly powerful computers.

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