Will Dogecoin Be a Good Investment in 2019?

By Sumedha Bose

Dogecoin, the cryptocurrency that started as a joke, today has a market cap of $289,574,488 USD .

If we look at the path that this crypto has traversed, we will notice that it has been a bumpy ride so far.

The founders of this beloved coin never expected it to acquire the kind of status that it has. Additionally, it has gained massive traction.

Currently trading at $0.002464 USD, let’s take a look at the cryptocurrency’s future predictions.

You May Also Read: A Beginner’s Guide to Dogecoin

Why Invest in Dogecoin?

Dogecoin, which is essentially an altcoin, was launched by the founders in order to satirize the entire crptocurrency phenomena.

Now if you are aware of the key differences between Bitcoin and Altcoin, you will realize that Dogecoin is a fork of a main fork of Bitcoin.

It has a high circulation volume and is quite easily available in all the major and minor exchanges. This makes it a great investment choice for a beginner.

The price of Dogecoin is quite low compared to its competitors in the market. This makes it a low risk investment, and again a lucrative one for beginners.

The coin is expected to stick around for a long time. The fact that it was launched in 2013 and is still going strong, is a proof of that fact.

Additionally, the fact that it is used as a ‘tipping’ coin, to reward users on the internet, because of its low value, makes it more probable to stick out for a longer period.

You May Also Read: Pros & Cons of Dogecoin

Price Prediction for Dogecoin

Well when predicting the future of the cryptocurrency, we have to consider what the founders of the cryptocurrency themselves envisage for the future.

Dogecoin co-founder Jackson Palmer (who left the Dogecoin team in 2015) said in an interview:

“New features aren’t being implemented into Dogecoin because there’s no active development anymore. Eventually, it will become outdated. And with that, the network will organically wind down.”

With no immediate plans for development, it looks like the coin will slowly become stagnant in the future.

As mentioned before, the circulating supply of Dogecoin is astronomical, which will actually deter the price of the cryptocurrency from rising any further.

There is no such difficulty in mining Dogecoin, which makes it more likely to continue being in circulation for a long time.

Right now, it seems like the currency will not see a rise in price anytime soon. With the market getting more competetive, people are getting serious about their investments.

A lot of money is riding on the market,

So to put it simply, Dogecoin might be a good investment as a personal collection cryptocurrency, but if you are looking to make serious money, it shouldn’t be your go to cryptocurrency.

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Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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