Dogecoin is the cryptocurrency that never ceases to amaze.
Dogecoin’s price has increased by over 6,000% since the start of this year, in comparison with Bitcoin’s rise of 37%.
But it’s an extremely overcrowded space, and I’d be hesitant to invest in anything that is only a form of payment.
We don’t yet know how this will play out, but one thing is clear: Doge has competition from all directions if it’s going to make it as a digital currency.
The Bitcoin Foundation and other organizations pay for a large team of developers to keep Bitcoin bug-free and updated.
Dogecoin recently announced it will soon roll out its first upgrade in years.
These are people who own large amounts of a cryptocurrency and can have an outsized influence on the price.
The Ascent’s parent company, The Motley Fool, owns Bitcoin because it believes in the long-term future of the currency.
But the coin was created as a joke with no fundamental purpose, and its market cap is now bigger than several well-known companies.
It has outperformed massively, and I hope for the Dogecoin community that it continues to do so.
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