Dogecoin is a living testament that an afternoon’s work can create a cryptocurrency worth over $8 billion.
It’s true – software engineer Billy Palmer created Dogecoin in just three hours. He forked Litecoin’s core code, made the text Comic Sans, and sent Dogecoin live in December 2013.
How did this make Dogecoin such a great crypto to buy?
The answer is that Dogecoin represents one of the biggest cryptocurrency communities in the world today. Dogecoin speaks for millions of people who enjoy a mixture of laughter, making money and community.
The addition of billionaire backers like Elon Musk has only added to the Dogecoin attraction. Today, it is the 10th largest cryptocurrency by market cap and worth $8.4 billion.
In this article, we’ll cover 10 reasons to buy Dogecoin in July 2022.
We’ll also be comparing Dogecoin with EverGrow – a newcomer cryptocurrency that draws inspiration from the experienced investor side of cryptocurrency, and addresses many of the Dogecoin flaws unforeseen in those three hours of Internet magic.
The rise of Dogecoin (DOGE)
Dogecoin initially found fame through social media users rallying together for fun causes.
In 2014, a group of Dogecoin supporters helped to send the Jamaican bobsleigh team to the Winter Olympics in Sochi after raising more than $30,000 in DOGE. The Dogecoin Foundation then began collecting DOGE donations to build a well in the Tana river basin in Kenya alongside Charity: Water. More than $30,000 was raised, around 40 million DOGE.
Later on in 2014, Dogecoin followers raised $55,000 worth of DOGE to sponsor NASCAR driver Josh Wise. Wise rode in a Dogecoin/Reddit-sponsored paint scheme.
Interest in Dogecoin rose and waned whenever its name popped up, or a cause was found, until Elon Musk grew interested in the token in 2020. In early 2021, Dogecoin saw its first major price breakout with a trading volume of $70 billion in a day by April. The price hit an all-time high of $0.7376 and a market cap of nearly $90 billion.
Since then, Dogecoin has remained in the top 20 cryptocurrencies by market cap – in July 2022, it is the 10th largest with a market cap of $8.4 billion.
Will Dogecoin keep pumping in 2022?
The huge returns Dogecoin offered between 2020 to date will be hard to replicate.
From a price of $0.0035 in July 2020 to a price of $0.063 in July 2021, Dogecoin rose 1,600% in price. In this time, Dogecoin went from a market cap of $400 million to over $8 billion today. For Dogecoin to hit the coveted $1 it would need to swell to a market cap of $140 billion – i.e. bigger than American Express, IBM, Blackrock and Goldman Sachs.
It’s far more likely that small cap cryptocurrencies like EverGrow see a price breakout in quadruple figures.
The EverGrow market cap is currently $60 million. To grow 1,500% it would reach a market cap just over $1 billion – earning it a spot just inside the crypto top 50.
EverGrow is a reflection token paying out BUSD stablecoin rewards from a 14% transaction tax (8% of this is redistributed as BUSD). With more than $37.5 million paid out since launching in September, EverGrow is quickly gaining thousands of investors throughout the bear market in July 2022.
With one of the most robust roadmaps and hyper-deflationary tokenomics, EverGrow is primed for a huge price rally before the end of 2022.
10 Reasons to Buy Dogecoin in July 2022
- Fun. Dogecoin was the first meme-coin. It was also the first ever currency based on a dog. The name comes from the popular ‘doge’ meme that was Know Your Meme’s ‘top meme’ in 2013 featuring a shy Shiba Inu dog surrounded by Comic Sans phrases like ‘wow’ ‘so scare’ ‘what r u doing?’. Dogecoin directly appeals to meme culture and offers a unique way to get into cryptocurrency investing. So long as you haven’t invested at a bad time (and invested funds you need for living expenses) it’s hard not to smile with a Dogecoin investment.
- Popular. Dogecoin has created one of the largest followings in the cryptocurrency space. Take Reddit. The /dogecoin sub-Reddit has 2.3 million followers. Compare that to the 1.3 million /ethereum followers, the 700k /cardano followers and the 149k /solana followers. Only Bitcoin has a bigger Reddit following, with 4.4m.
- Social media. Dogecoin’s popularity has seen it spike in price purely based off social media trends. In July 2020, for example, the price of Dogecoin spiked following a TikTok trend to take the Dogecoin price to $1.
