Dogecoin is losing its market dominance, enabling its competitors to rise further
After riding on a huge hype on the internet, Dogecoin’s victory has ended for a while. The crypto’s popularity is not so surprising for some investors because the community has promoted an entire rags-to-riches story to enhance adoption. What started as a joke, has grown into one of the top tokens by market capitalization. Dogecoin has spread its wings into the crypto and finance market and started a new trend that gained the attention of several crypto enthusiasts. But recently, Dogecoin has lost a bit of its fan-following. The emergence of several other Dogecoin alternatives has made it difficult for crypto to maintain its market dominance. Some of the best Dogecoin competitors are providing high-case real-world utilities that are luring in Dogecoin supporters, eventually leading them to opt-out of investing in cryptos. In this article, we have listed the top Dogecoin alternatives that can provide high profits for investors in 2022.
Ethereum
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. It works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts. Investors are eager for the launch of the ETH 2.0 upgrade, which aims to make the crypto even more agile, transparent, and environmentally sustainable, making ETH quite a big competitor for Dogecoin.
Shiba Inu
Shiba Inu poses a direct threat to the market dominance of Dogecoin. Self-proclaimed as the ‘Dogecoin-killer’, SHIB quickly gained speed and value as a community of investors was drawn towards it by the cute charm of the coin paired with headlines and tweets from personalities like Elon Musk and Vitalik Buterin. Due to Shiba Inu’s prolonged rivalry with Dogecoin, it was worth a mention in the list.
Polkadot
Polkadot is an open-source sharded multichain protocol that connects and secures a network of specialised blockchains, facilitating the cross-chain transfer of any data or asset types, not just tokens, thereby allowing blockchains to be interoperable with each other. DOT was initially designed to provide a foundation for a decentralized internet of blockchains, popularly known as the Web 3.0
Monero
Monero allows transactions to take place privately and with anonymity. Even though it’s commonly perceived that BTC can conceal a person’s identity, it is often easy to trace back payments to their original source because blockchains are transparent. Whereas, Monero is designed to obscure senders and recipients alike through the use of advanced cryptography.
Cardano
Cardano is a proof-of-stake blockchain platform that focuses on bringing a positive change to the crypto world. This open-source project aims to redistribute power from unaccountable sources to help create a fair and transparent society. The team behind it has created some compelling use cases for its technology, aiming to allow decentralised apps and smart contracts to be developed with modularity.
Algorand
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable, and efficient, which are the crucial properties for effective applications in the real world.
Polygon
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
Cosmos
Cosmos aims to offer an antidote to slow, expensive, unscalable, and environmentally harmful, proof-of-work protocols, like the ones used in Bitcoin, by offering an ecosystem of connected blockchains. It also aims to include making blockchain technology less complex and difficult for developers, thanks to its modular frameworks that demystify decentralised apps.
Ocean Protocol
Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetize it through the use of ERC-20 based data tokens. With the help of this cryptocurrency, publishers can monetize their data while preserving privacy and control.
Ethereum Classic
Ethereum Classic is a hard fork of Ethereum whose main function is to operate as a smart contract network, with the ability to host and support decentralised applications. Since its launch, the crypto has sought to differentiate itself from Ethereum. And with the passage of time, the two cryptos have maintained completely different technical roadmaps for innovation.
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