Dogecoin is among the top cryptocurrencies today: What now?
The global crypto market has been waving too many green flags recently. It welcomed November 2021 with its toughest break, amounting to a resounding value worth more than $3 trillion. This is the industry’s incredible feat because experts initially predicted that it would reach around $4.94 billion by 2030.
Recent forecasted trends show multiple factors contributing to the global crypto industry’s growth. Among many, these include the increase in data security, transparency in digital financial payment systems, and improvements in capital optimisation, among others. With that in mind, this leads us to the more important question. Which among the 6,000 and more digital currencies in circulation today thrive the most?
Of course, crypto revolution Bitcoin (BTC) leads the chart as the no.1 digital currency by both market cap and coin value. It recently hit an all-time high record of around $69,000, resulting in an increase of more than 127% this year.
When asked about its impressive achievement Siddarth Menon, COO at crypto exchange WazirX, said, ‘BTC has broken out of the Flag pattern and poised for a fresh bull run. Bitcoin could essentially break the 6-figure mark in Q4. Immediate support is expected around $58,000’. While Dogecoin accepted at Bitcasino.io is an interesting option — seeing how it is among the rising digital currencies today — it shouldn’t be a surprise why Bitcoin remains the most popular choice among both novice and experienced players.
On the rise: Meme crypto coins
Speaking of Dogecoin (DOGE), meme crypto coins inspired by the very popular and charming Japanese dog breed Shiba Inu are also among the leading digital currencies today. This includes the Shiba Inu coin (SHIB). Although competitively similar, here’s how they are different in terms of increasing fame and performance.
In November 1, 2021, crypto market analyst CoinGecko reported that Dogecoin, which launched in 2013 initially as a joke, ranked no.10 with a market value of more than $35 billion. Shiba Inu token, on the other hand, which was released in 2021 to ridicule the former, surpassed as the no.9 with a market value of over $38 billion.
Since the industry’s two most popular memes tokens often swap places in recent rankings, the crypto community confidently refers to the Shiba Inu coin as the ‘Dogecoin killer’.
Dogecoin remains bullish
Be that as it may, Dogecoin, perhaps the most highly touted meme token, shows a signal of strength and consistency in the second half of November 2021 because of its stabilised prices. Like the significant growth of the global crypto market today, several factors contribute to the token’s bullish momentum across the sector. Among many, the most notable include Elon Musk’s great confidence over it, calling it ‘the people’s crypto’.
In recent days, the price of DOGE has been largely range-bound. Investors appear to be absorbing optimistic events like Musk’s DOGE-1 satellite launch and AMC Entertainment Holdings’ probable adoption of this meme currency as payment.
The inherent risks of ‘The people’s crypto’
Those betting on other meme tokens should be cognizant of the negative risks. Dogecoin’s token value has dropped substantially since its peak. Although it is still a top-10 digital coin by market cap, the risk profile of this digital asset is higher than the crypto sector’s already high-risk profile.
Dogecoin, a momentum-driven coin, however, has the ability to run if further catalysts emerge. DOGE has been one of the best-performing assets among digital currency investors this year. As a result, this will be an interesting asset to keep an eye on for a while. For now, you can spend your waiting time playing games at online crypto casinos. Lucky for you, Dogecoin accepted at Bitcasino.io is already a great starting point for this exciting activity.