Dogecoin (CRYPTO: DOGE) started out as a joke, but some believe its rapidly developing fundamentals now make it a sound investment choice.
What happened: Evolving fundamentals mean Dogecoin is moving fast.
Last month, tech mogul Elon Musk He endorsed the idea of the billionaire owner of the Dallas Mavericks Mark Cuban Dogecoin is the “strongest” cryptocurrency as a medium of exchange. Despite this, Musk admitted in late July the possession especially Bitcoin (CRYPTO: BTC) And then just ‘some Ethereum (CRYPTO: ETH) and some Doji.”
There has been a sharp increase in coin adoption, and according to CryptWerk data, Dogecoin can currently be spent at 1,672 merchants, an increase of nearly 39% from the beginning of the year. For comparison, Bitcoin is currently accepted by 7,454 merchants, just down from 17% from the start of 2021.
Dogecoin is also its dedicated leader. It is the first meme coin to cater to the same crowd that is attracted to meme stocks and some suggest that it also serves as a gateway to the wider world of crypto for beginners.
Six years later, the coin recently re-established a foundation – The Dogecoin Foundation Dedicated to developing its ecosystem with the participation of the co-founder of Ethereum Vitalik ButerinMusk and his legal and financial advisor Jared Birshall.
Given all these basics, investing in Dogecoin doesn’t seem like purely speculative anymore. However, care must be taken when dealing with it as recent on-chain data analysis indicates that “centralized supply is effectively creating a small pool of players with […] The ability to dictate Doug’s price at will.”
price movement: On the last check on Tuesday afternoon, Dogecoin is trading just under $0.24 after gaining about 3.5% in the past 24 hours.
Photo: Ishwar is a Pixabay artist
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