Dogecoin continues to be the surprise winner in the market today. While the rest of the altcoins sink deeper into losses, Dogecoin (DOGE) is up by over 2%. This has pushed it to the 17th spot on coin market cap. Its transaction volumes are on the rise too, an indicator that confidence in Dogecoin as an investment is growing in the markets. With such strong demand, can Dogecoin (DOGE) attain parity with the U.S dollar? Well, all indications point to this direction, if current market dynamics are anything to go by.
For Dogecoin (DOGE) to gain dollar parity, it needs to gain a wider acceptance in the markets. Is this happening? Well, from a look at the markets, Dogecoin (DOGE) has some of the highest transaction volumes of any other crypto. This is proof that people are indeed using to send value over the internet. Dogecoin (DOGE) at this point is beyond the HODLER mindset that has gripped the rest of the markets. Like the U.S dollar, people are actually using it. But current usage is not a perfect metric.
Dogecoin (DOGE) needs to gain an even bigger adoption all across the world. From a futuristic perspective, Dogecoin (DOGE) stands to gain even more users as an everyday currency. That’s because the world is now more interconnected than ever, and digital payments have to a large extent replaced other forms of value transfer. Dogecoin (DOGE) is slowly taking over this market and stands a good chance of becoming the dominant way of transferring value on the internet. It will achieve this for the simple fact that it is way more efficient than any other method of sending value over the internet. The fact that it is cheap and instant makes it the perfect form of sending payments all across the world.
A quick comparison with other forms of value transfer reveals the potential of Dogecoin (DOGE). When compared with bank wire transfers, Dogecoin is a clear winner. Bank wire transfers that take up to 3 days and charge upwards of 3% of the total value. Similarly, when compared to other payment methods like Paypal, it is a winner. Its inherent superiority in this market goes to show that Dogecoin is indeed a cut above the rest. As this use case begins to take shape in the market, the value of Dogecoin (DOGE) will continue to rise. Billions of dollars are transacted every day in the forex markets, and once Dogecoin takes a sizeable portion of it, achieving parity with the dollar will be within the realms of possibility.
It is one of the few cryptos that have a real use case in the market, and is growing in popularity. As Dogecoin (DOGE) continues to grow in use, so will its rank in coin market cap. Dogecoin (DOGE) as a top 10 coin is no longer a far-fetched idea. It is moving closer to becoming a reality with each passing day. It is the currency of the future.