Dogecoin In 2022: Is This Meme Coin Still Worth It?
Since 2020, cryptocurrency has experienced an unprecedented rise in value and mainstream adoption. However, while this was to be expected from celebrated tokens like Ethereum and Bitcoin, it was not expected to be the case for meme coins like Dogecoin (DOGE). Contrary to what its critics have said, though, Dogecoin has continued to reap the benefits of the crypto boom.
By Mitchell Alston
April 12th, 2022
In fact, just this April, investors who trade Dogecoin saw a 9.2% value spike. Despite this impressive rally, though, some are rightfully wary of investing in DOGE. After all, is a coin based on a joke really worth investing in?
From Joke Coin to Asset Class
First introduced in 2013, Dogecoin was created by software engineers Billy Markus and Jackson Palmer as an alternative token that poked fun at the wildly speculative crypto industry at the time. Hence, why it even uses the popular doge meme as its face. Though the coin was never really intended to be anything but a satirical token, it quickly gained a following that appreciated its sarcastic origins. Ironically, this then catapulted Dogecoin into one of the most popular cryptocurrencies to date. This was only further enhanced when billionaire and crypto enthusiast Elon Musk publicly backed Doge. By May of 2021, this saw Dogecoin become a leading crypto asset with a market capitalization of more than $85 billion.
To further add legitimacy to Doge’s value, it has become one of the few cryptocurrencies accepted by companies and institutions. Notably, Tesla CEO Musk once again proved his loyalty to the meme coin by accepting it as a means of payment to his company. After an infamous falling out with Bitcoin, Tesla now solely accepts Dogecoin. This means that those who support Tesla can complete their purchase with Dogecoin. Some of the items which can be bought with Doge include branded belt buckles and children’s all-terrain vehicles—though these are all currently sold out. Aside from Tesla, surveys in 2022, reveal that up to 29% of business owners in the United States plan to accept Doge as payment within the year. This acceptance by mainstream stakeholders has made Dogecoin the most successful meme token by far.
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