The cryptocurrency industry is rightfully contrasted against the traditional financial industry. It can be a harsh, greed-filled landscape. There are many opportunities to profit, but far less that offer a lighthearted experience. Dogecoin is an outlier, and perhaps more importantly, one of the first. The shiba inu based ‘joke’ cryptocurrency was created on a lark in 2013. The two founders had no intention of creating a real currency, but accidentally discovered something more important. There was a niche market within the crypto-sphere for a coin that didn’t take itself seriously. The doge was out of the bag, and the community accelerated the project beyond what the founders could imagine.

The Real Advantages of a Joke Currency

The basic idea behind Dogecoin may have been a joke, but the technology certainly isn’t. The project was based on the Litecoin code base, which allowed for faster transactions, higher volume and lower fees than the traditional Bitcoin model. This allows for an increased level of liquidity. While this wasn’t the original impetus behind the cryptocurrency, it certainly helped in the unexpected large-scale adoption.

Their initial status as a joke also helped Dogecoin become adopted as the tipping coin of choice for internet powerhouse Reddit. Users created an internal bot that allowed Dogecoin tipping within the platform. These seemingly innocuous efforts resulted in the widespread adoption of the currency. People who had no prior knowledge or interest in cryptocurrency suddenly owned Dogecoin. Many completely ignored the feature, but others pivoted in the opposite direction. Dogecoin became a gateway to the cryptocurrency industry.

Good Will in a Harsh World

One of the prevailing factors of cryptocurrency news is the constant image of sharks circling their kill, looking for the next coin to ‘moon’ in value. This creates a vicious cycle of market cap shifting from coin to coin, and in turn a sector where most investors are completely neutral towards the coins themselves. Almost universally, this is not true for Dogecoin. Even those that are not invested directly have a positive view of the coin, due to its unassuming nature and consistent performance.

It helps that the community formed around the coin has been shocking altruistic. More than any other coin, the Dogecoin fans are willing to jump in and donate to a cause. They’ve sponsored Olympic athletes, helped drill wells in Kenya and reimbursed users that lost Dogecoin in a wallet hack. These actions don’t go unnoticed, and the good publicity has brought many new investors into the fold.

Unintended Legitimacy

Dogecoin didn’t intend to compete with the big coins, but their early start and community earned them that place. Their market cap is sitting at over half a billion dollars, making them one of the top 50 cryptocurrencies. The extremely low price of a single unit has a profound psychological effect on investors, who often prefer dealing in whole units. While the coin has had remarkable consistency over the years, it has also seen spikes in value that coincide with strong bull runs. Someone investing in the coin while it is at a stable level stands to benefit greatly from such spikes, with the added assurance of not dropping below that consistent support base.

Dogecoin is prolific enough to have attracted multiple parties interested in using it as a currency for real-world purchases. Their site lists dozens of vendors that will accept payments directly for goods and services. This is something that other cryptocurrencies have tried and failed to accomplish. The relatively low volatility of the coin, compared to others, also makes it attractive as a long-term storage location within the crypto-sphere.

The Coin the Community Needs

As the saying goes, the true value of Dogecoin never changes. One Dogecoin is always equal to one doge, for better or worse. This ‘joke’ currency performs the somewhat admirable job reminding everyone not to take themselves quite so seriously. Of course, it is also an excellent investment – one poised for a bull run in the near future. Dogecoin saw nearly double the market cap at the end of last year, proving that they are fully capable of reaching prices twice what we are currently seeing.

New investors are often intimidated by the often harsh communities of other coins – which is detrimental to the market as a whole. The Dogecoin Foundation and their fans continue to maintain high spirits and a positive outlook. New investors can expect not only appreciable returns but also inclusion in one of the crypto-sphere’s best communities.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

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