Despite losing nearly 70% of its aggregate value over the past seven months, the crypto market has run circles around the stock market in recent years. Since the March 2020 pandemic lows, the benchmark S&P 500 has increased by 70% through June 14, 2022. By comparison, the total value of all digital currencies is higher by 562% in the same time frame.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
However, not all cryptocurrencies are poised to be winners over the long term. History has pretty consistently shown that even the hottest next-big-thing investments have companies or securities that get left in the dust.
At the moment, there are three ultra-popular cryptocurrencies that have been decimated over the past couple of months: meme coin Dogecoin (DOGE -10.32%), the newly rebranded Terra Classic (LUNC), and the “new” Terra (LUNA -10.85%). The prevailing question is: Which, if any, of these extremely popular coins is the best buy?
Image source: Getty Images.
The pros and cons of buying Dogecoin
Despite being taken to the woodshed, Dogecoin remains a fringe top-10 digital token by market value.
Arguably the biggest reason investors are excited about Dogecoin is its ties to Tesla CEO Elon Musk. Musk only holds stakes in three cryptocurrencies, and Dogecoin is one of those three. He’s been a very clear advocate of the project, with tweets suggesting that he’d work with developers to improve the network. Musk, who’s become known as the “Dogefather” within the Dogecoin community, even mentioned Dogecoin during a skit while hosting Saturday Night Live in May 2021.
On the other hand, there are quite a few reasons to be highly skeptical of Dogecoin. At its core, it’s nothing more than a payment coin, and there’s nothing special about payment tokens. Just 2,058 worldwide merchants accept DOGE as a form of payment, according to the online business directory Cryptwerk. And close to a quarter of these “merchants” are nothing more than crypto services, which aren’t true retailers. The summation point…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