- Elon Musk. Backing from Elon Musk helped Dogecoin swell in price to its all-time high of $0.7376 in May last year. The high price coincided with an Elon Musk appearance on Saturday Night Live. In the run up, he had issued Tweets in support of Dogecoin. For example, on May 8 last year, SpaceX announced a rideshare mission to the Moon completely funded by Dogecoin.
- Celebrity backers. Other celebrities and big-name investors have joined the Dogecoin bandwagon. For example, Snoop Dogg, Gene Simmons and Mark Cuban. The Dallas Mavericks owners Cuban announced in March last year his NBA team would allow ticket purchases via DOGE, and later declared his franchise had become a top Dogecoin merchant with more than 20,000 transactions carried out.
- Merchant adoption. Dogecoin is one of the most widely accepted cryptocurrencies by merchants, companies and crypto payment processors. You can pay with DOGE for online services, for computer games, for travel, to buy clothes, to buy cars and even houses. Elon Musk recently announced his Boring Company will accept Dogecoin as payment for rides on its Las Vegas transit system, Loop. You can already fill up a Tesla using Dogecoin at select supercharging stations.
- Currency. Dogecoin is often criticised for its inflationary nature, but this can also be to its advantage. Bitcoin has a fixed supply and while its intention was to be a replacement currency, very few people actually use it for everyday purchases. Dogecoin has an annual inflation rate between 3-4% and though this will decrease over time, it can help it gain adoption as an alternative to fiat currencies in the meantime.
- Dogecoin Foundation. Volatility in the popularity saw its developers and core teams leave the project prior to 2020. However, as of August 2021, the Dogecoin Foundation has returned with a renewed focus on supporting DOGE and bringing in a board of advisors including Vitalik Buterin and Jared Birchall (representing Elon Musk).
- Low energy. Dogecoin relies on a proof-of-work consensus mechanism like Bitcoin and Ethereum. But unlike these two cryptocurrencies, the Dogecoin consensus mechanism uses less than 2% of the power required by Bitcoin. It’s easy to start mining Dogecoin from home without complex equipment.
- Whales. Dogecoin accumulation has been growing through July 2022 despite the low price of DOGE. Blockchain auditor @WhaleStats found that Dogecoin accumulation increased hugely in the first two weeks of July. DOGE was among the top 10 buys for BSC whales – with one BSC whale alone buying more than $1.25 million worth of Dogecoin.
Reasons against investing in Dogecoin
As much as Dogecoin’s success hinges on its popularity, so does its failings.
So long as adoption and trading volumes in Dogecoin outpace the effects of inflation, DOGE should continue to increase in price. But as soon as people stop buying Dogecoin or it falls out of fashion, prices will start to tank.
Compare this with a hyper-deflationary token like EverGrow.
A 2% cut of the 14% transaction tax is set aside for buyback and burn from every $EGC transaction. Since September last year, this tax has led to 53% of the initial EverGrow supply removed from circulation.
EverGrow in fact does not call itself a currency – but a ‘share’ in an ecosystem that aims to generate passive income and drive value. Dogecoin might be great as a currency, but that doesn’t mean it will continue to grant ROI to its investors.
EverGrow, meanwhile, discourages rapid buying and selling due to the transaction tax. The flipside of this is huge potential to earn BUSD rewards from your EGC holdings and see the underlying value increase thanks to buyback and burn.
Should you buy Dogecoin in July 2022?
There’s a strong chance Dogecoin will remain a major cryptocurrency throughout the rest of the year.
Dogecoin has already earned its place in the top 20 cryptocurrencies, and it’s unlikely to be flipped by any new meme-coin soon. Continual support from Elon Musk despite pulling out of his Twitter takeover bid should offer ample opportunity for price rallies this year.
If you’ve been waiting for low DOGE prices to buy Dogecoin, July 2022 is your time.
Dogecoin is at its lowest prices in 18 months.
If you’re looking for a cryptocurrency with potential to provide high returns in the next few months, EverGrow is your best bet. EverGrow has a low price of $0.000000149 and a market cap of just $60 million.
EverGrow is primed for breakout at the onset of the next bull market. July 2022 is the time to buy while prices remain low and the token has not yet broken the crypto top 50. The imminent launch of utilities like LunaSky (NFT marketplace) and Crator (content subscription platform) will help ramp up daily trading volume over the summer.
Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
– Advertisement –