Dogecoin may still have room to rise despite the slump that persisted in the cryptocurrency market in 2022
is one of the most prominent altcoins on the crypto market. Despite the risks of diversifying one’s portfolio on an altcoin whose only foundation is good humor, there are reasons to believe in a Dogecoin boom.
The Tesla CEO also expressed his appreciation for Dogecoin compared to Bitcoin . According to the businessman, the altcoin surpasses the primary cryptocurrency, as it has a bigger transaction volume capacity than BTC. While the numbers may look bad, they are showing that the cryptocurrency may be in an accumulation phase, heading toward a bearish reversal, as noted by Santiment. to the Merge, Dogecoin established itself as the second largest cryptocurrency with a proof-of-work consensus model. In addition to already having a base of miners, some investors who had mining machines working in favor of ETH migrated to the meme altcoin.
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