Dogecoin (DOGE) review: this is why this cryptocurrency remains “a good asset for range trading”

Dogecoin is the largest memecoin, that is, a cryptocurrency created to allude to a meme, therefore devoid of utility features. However, this cryptocurrency grew exponentially in 2021 and remained in the top 10 of the Coinmarketcap ranking for several months. It is therefore an interesting investment vehicle.

Dogecoin price (DOGE): what is the current price?

Here is the Dogecoin live price. This might interest you: Crypto Avalanche (AVAX): Is it time to invest in AVAX? Opinion, analysis and forecast 2022.

The essential to know about Dogecoin

Creation of the cryptocurrency DOGE

The engineers behind Dogecoin, Billy Markus and Jackson Palmer, launched this cryptocurrency in 2013 to allude to the popular Doge meme that was widely shared on the Internet in 2012 and 2013. Read also: Crypto The Sandbox (SAND): Should You Buy SAND? Opinion, analysis and forecast 2022. Cryptocurrency was mainly used to tip cryptocurrency enthusiasts.

But Dogecoin became more of a meme when its market cap hit $ 50 billion in 2021. Dogecoin has enjoyed the support of many celebrities, the most notable being Elon Musk.

How does Dogecoin work?

Dogecoin is a fork of Litecoin, which itself is a fork of the late Luckycoin which itself is a fork of Bitcoin. On the same topic: Crypto Elrond (EGLD): Should You Invest in EGLD? Opinion, analysis and forecast 2022. A fork occurs when a copy of an existing blockchain is made to implement updates.

Dogecoin’s blockchain is capable of processing around 30 transactions per second, which is much faster than Bitcoin. It uses a proof-of-work consensus mechanism, which allows DOGE miners to earn this crypto.

Crypto DOGE: our opinion and forecast for 2022

Reviews of the Dogecoin project

Dogecoin is certainly popular, but the project doesn’t have a utility platform that could justify its long-term existence. Other memecoins developing utility platforms such as Shiba Inu may overshadow this.

Price volatility warning

Dogecoin is relatively stable after the 2021 rally. Cryptocurrency is becoming increasingly suitable for payments for goods and services.

Medium-term DOGE price prediction

Dogecoin (DOGE / USD) could hold above $ 0.2.

Long-term DOGE price prediction

We should no longer hope for an astronomical increase in the DOGE. The price is now stabilizing and remains a good asset to the business ordered.

Conclusion: should you invest in Dogecoin cryptocurrencies?

Dogecoin is down despite support from Elon Musk and Tesla. Unlike Bitcoin, DOGE will likely be overtaken in capitalization by utility memecoins.

Useful resources for investing in Dogecoin (DOGE)

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