DOGE crypto assets increased by more than 600% during the week as Bitcoin experienced a correction. However, do you know the difference between Bitcoin and DOGE? Let’s discuss.
The cryptocurrency Dogecoin (DOGE) price has drastically increased by more than 600%. In the second week of April 2021, the price was only less than Rp. 1,000. However, the price rose to IDR 6,850, or an all-time high (ATH), in the third week of 2021.
The increase in DOGE occurred because Elon Musk popularized the crypto asset. Through official tweets from the two companies, Space X and Tesla explained DOGE. Elon Musk has done this before.
The Twitter post made people make massive purchases. Due to the high demand for DOGE, crypto has experienced a significant price increase.
At the same time, Bitcoin experienced a fairly deep correction. Bitcoin has touched its highest price of Rp. 950,000,000 in the second week of April 2021. While in the third week of April 2021, the price was resistant to Rp. 840 million.
However, even so, DOGE is still not able to beat Bitcoin. Why is that? Let’s discuss.
Explanation About DOGE
Jackson Palmer created Dogecoin in 2013. The name was taken from the dog meme doge, which was often viral on social media at the time.
The purpose of taking this dog meme logo is to make it easier for people to recognize it. The results are indeed proven. DOGE is a crypto asset with many communities in the United States and other countries.
Dogecoin is a crypto asset based on proof of work (Pow) or, in other words, from mining, such as Bitcoin and Ether (before evolution) and Litecoin. However, DOGE does not have a limit.
DOGE is a derivative crypto asset from Litecoin (LTC), proof of work block from Litecoin and Lucky Coin. At the same time, LTC itself is a derivative of Bitcoin.
Difference between DOGE and Bitcoin
DOGE has a difference from Bitcoin. Until now people still believe that DOGE is not as good as Bitcoin. There are some differences between the two.
One of them is DOGE has an unlimited supply. In addition, DOGE is a payment tool for several internet platforms such as Reddit and others.
Meanwhile, Bitcoin, which occupies the ‘King of Crypto Assets,’ has a limited supply. The maximum Bitcoin circulation is only 21 million BTC.
Another difference is that Bitcoin functions more as an investment asset because of its character as a valuable asset. In comparison, DOGE is more likely to be a speculative asset.
Although DOGE has a transaction speed, this is different from Bitcoin, which does not yet have a transaction speed. So DOGE is indeed more suitable to be used as a means of payment.
Which is Better, Buying DOGE or Bitcoin?
After knowing how fundamental the two crypto assets are, are you confused? You don’t need to be confused.
You have to understand the crypto’s fundamentals and price movements. In addition, it is also about the portfolio of the two assets.
So, those who have DOGE need to be aware of price corrections or resistance. What is clear is that you have a plan when you have to take profit or take profit.
Don’t let yourself panic and switch back to Bitcoin when the DOGE is no longer profitable. Yes, you can lose.
For you Bitcoin holders, there is still a lot of buying action against Bitcoin. So most likely, shortly, the price of Bitcoin will rise again. Although currently, Bitcoin is undergoing a price correction.
