Should I Hold Or Sell Dogecoin

Should You Sell Dogecoin in 2022?

No 1 could have predicted that this ‘joke coin’ would accept taken the cryptocurrency industry past tempest, becoming one of the

top cryptocurrencies to invest in, in 2021.

However, the crypto market place, including Dogecoin, has taken a beating in 2022. So should you sell your Dogecoin, and virtually importantly, when should y’all do information technology?

Some people may get scared of investing in a volatile market such every bit cryptocurrencies, due to the uncertainties information technology presents.

This shouldn’t exist the instance if you lot are smart nearly when yous decide to purchase and sell, and make your trades, based on evidence rather than making hasty decisions in the heat of the moment.

Only as of import as knowing when to buy a cryptocurrency, is knowing when the time has come up to sell your crypto.

This is especially the case for Dogecoin, the coin that revealed itself to be a diamond in the crude for crypto investors in late 2020 and rose in value inside a short bridge of time. The coin was worth $0.68 in May 2021, compared to existence valued at just under one penny at the beginning of the twelvemonth.

So far, 2022 has non been a nifty yr for this coin. In February, its price plummeted down to $0.17, and now in April 2022, it is trading at $0.fourteen. So could information technology be time to sell this ‘joke’ coin?

Before you sell your Dogecoin in 2022, make sure you lot ask yourself these questions so as to make a well-informed determination:

1. What inherent competitive advantage does Dogecoin offering?

This is undoubtedly Dogecoin’s well-nigh common (and legitimate) criticism. This money’s rapid ascent in popularity may accept left several investors sizeable profits, but thin has been largely thanks to its successful marketing by its doting fans. Notwithstanding, investors need to inquire an important question. What does Dogecoin offer that other coins don’t?

Dogecoin’s Supply

In that location are 133 billion DOGE in apportionment with an increase of 5 billion every year. Compared to this, Bitcoin’southward supply is capped at just 21 meg. Given an asset’southward value is typically tied to its scarcity, this does non bode well for the coin. However, Doge has proven fourth dimension and time again that when information technology comes to crypto, all the investing rules are there to be broken.

Doge fans contend that this healthy and sustainable charge per unit of inflation is precisely what makes it a viable currency – only look at the United states of america dollar. Bitcoin’due south limited supply leads users to hoard it, whereas Doge with its steady growth, lower fees and faster transactions is arguably more probable than Bitcoin to be spent freely in the real world!

If enough people go Doge converts, despite the rate of inflation, it could still rise in value. But, that’s a very large “if”.

Dogecoin’due south Functionality

One of the central factors to appraise when information technology comes to cryptocurrencies is their transactions per second (tps). Dogecoin can process more tps than Bitcoin Mainnet, however it falls short when compared to Ethereum’s tps (of 100,000!) given Dogecoin’due south tps is at but 33.

Moreover, different Ethereum and several other cryptocurrencies, Dogecoin cannot be used to create decentralised apps (Dapps) given it has no smart contract capabilities. This might be a trouble for Doge given that the growth of Dapps and other functionality have been cardinal reasons coins similar Ethereum take shown sustained growth.

Looking at these facts, Dogecoin fails to deliver solid arguments when information technology comes to its inherent value. Though, in all fairness, it hasn’t exactly tried to. The coin was, subsequently all, created as a joke. Later assessing its properties, this becomes quite evident. Dogecoin’s value has clearly derived heavily from its marketing and social media influence. This leads us to our next question.

Dogecoin’south rising to fame (and value) was spurred via a number of very public endorsements by well-known names on social media.

Dogecoin and Elon Musk

Elon Musk was 1 of the key reasons why this money kept ascension in value, in some instances even surging by 31% following a number of tweets made by the CEO of Tesla and Space X, in February 2021.

Other celebrities have joined in singing praise to this coin since Elon Musk’s first tweet about Dogecoin in 2019. Marker Cuban, Snoop Dogg and Gene Simmons have all promoted Dogecoin on their social media channels in 2021, causing the money’southward price to rally further.

The downside of investing in such a coin is 2-fold. Y’all tin reap the rewards of such a rally in a very short amount of time. However, it also leaves your investment’due south value liable to rise or fall at the whims of a personality. And I think everyone tin concur on how risky that tin be.

Dogecoin’due south popularity in 2022: here to stay?

So, volition this trend keep? The more than celebrities talk about this coin online, the more conversation it will generate online, urging crypto enthusiasts to buy Dogecoin and in plow, keep raising the price college.

Before you sell your Dogecoin, it might be a good idea to check whether Dogecoin hashtags are trending, await upwardly international news portals for any new endorsements, as well as join Reddit threads about cryptocurrency to gauge the market place sentiment.

3. Volition Dogecoin solidify its position as a payments option?

The function a cryptocurrency plays equally a feasible utility in everyday life is very of import in determining the money’s longevity. Dogecoin was created primarily as a payments network, withal, information technology’southward taken the money quite a while to start gaining traction in this sphere.

Dogetipbot was founded in 2014 as a way for online communities like Reddit to tip each other past using the money.

All the same, in 2017, this service was discontinued as its creator alleged bankruptcy, causing its users to lose the coins they had stored in the Dogetipbot system.

In 2021, Mark Cuban, respected entrepreneur and Dallas Mavericks owner, decided to offer Dogecoin as a payment option for the Mavericks tickets and merchandise.

He claimed that he made substantial sales since he started accepting Dogecoin and said that he believes Dogecoin is the strongest cryptocurrency payment, trumping fifty-fifty Bitcoin, due to the force of its online community. A bold statement to exist sure, however such a strong belief in Dogecoin every bit a payment method is jump to increase the money’southward value.

In January 2022, Elon Musk followed suit, offering Dogecoin equally a form of payment for its merchandise. In April 2022, Musk continued to promote Dogecoin, this time urging social media giant Twitter to first accepting Dogecoin equally payment.

In this regard, the meme-based cryptocurrency seems to be going strong. Only time can tell whether businesses volition go on to adopt Dogecoin, solidifying its position as i of the leading cryptocurrencies.

Ane thing is clear, despite all its faults, Dogecoin is actually a remarkably practical pick for making payments in the real world
today. Its lightning-fast transactions and extremely low fees mean it’south far amend suited than Bitcoin or Ethereum for buying a cup of coffee or a can of coke.

Whether it tin scale and continue to exist as efficient in the future is another question entirely. Arguably, if yous have Dogecoin today and aren’t sure what to exercise with it, the best thing y’all can do is spend it!

However, if you’re not in a bustle to become shopping with your Doge holdings, Xcoins can help!

How do I sell Dogecoin for cash instantly and securely?

Xcoins.com is a fully licensed crypto exchange that adopts a client-centric approach to ownership and selling crypto. Every bit an xcoins.com customer, you lot will exist able to sell your Dogecoin for cash in a affair of minutes.

All y’all need to do is:

Step One:
Sign upwardly for your xcoins.com account if you lot haven’t already and complete the verification process.

Pace Two:
Click on the ‘Sell’ tab and select how much Dogecoin, or whatever other cryptocurrency, you may desire to sell.

Footstep 3:
Choose how you want to be paid (credit/debit Visa or Mastercard, or via your bank) and nosotros’ll ship the cash to yous inside fifteen minutes of payment approval.

As always, this commodity does not constitute financial advice. You lot should be sure to do your own research and consult a professional financial counselor before making any investment decision.

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