Dogecoin is on the top-performing list of Cryptocurrencies at present. With faster and low-charge transactions, this coin is a new favorite of many investors out there. Also, Crypto whales are adding this token to their portfolios for earning higher profits. With this, the trading volumes of Dogecoin are rising at a massive scale.
Elon Musk has been supporting this coin for quite a long time now. This coin experienced high growth and success after Elon’s tweet for the token went viral. After that tweet, this token is now among the must-have coins for investors.
Experts’ Viewpoint On Dogecoin’s Success
Dogecoin is now a leading coin in the market. Crypto whales are buying it even in the current Crypto winter. The developers are looking forward to adding more features and use cases to Dogecoin. And with this, the coin will reach around 1 USD.
Though the matter seemed questionable, it will become a reality according to some experts. Due to its amazing performance last year, it may reach the range of 1 USD soon! And there are different reasons why experts have optimistic views about this coin. DOGE is a worthy investment option at present times.
Reasons Behind Dogecoin’s Success
For a long time since its advent, Dogecoin was just an ordinary Crypto in this industry. But after Elon Musk’s tweet, everything changed for this token. He is a supporter of this coin for quite a long period as of now. He supports this coin as a payment option for many of his brand products.
After the tweet Elon for DOGE went viral, it has become a new sensation. Every investor wants to trade with this coin and add it to their portfolios. Even the Crypto whales are adding this coin without any other thoughts. After all these, Dogecoin is one of the most demanded coins in this industry. And, for this, DOGE is now one of the top 10 coins.
Also, the transaction speed of this network is quite fast and charges are low. So, it is used as a substitute for payment options. More than 1900 merchants and brands accept Dogecoin as a payment mode. And, the users of Twitter and Reddit can use it as a quick gifting option for other users.
Dogecoin As Payment Option On Twitter
This coin has a huge fan base and followers on Twitter. Also, Elon suggests adding Dogecoin as another payment method for Twitter users. With this, they can do quick payments and use it as a gifting option.
With this, the coin’s utility will increase and its usage will become universal. Adding this token on Twitter will help in spreading it among the huge number of users of this platform. With this, the coin will become more popular. And after this, other social platforms nai also add up this token as a payment option!
Will Dogecoin Reach 1 USD?
Dogecoin was launched in 2013 and back at that time, it was not highly popular as of today! During the pandemic, this meme token received attention from worldwide investors and enthusiasts. Also, the majority of its success can be credited to Elon Musk’s tweets.
Many of his famous brands like Tesla, approve of DOGE as a payment method. Last year, the rate of this coin went down to 0.74 USD. The condition of this coin was so bad that the rates went down as low as 0.05 USD. But, experts believe that in the future Dogecoin will reach a peak of 1 USD.
Also, in recent developments, the network of this coin has switched from PoW to an efficient PoS mechanism. This new mechanism is efficient in comparison to earlier mechanisms. This consensus is good for the environment as well because it consumes lesser energy. All of these factors will lead to making the coin’s rate at 1 USD.
Conclusion
Dogecoin is one of the favorite assets of Elon when it comes to Crypto. There are many discussions as to why he supports this coin so much. And on this, he says that Dogecoin feels like people’s Cryptocurrency.
If he keeps on supporting this coin as he does at present, Dogecoin is sure to experience success and reach 1 USD. And, you can invest in Dogecoin or any other Crypto on http://bitcodemethods.com/, the best trading platform.