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Is Dogecoin going to be the Next Bitcoin?

Meme-based Cryptocurrency, Dogecoin

Dogecoin is considered more of a meme than a serious Cryptocurrency but is a digital asset same, Bitcoin and Ethereum. It was created in 2013 by Jackson Palmer, and Bill Marcus, software engineers at Adobe and IBM, with no motive but as a sarcastic joke. 

The story behind Dogecoin Creation

After the success of Bitcoin in the market, many coins were createdlike Ripple, Ethereum, Neo, litecoin, and many more. Each of the coins was claimed to its different, best and superior features to Bitcoin while whatever coins created after the Bitcoin was named altcoins. Therefore, Dogecoin is also an altcoin and is popularly known as a meme-based coin. The reason behind its name has an interesting story. The story starts from here- After observing the success of Bitcoin in the market by 2012, two techies came up with the idea of creating their Cryptocurrency with the motive of, just having fun. Firstly Billy Marcus came up with the idea to create crypto, based on a video game named animal crossing, and after this, he named his created crypto as ‘bells’. When ‘bells’ was released it was hated by the public and there his idea gets flopped. Another the same time software developer, Jackson Palmer came up with the idea of creating a coin based on 2010-11’s meme, i.e, Shiba Inu dog meme, the was most trolled meme of the year 2010-11. The idea was liked by Marcus and he worked on shaping Jackson’s idea into reality and he reconfigured the codes for bells to fit the doge theme. After his code configuration, they launched Dogecoin in the market.

The reason behind the rising value of Dogecoin 

The Dogecoin being created as a joke or a meme didn’t result in gaining much attention of people or gaining popularity as a Cryptocurrency but was trolled more as the meme in social media at the beginning of its launch. When two techies released the coin they were not pretty serious about it, it was always supposed to be fun, joking currency in the middle of the serious industry. Since this coin was never intended to earn money but with time it took a turn, and as a result recently in 2021’s beginning it is soaring 40% to an all-time high. The main reason behind hitting the all-time high value of Dogecoin comprises mainly two reasons: 

  • Elon Musk
  • Reddit Users

Elon Musk is a supporter of Dogecoin was tweeting for a very long time in favor of Dogecoin. And Elon Musk is a popular entity that has a great repo in the market that whenever he comes to tweet, not only the world but the stock market and cryptocurrencies get affected. And the tweets that were tweeted by Elon Musk impacted a lot in the rising of its value. Even in the favor, he questioned in the poll, “which is the future Cryptocurrency on the earth, will it be Dogecoin or other cryptocurrencies?” where a maximum of people was seen voting for Dogecoin.

Another reason is Reddit users, there are usually two Reddit groups, Wallstreetbets and Satoshi Street bets, whose target was to increase the Dogecoin price and bring it to $1 per coin. The value of Dogecoin was $0.06 when the Reddit group was the goal to increase its value. To fulfill their target they formed a community and by being united they were used to purchase Dogecoin in order to reach $1. And by the time they planned that until and unless Dogecoin will reach its targeted value they will not sell out.

Is Dogecoin going to be the next Bitcoin?

Dogecoin

Predictions are the future expectations of a person in a particular topic after observing and analyzing the current and past scenarios. It is also a fact that predictions can’t be reached to 100% accuracy every time and therefore the one prediction can’t be fashioned over the Dogecoin. In comparison to Bitcoin there is a bit of hope that Dogecoin can be the next Bitcoin but with not 100% accuracy. As sometimes hypes make investors invest but later it makes investors bear the loss. For one reason, it can be predicted that Dogecoin can be the next Bitcoin and that reason can be fast and free transactions offered by meme currency. The unprecedented success and number of transactions taking place every day by the use of Bitcoin costs transaction fees and its time-consuming feature may lead to being substituted with Dogecoin. It is found by some experts that Bitcoin costs about rs 1500 for the transaction and takes about 20 minutes for getting the transaction confirmed. While it is not the same with Dogecoin, it is bridging the gap by allowing transactions to take place fast and free by taking at least a minute to be confirmed. Thus, this superior feature can replace Bitcoin by itself.

Predictions made by the Public

While the year 2020 was a little difficult for the economy and economy was like drowning but rather of that situation market of Cryptocurrencies was pretty good, and the same seems for the year 2021. As at the beginning month of the year, the only crypto market has resulted very well for Dogecoin and other competitive currencies, so it seems relatively promising for Bitcoin and Dogecoin crypto market for the year. But if Dogecoin is compared with Bitcoin and is predicted to have bitcoin’s place then it is a little difficult to decide. As per today’s market value of Dogecoin, everyone is predicting that Dogecoin can be the next Bitcoin. The reasons behind the public prediction of getting Dogecoin value raise are:

  • Hype may be the reason – the price of Dogecoin can move much higher in few months and the core reason for the future expected higher price of the coin may be due to the hype, that is spreading among the people due to tweet shared by the famous billionaire Elon Musk the owner of Tesla and the Space x. As he has provided the clue over the Dogecoin by tweeting, “The Dogfather, SNL May 8” which has created great hype among the people. Therefore there are many chances that the sudden increased price can fall with the same sudden as it is moving upward from last couple weeks and days.
  • The simultaneous rise in price- second face of prediction may be the rise in the price, soaring 40% all-time high from last few months. Thus, the simultaneous rise seen from the previous few months can bring Dogecoin to the great height as the price of Bitcoin has reached in the past few years by simultaneously raising its value and making its goodwill, and gaining the trust of the investors’ right as Bitcoin.

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