Similarities of Bitcoin and Dogecoin
Dogecoin has been steadily increasing in price. Here are some facts about Dogecoin. In this article, we will summarize the views of financial expert Adam B. Levine from Coindesk as he points out the similarities between Dogecoin and Bitcoin and the highlights that led to this coin setting groundbreaking records.
Even veteran investors could never have imagined that Dogecoin, a cryptocurrency that does not have any outstanding points, become the sudden focus of the entire crypto market. Donning the Shiba Inu logo, Dogecoin is very much like a crypto market joke. However, one can’t deny this: Dogecoin is soaring!
The most significant common point of Bitcoin and Dogecoin is that it is thanks to the consensus of the majority of people involved in the cryptocurrency which made both coins a top choice.
Bitcoin is the first and, by far, the largest cryptocurrency in all periods. That’s why, even though there are plenty of new options with tons of complex information in the market, people would still pick Bitcoin. People generally agree to choose the most popular coin despite the technical disadvantages of bitcoin compared to other contemporary currencies. Bitcoin’s value is considered the measure of the entire cryptocurrency market today.
Dogecoin is in a similar situation. Despite being an underdog in the crypto market, Dogecoin outperformed all other cryptocurrencies. This is in spite of the high transfer fees, slow transfer times, and lack of a clear economic direction. People used to view this coin as trash or a joke. However, the meme culture has made this coin a joke so popular, it naturally spread to other social networks. Lots of people have been, are still talking about Doge — talks which led to it becoming an overnight phenomenon.
However, it is too soon to conclude that Dogecoin is the next Bitcoin. It will take some time and research.
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