But then things started changing when the most fantastic cryptocurrency, the bitcoin, took the market. You will be amazed to know that no person at that time had thought that bitcoin would gain this much value in the future. After some time after the introduction of bitcoin, there were like 5000 new digital currencies which were introduced in the market.
From all the 5000 new currencies, bitcoin and only the other few currencies got this much success. The users of these cryptocurrencies were way higher than the other cryptocurrencies. Bitcoin is not only good for investment, but they are also suitable for trading and various kinds of purposes too. Dogecoin is also a cryptocurrency that we can say is the rival of bitcoin. You need to know that Dogecoin is basically named a joke for bitcoin, and they were first introduced in the year 2013.
This is a matter of the fact that so many years have passed, but the value of Dogecoin hasn’t changed even a little bit. We can conclude that it is a kind of considerable embarrassment for the dogecoin developers. But things changed, and a few days back, the price of Dogecoin doubled. Some of the experts and researchers have confused the people by saying that the rise in the value of Dogecoin can prove to be very serious for bitcoin users. On the other hand, some of the researchers have also claimed that the value of Dogecoin is going to fall someday, and it will not affect the bitcoins.
Well, you need to know that when the value of Dogecoin doubled, then at the same time, the bitcoin price, which was restored to the dollars of 63000 got decreased to approximately 50000. This was stated in the stamen which was given by the president of the USA. The instant decrease in the value of bitcoin from the past few weeks is really very shocking for the people who have invested their money in bitcoin. Nobody was expecting that the value of bitcoin will fall to this extent. One good thing that you should know is that now everything is getting to normal because the value of bitcoin is rising again, and it is rising to its highest amount.
How has the value of Dogecoin increased?
According to some reports, the doubling up in the value of Dogecoin has also led to the improvement in the market cap of this cryptocurrency which is now 50 billion dollars. This is one of the biggest reasons that digital currency has now taken the position among the top cryptocurrencies worldwide. You need to know that bitcoin is still at its work, which is number one, of course. In recent times all the other cryptocurrencies are decreasing in value, so the increment in the value of Dogecoin is quite surprising for the people. if you want to know more about the it then you should land on the primebitprofit.com
Another reason which has led to an increase in the dogecoin price is that Elon Musk, who is the owner of the Tesla company, is continuously saying good facts about this currency. We all know that he is one of the famous personalities in the industries and the snoop dog is also another personality who has supported and praised the dogecoins. The working and nature of Dogecoin are entirely different from bitcoin, but many people from all around the world are claiming that Dogecoin is also a decentralized currency and there is no role of the third party in it.
So now the question arises that you should invest your money in bitcoin or Dogecoin. It is quite a confusing decision to take, but the thing that should be kept in mind is that bitcoin is the cryptocurrency that has been in the market for a decade. A lot of people have become millionaires after investing their money in bitcoin.