Market Analysis & Comparison
of SafeCoin & DogeCoin
Dogecoin (DOGE) is the meme currency which features a Shiba Inu dog and was originally created as a joke or a gag on the entire cryptocurrency industry. However, over time, it gathered a lot of community attention and created its own strong fan base. DOGE is unique in the sense it uses Scrypt technology and has a block time of 1 minute with an uncapped total supply.
SafeCoin (SAFE) is a gateway to what is known as the Maidsafe network and grants any user a fair and transparent way to get involved within the SAFE network. These coins can be earned, traded, or purchased. SafeCoin differs in the fact it uses a Proof of Resource consensus algorithm. This takes the proof of work algorithm to the net level, where miners use CPUs to regulate the Maidsafe network.
Is Dogecoin a Good Investment?
Here’s the question on everyone’s mind, is Dogecoin worth the investment now?
If we look at the stats, at the time of writing, May 23, 2021, DOGE has a value of $0.28. A month ago, on April 23, it had a value of $0.21. However, this is yet another volatile currency, which had its all-time high at $0.73 on May 8, (just before Elon Musk and his mother were on Saturday Night Live TV.
This is a meme currency heavily influenced by social media, Elon Musk and journalism headlines, so at $0.20 it might be a solid investment, assuming you’re not a “safe” player, as it has risen to over $0.60 multiple times.
It is important to note that DOGE has a market cap of $36,975,622,955, and only time will tell where it goes from here.
Should you invest in SafeCoin? So, is SafeCoin worth the investment at the current time by comparison?
Things get really interesting with SafeCoin. At the time of writing, May 23, 2021, SAFE is valued at $0.17. On April 23, it was valued at $0.19. However, it is one of the most volatile currencies and saw dips on a daily basis. It went up to $0.26 on May 3, and dipped to $0.07 on May 11, before getting back up to $0.20 on May 12.
It is essentially a wild and wide ride to estimate the value of this cryptocurrency, and while it could be a wise investment or speculative trading market at its current value or if you find it at under $0.10, then it may be. It's important to note SAFE has a market cap of $4,704,449, so it can go up from here.
The Bottom Line: Both Dogecoin and SafeCoin fill a different role in the cryptocurrency industry, have a different fan base, and try to bring a different solution or a funny gag to the industry. Whichever you ultimately decide to invest in, or is worth your attention, is up to how you perceive the industry and what your end-goals are in this regard.
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