Did you know that Dogecoin soared 20% in 24 hours following a tweet from Elon Musk, the Dogefather? This is all due to Musk’s popularity and fame. No one should have that much power to manipulate the market, right?
What do you make of this? It is interesting or an irresponsible thing for a celebrity to do?
Cryptocurrency is a new and emerging technology that is here to stay. With loads of drama, it’s easy to find yourself drowning in the pool. Don’t let that deter you!
In this guide, we’ll compare Ethereum vs Dogecoin. Read on to get the inside scoop.
Ethereum
Vitalik Buterin, a Russian-Canadian programmer at the age of 19 believed he could improve upon what Bitcoin had to offer. As a result, Ethereum was born in 2015.
Buterin’s vision for Ethereum was to be more than a transactional record on the blockchain. A smart contract ecosystem with coders in mind came to fruition. When terms are fulfilled, the smart contract goes through, improving efficiency for all parties involved.
Let’s take a look at NFTs (Non-Fungible Tokens) as an example.
Artwork is represented as a digital token all thanks to Ethereum and its blockchain. No middlemen are necessary when an NFT is bought. Ownership is automatically transferred to the buyer just like that.
Ethereum is the second most popular crypto behind Bitcoin for a reason. With a market capitalization of $344 billion and plenty of active accounts and “hodlers”, investing in Ethereum is a no-brainer.
What are the pros and cons of Ethereum?
Pros
At one point investors believed that volatility was a bad thing. These days, it is a positive since cycle patterns such as market bubbles are profitable.
Ethereum is one of the most liquid crypto assets out there. This is due to exchanges, online brokerages, and trading platforms. At relatively low costs, you could liquidate your ETH for fiat or gold.
The Ethereum network is vast too. Through years of operation and a committed community, Ethereum is one of the largest blockchain ecosystems out there.
Cons
Perhaps the biggest con with Ethereum is the transaction costs, also known as “gas”. Notoriously, the price per transaction hit a staggering $23 in February 2021.
If you’re mining ethereum, this is seen as positive since you’re the one profiting. If you’re trying to use the Ethereum network, this will drive you insane.
Dogecoin
Dogecoin derives from the meme “doge”. What once started as a way to mock the industry has built up a reputation in its own right.
In 2013, Jackson Palmer, a former Adobe employee saw what was happening in the altcoin space and couldn’t believe it. In response, he sent out a tweet about investing in Dogecoin.
Even though it was a joke, people took it as a sign that the industry needed something more light-hearted. A community quickly formed around the Shiba Inu dog.
What’re the pros and cons of Dogecoin? Let’s see what the most infamous meme coin has to offer.
Pros
Dogecoin is fast and cheap. It is often seen as a tipping or cash cryptocurrency for this reason. When comparing Ethereum vs Dogecoin in this category, Dogecoin takes the cake.
The price of Dogecoin is somewhat stable due to its unlimited supply. At first, Dogecoin was capped at 100 billion Dogecoins.
The Dogecoin community is super welcoming. This is easy to see on the subreddit r/dogecoin with well over 300,000 active members.
Cons
The technical support of Dogecoin is rather poor. The team is severely lacking in the aspirations and ambitions department.
The predictability of Dogecoin is difficult too. While this is true for all cryptos, for Dogecoin it is especially true.
Ethereum vs Dogecoin: The Last Laugh
When comparing Ethereum vs Dogecoin, who gets the last laugh? We’ll leave that up to you to decide. With anything involving crypto, you always want to do your own research.
Stay informed in the market and keep up with the trends. If you’re unsure of where to start, our blog is a great place!