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 

1. 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.
2. 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.
3. 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. 
4. 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. 
5. 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. 
6. 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.
7. 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.
8. 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).
9. 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.
10. 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. 

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Original Source: https://www.analyticsinsight.net/10-reasons-to-buy-dogecoin-in-july-2022/

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