I find it difficult to get behind Dogecoin because it can appreciate over a specific timeframe. It has the potential to be very potent, and cryptocurrencies, in general, have strong momentum. But I find it harder to get into an asset that has no substance. This is especially true of the better cryptocurrencies currently in play.
CEO Jamie Dimon called bitcoin (CCC: BTC, BTC: USD) worthless, adding that the currency has no intrinsic value. When DOGEcoin was first introduced in late 2013, it started as a joke.
Regulators should crackdown on bitcoin, he said. Many people will disagree with him on this issue, but that misses the point.
Consider three cryptocurrencies that are more attractive than Dogecoin. If we are looking for cryptocurrencies that we can hold in the next decade, it is hard to avoid Dogecoins. It may not be the most glamorous choice, but it’s the most obvious.
Since its recent rally, Dogecoin has had a market capitalization of more than $1 trillion. The cryptocurrency has exploded over the years, overtaking traditional currencies such as gold, inflation, and equities. Although the cryptocurrency was not created with the practical purpose of transaction speed, its goal of becoming a store of value has become remote.
I can’t imagine a future where cryptocurrencies flourish, but Bitcoin will fight for survival for a very, very long time. The author of the above quote does not envision a future in which cryptocurrencies flourish while Bitcoin struggles to survive.
Several other firms are doing the same, and the value of Bitcoins is likely to rise.
Ethereum is capable of facilitating faster transactions than Bitcoin. That makes it more practical than ever. The launch of Ethereum 2.0 will further increase its speed. It promises to transform current coins from a proof-of-work system into a proof-of-stakes system. This reduces the energy expended on mining the currency and improves the speed of the Ethereum network.
Ethereum is currently driving the NFT market. Believe it or not, it is a market where NFT-based transactions take place. All these transactions take place on the Ethereum network.
Last but not least, Ethereum is capable of concluding intelligent contracts. Such transactions can release funds if certain contractual obligations are fulfilled. Combined with value storage, these practical applications are catalysts that make Ethereum an attractive investment for cryptocurrencies to maintain their momentum.
Cardano Over Dogecoin
One could argue that Dogecoin has a more robust brand name than Cardano. Statistically, at least, that’s true. But that doesn’t mean it’s a better investment. At least Ethereum seems to be more stable than DOGE.
Cardano is a proof-of-stake blockchain platform that was the first to be based on peer review-based methodologies developed by researchers and evidence-based. It combines trendsetting technologies to offer unparalleled security and sustainability to decentralized applications, systems, and societies. Like Dogecoin, Cardano is a speculative cryptocurrency traded at a lower price. It is currently trading at $2.16, while DOGEcoin has changed hands for 23 cents.
Charles Hoskinson founded Cardano when he was co-founder of Ethereum. Cardano can make smart contracts like Ethereum, and both have many positive building blocks in their foundations. Cardano has not recovered as quickly as Bitcoin or Ethereum, allowing the bulls to make higher profits. Known as one of the most expensive cryptocurrencies, it has its price and is an excellent alternative to Dogecoin.
In this context, it should be remembered that Cardano is one of the most speculative names on this list. As of the publication date, Bret Kenwell has no position in any securities mentioned in this article. All opinions expressed in this article are those of the author and are subject to the Publication Policy of InvestorPlace.com.