mollyfamwatInvesting in cryptocurrency has undoubtedly become a different ball game over the years-exciting and rewarding simultaneously. But we cannot ignore the number of cases where people lost their life savings to crypto. Things would have been much better if only people had invested after doing their research and checking whether or not it aligns with their investment goals and risk appetite. While crypto enthusiasts and beginner investors still think Bitcoin is an excellent investment, there are more options to explore.
Although people think of Bitcoin, when one talks about cryptocurrencies, the scene changes when the discussion is diverted towards meme coins. Currently, the cryptocurrency space has over 5,000 active meme coins available for trading, but not all deserve your attention. Dogecoin and Shiba Inu are the top contenders on the list, and you can also find them on almost all cryptocurrency exchange in India. But the question is whether one should invest in Shiba Inu or Dogecoin. After talking to various seasoned crypto experts, we found investing in Dogecoin is best for the following reasons.
Dogecoin is Ideal for Crypto Beginners
The rising popularity has led to greater acceptance of meme coins. It has made many crypto enthusiasts start their trading journey. But since the market is highly volatile, investing a significant amount in expensive digital currencies during initial trading days is not recommended. You should start your journey with a popular yet affordable cryptocurrency offering higher earnings prospects in the near future.
Luckily, Dogecoin ticks all these right boxes. Investing in Dogecoin can give you hands-on experience in owning and trading cryptocurrency. You can start small but scale as you advance. As you can purchase a fraction of Dogecoin for cheap value, you won’t have to stress about losing all your investment during your learning journey. However, always remember to start small with little investment.
Elon Musk Supports Dogecoin
Celebrity endorsements have always had a significant influence on cryptocurrency prices. If you check Dogecoin’s price graph, you will notice it skyrocketed after Elon tweeted in its favor. Similarly, every time a celebrity tweets in Dogecoin’s favor, its prices go up. Luckily, Elon Musk isn’t the only celebrity that supports Dogecoin.
Kevin Jonas, Snoop Dogg, Gene Simmons, and Lil Yachty are some of the other celebrities that have been found supporting Dogecoin over the years. Besides celebrities, it is the loyal community of followers that keeps Dogecoin’s demand and the price at steady levels. If you’re willing to invest in meme coins that enjoy a dedicated and massive following, you should buy Dogecoin India.
Dogecoin is Becoming Mainstream
Of all the meme coins available in the crypto space, Dogecoin has witnessed wider adaptability. Seeing the rising demand for Dogecoin, many merchants worldwide have started accepting it as a valid mode of payment. So if you have Dogecoin, you can use it at the select merchant’s store to buy things they sell.
Although the number of merchants accepting Dogecoin is limited, experts predict it will increase in the near future. If you compare the number of merchants accepting Dogecoin with Shiba Inu, the former will lead the race by a considerable margin. You should choose Dogecoin over Shiba Inu if you want to use your cryptocurrency for things other than peer-to-peer transfer.
Dogecoin Enjoys a Special Reputation in the Market
Although Shiba Inu is soon catching up to Dogecoin, the latter is still enjoying better popularity and community support. Besides celebrities endorsing Dogecoin online and offline, the Dogecoin community and supporters keep this meme coin relevant by continually posting content in its favor.
Over the years, Dogecoin supporters have created numerous online communities and groups on various online platforms to support this meme coin. The number of followers on these groups and online communities has reached millions, and it is still growing. You will rarely find such support for Shiba Inu.
Is Investing in Dogecoin the Best Resort?
While you can pick anything between Dogecoin and Shiba Inu, depending on your investment goals and risk appetite, investing in Dogecoin might be safer. Although risks and volatility are associated with Dogecoin, it has managed to sustain itself in a rough market for a long period. In the previous market crash, many meme coins disappeared from the cryptocurrency space, but Dogecoin withstood the storm.
Another excellent reason to invest in Dogecoin is that it has an impressive developers’ team that keeps working on improving the meme coin. With so many positives on the table, it can be a good idea to invest in it over Shiba Inu. However, we would recommend investing only after conducting deep research and checking whether investing in it meets your investment goals or not. The more research you do before investing in any cryptocurrency, the better it is.
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