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By Adrian Klent - February 8, 2021
If there is one altcoin that has been on everyone’s lips in the cryptocurrency community, it is the one whose creators made it as a joke; Dogecoin. Tiktokers seem to like DOGE, hence the pump in Dogecoin’s price last year when they publicized it with several TikTok videos, urging the masses to stash their money into the altcoin, in return for a massive ROI when it hits $1.
That goal may soon be achieved, especially now that the world’s richest man has proven himself to be a big fan of the Altcoin. But before you join in the fun, it will interest you to know the pros and cons of the world’s 10th most valued cryptocurrency by market cap.
Changpeng Zhao, the founder of the leading cryptocurrency exchange Binance, compiled a summary of the upsides and downsides of one of the assets.
As CZ pointed out, Musk’s interest in DOGE already gives it an upper hand in the highly competitive market. With over 40 million Twitter followers, birthing millions of interactions per post, every tweet Musk makes about DOGE could potentially help to introduce Dogecoin to hundreds of new prospective investors; this is free publicity that only Dogecoin and Bitcoin enjoys, although Musk tweets even more about the former.
The pump groups are always around the corner as well; TikTok, Reddit, Twitter, and Telegram to name a few. By placing Doge at the center of the media, the attention stays on the asset and continues to give it a constant boost.
DOGEUSD Chart By TradingMovie (Click image for larger view)
Whichever the case is, Doge continues to show itself as one of the year’s best performing altcoins. If it stays on this path, it could hit the highly anticipated $1 price mark and surge even higher, before the year closes.
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DISCLAIMER
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Adrian Klent and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
