Dogecoin (DOGE) has seen huge support over the past few years, a cryptocurrency inspired by memes. A lot of people believe that Dogecoin (DOGE) has the edge over Bitcoin (BTC) and other cryptocurrencies. With the recent sell-off in the cryptocurrency markets, meme coins especially have suffered the most.
Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency and is considered an altcoin. Dogecoin (DOGE) was launched in December 2013 and had the image of a Shiba Inu dog as its logo. While it seems to have been designed as a joke, Dogecoin (DOGE)’s blockchain has potential, with its core technology being based on Litecoin’s. Dogecoin (DOGE), which employs the “scrypt” algorithm, is notable for its low price and unlimited supply. But Dogecoin (DOGE) is not suitable for the cryptocurrency market.
Dogecoin was created as a joke and got all its hype and momentum from well-known business people like Elon Musk. However, Musk’s tweets significantly affected the token’s price, making it highly unpredictable and volatile.
Dogecoin lacks real-world utility to sustain long-term rising momentum. The mainstream media’s hype and awareness drove the coin’s initial price rise. Unfortunately, Dogecoin’s performance has been consistently wrong since these influences faded. We believe Dogecoin is best suited to risk-seeking investors willing to open a position based on hope rather than logic or rationale. DOGE may still deliver positive returns, but it’s not the best crypto asset for risk-averse investors.
Dogecoin dropped 5.15% in the last 7 days and has lost over 89% since it’s all-time high (May 08, 2021). At the time of writing, the price of Dogecoin is $0.08053, with a market cap of $10,684,550,563.
Why Chronoly (CRNO) may have the edge over Dogecoin (DOGE)
There has been a lot of hype about a new crypto project called Chronoly.io, a blockchain-based fractional watch investing platform that uses the Ethereum blockchain. Chronoly (CRNO) tokens are currently in the presale stage, and many crypto professionals are excited about this new project due to its innovative characteristics and utility. They do this by authenticating and linking physical luxury watches to blockchain-based NFTs and fractionalising them.
A genuine watch backs every NFT on the Chronoly marketplace and is held in a secure vault. In contrast, all of the watch’s details are uploaded to the metadata for others to verify independently. Users may stake their Chronoly (CRNO) tokens and trade tiny fractions of watches, similar to trading shares in a stock. Chronoly (CRNO) will also be experimenting with Metaverses and video games and allow watch owners to borrow against their assets on the blockchain. Many industry experts expect Chronoly to disrupt the $64bn luxury watch market as it enjoys a first-mover advantage in this sector.
The Chronoly native token (CRNO) is currently at its presale and trading at $0.033. Some of the most well-known crypto analysts have forecasted that the price of the CRNO token would climb by more than 500% over the two presale phases.