To answer “Is Dogecoin a good investment?”, we must consider various factors, such as its competitors, its unique characteristics and its past performance. Let’s discuss it, one by one:
Is Dogecoin a good investment? Competitor analysis
A notable competitor to Doge is Shiba Inu. Let’s do an in-depth analysis of DOGE with its competitor. Dogecoin is an open source blockchain that was launched as a simple joke.
The creators of the coin said that the coin is meant to be fun and nothing else. He soon attracted attention after big names like Elon Musk, Snoop Dogg, Lil Yachty, Kevin Jonas and Gene Simmons started dubbing for Dogecoin. Shiba Inu is another meme token and is one of Dogecoin’s main competitors. Shiba Inu’s goal is to be the Ethereum-based counterpart to Dogecoin’s Srypt-based algorithm.
Is Dogecoin a good investment? How is Dogecoin different from Shiba Inu?
|utility||Can be used as a payment method for over 300 businesses, including Tesla||SHIB can be used to shop on Amazon and pay Netflix subscription fees.|
|24-hour trading volume||+77%||+25%|
|Performance in the last 1 year||-2.7x||-4.7x|
|Trend over the last 7 days||+1.2x||-1x|
Is Dogecoin a good investment? Price comparison of Dogecoin with its competitor
The current market price of SHIB at the time of writing is $0.000009 and has increased by almost 2% in 24 hours. Its 24-hour trading volume is $171,374,056 and it is up 25%. Its price three months ago was $0.000012, which means that the price has dropped almost 1.33 times in three months. On the other hand, the price of DOGE was $0.084 three months ago and its current price is $0.87 (which is up 7% in 24 hours). It indicates that there is a 1.03 times increase in the price of Dogecoin in 3 months. The data clearly indicates that Dogecoin has outperformed its competitors in recent months. In addition, DOGE is ranked much higher than its rival in the coinmarketcap ranking, making it a better choice than Shiba Inu.
This is how Dogecoin has behaved for the past 9 years
In the last 9 years, 4 years have been positive and 5 years have been negative. Overall, DOGE has increased 308-fold in the last 9 years.
- Between 2013 and 2017, Doge rose 19 times
- Between 2017 and 2022, Doge rose 17x
- Between 2013 and 2015, Doge lost 64% of its value
- Between 2017 and 2019, Doge lost 74% of its value
Is Dogecoin a good investment? What are the crucial features of Dogecoin?
- Dogecoin tokens can be easily used as a payment method on compatible platforms.
- DOGE is accepted by over 300 companies and online stores, such as Tesla.
- The token can be traded, sold or bought on many crypto exchanges around the world.
Analyzing price movements and competitors, we can safely say that Dogecoin is a good investment if you are planning for the medium term.