Dogecoin’s popularity has skyrocketed in 2021 after Elon Musk started to promote it. At this point, it seems like taking Dogecoin to the moon has become Musk’s personal agenda. And due to this, the price of the currency has also appreciated quite a lot. FOMO has played a serious role, and many investors have invested in Doge just because they believe it can give them huge profits in no time. And all this made Doge even more popular than Bitcoin.
Robinhood’s dependency on Dogecoin
Robinhood is a popular platform in the US used for trading stocks and crypto. They have recently planned to go public, and the documents they have filed show heavy dependency on the trading fees of Dogecoin. Of their total revenue generated from fees, 1/3rd comes from Dogecoin. They even said if for any reason people stop trading Dogecoin, then their revenue might be affected adversely. On the other hand, we have Bitcoin that does see a lot of interest from institutional investors but much less from the public.
Why is Dogecoin’s popularity more than Bitcoin?
Fundamentally speaking, dogecoin is nowhere close to that of Bitcoin. While we always say that BTC is the king, many altcoins are superior to it in terms of technology. But in the case of Dogecoin, that is not true. Dogecoin is not very secure, is inflationary due to unlimited supply and is not a store of value. Even after all that, it has been more popular than BTC in 2021. The simple reason for this is the fact that in 2021 BTC is up just by 18% right now while Dogecoin has grown more than 10 times.
It is simply because the kind of returns that Dogecoin has given in the short term makes it attractive to informed investors. Many of my friends bought at the top and are repenting now, but I have never touched it personally. I am pretty sure that Doge will reach $1 with Elon’s backing and even more, but I will still have the peace of mind and go with something fundamentally strong like ADA and BTC. ADA is on the top of the list as it has given awesome returns in 2021 and has held up pretty well during the crash. It is one of the few coins that still is in green in my portfolio.
What are your thoughts on Dogecoin’s popularity surpassing Bitcoin and ADA being at no 1? And if given a choice which one will you pick among the three? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.