The cryptocurrency market has been through significant ups and downs in recent years, with 2022 marking a particularly difficult year for many digital assets. However, as of 2024, cryptocurrencies are once again showing strong gains, with popular tokens like Dogecoin, Shiba Inu, and Bitcoin leading the charge. Each of these coins has captured the imagination of investors, but which one offers the best opportunity for long-term growth?
In this article, we’ll compare Dogecoin, Shiba Inu, and Bitcoin, analyzing their growth potential, real-world utility, and long-term prospects to help you decide which crypto is the better buy.
Why Dogecoin Might Not Be a Sustainable Investment
Dogecoin (DOGE) has become one of the most famous meme cryptocurrencies, largely thanks to its loyal following and endorsements from high-profile figures like Elon Musk. In 2024, Dogecoin is up 362%, but it still remains far below its record high of $0.73 from 2021. A large part of its rise has been driven by speculation, particularly following Musk’s support and public endorsements. Despite this, Dogecoin has shown little real-world utility.
In fact, only a small number of merchants (around 2,520) accept Dogecoin as payment for goods and services, and many of these are niche or online businesses. Without significant real-world applications or a clear roadmap for future adoption, Dogecoin’s price is driven largely by sentiment and social media trends. While it’s enjoyed brief surges, its long-term sustainability remains uncertain, especially if it lacks a clear use case.