Cryptocurrency markets across the globe have evolved tremendously in the past few years. Though the dominance of Bitcoin and Ethereum still remains largely unchallenged, several altcoins have emerged successfully, making people rethink about electronic money.
The moment Bitcoin and other early cryptocurrencies became subjected to large scale speculations, their prices skyrocketed, with Bitcoin reaching thousands of dollars apiece. This made it extremely difficult to utilize these coins in day to day life. This is where other coins came on the scene, filling the huge gap of usability created by Bitcoin and Ethereum.
One such currency which has become quite popular among the masses is Dogecoin, which was actually created for fun but turned out to be epic in its own right. Billy Marcus and Jackson Palmer created dogecoin as a fun and light-hearted coin which could appeal beyond the regular crypto audience. It was a Litecoin fork implemented in December 2013.
However, Dogecoin had a strong foundation, and it had a certain ‘X factor,’ which was missing other altcoins. Tech and crypto enthusiasts across the globe started to appreciate the digital token. However, the major boost came earlier this month, when Tesla and SpaceX founder Elon Musk announced that Dogecoin was his favorite cryptocurrency.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
Though not involved directly, Musk has always had strong opinions on Bitcoin and other cryptocurrencies. He has been quite vocal about his views on social media, which are sometimes critical, and therefore, such appreciation coming from him gave the cryptocurrency a big boost.
But that’s not it. The Dogecoin Foundation, the token’s governing body, has been taking serious efforts for increasing the use of cryptocurrencies. Despite the bearish trends which plagued the markets throughout 2018, Dogecoin managed to gain significant ground in terms of adoption and accessibility. Though the token got severely hit during the last year, it showed signs of recovery in late November, and since then, it has been more or less stable.
Since the beginning of 2019, experts and crypto analysts have time and again predicted that Dogecoin will be on a gaining spree this year, and could make a profitable investment. Following are a few significant activities in the past few months which have made Dogecoin a preferred cryptocurrency:
- It partnered with Bitrefill, a crypto payments platform, which would allow users to pay Dogecoins to book flights on the Airbnb.
- Dogecoin got listed on Intercontinental Exchange (ICE), which also owns NASDAQ. This gives Dogecoin a major boost in terms of exposure.
- Dogecoin was added by ParJar bot for tipping on Telegram App. Crypto tipping is a growing trend among users, which makes this a great strategic move.
- The digital token entered the ‘elite’ space by getting listed on Huobi Crypto Exchange. This gives it a better reach among the traditional crypto audience.
- Dogecoin and Huobi will together be helping Grateful Dog Rescue, a canine rescue and sheltering organization. This gives a glimpse in the cryptocurrency’s intentions for sustainable growth.
Dogecoin is currently ranked 26th and is one of the sub $1 tokens in the market. For those looking for long-term investments in cryptocurrencies, Dogecoin might just be a perfect choice.