Dogecoin vs Filecoin-Which To Buy in 2022?
Crypto has had a huge price fall lately which may see many investors looking for the right coin/token to buy.
Dogecoin and Filecoin are among the fastest-growing crypto since Bitcoin was created. If you have to pick among these two when diversifying your portfolio then you need to look at both closely.
DOGE has enjoyed massive hype from influencers like Tesla CEO, Elon Musk. Filecoin has also had its own fair share of success as a digital asset.
In this post, we’ll compare and contrast both Dogecoin & Filecoin. Investors who want to invest in altcoins despite the crypto crash need to see this.
Table of Contents
What is Dogecoin?
Dogecoin is a cryptocurrency created as a ‘joke’, to make fun of the wild speculations of crypto as at the time it was created. Billy Markus and Jackson Palmer are the two engineers that created the dogecoin.
Also called the meme coin, Dogecoin promotes the currency as the “fun and friendly Internet currency”. Dogecoin was initially designed to be “as ridiculous as possible,” in keeping with its parody theme and to prevent people from actually using it over the long term.
Fortunately, dogecoin has grown popular over time, most especially after it found the interest of Elon Musk.
Today, DOGE is one of the most popular cryptocurrency and has been used as form of payments by some merchants in the world.
What is Dogecoin’s Worth in the Crypto Market?
DOGE is ranked number 10 today among thousands of cryptocurrency listed by CoinMarketCap. The price of DOGE has fallen alongside all other crypto asset(down by 0.32% in the last 24 hours), as of today, it sells for $0.080003 USD with a 24-hour trading volume of $426,593,424 USD.
DOGE has a live market cap of of $10,614,078,641 USD. It also has a circulating supply of 132,670,764,300 DOGE coins.
Dogecoin can be purchased on most of the world’s crypto exchange. These include Binance, ByBit, Huobi, Kraken, etc.
What is Filecoin?
Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” Filecoin was launched in 2017 where $205 million was raised in its initial coin offering (ICO). It trades by the symbol FIL.
Filecoin is open protocol and backed by a blockchain that records commitments made by the network’s participants. Transactions are made using FIL, the blockchain’s native currency.
The project was first described back in 2014 as an incentive layer for the Interplanetary File System (IPFS), a peer-to-peer storage network. It was founded by Juan Benet, an American Computer Scientist who studied at Stanford University.
Today, Filecoin is listed among the top small-cap altcoins in the crypto industry since it was created.
What is Filecoin’s Worth in the Crypto Market?
Filecoin has held its own in the crypto market since it was launched in 2017. FIL has also witnessed a price drop. Some months ago, it sell at $18 and above. Today, FIL sells at $7.31 USD with a 24-hour trading volume of $227,052,118 USD.
FIL is ranked 39th among over 10, 000 crypto assets listed by CoinMarketCap. The live market cap of FIL is $1,579,341,904 USD. It has a circulating supply of 216,036,844 FIL coins.
Filecoin is available for purchase on some of the world’s leading crypto exchange. These include Binance, OKX, MEXC, and so on.
Major Differences Between Dogecoin (DOGE) & Filecoin (FIL)
Just like their model BTC, Dogecoin and Filecoin have the word ‘coin’ in their names. Both also have unlimited number of supply. Despite this, they are different in what they offer to investors and buyers.
DOGE like BTC uses the proof-of-work consensus mechanism. FIL on the other hand is secured by proof-of-replication and proof-of-spacetime.
DOGE is an open source cryptocurrency that was forked from Bitcoin’s self-acclaimed silver, Litecoin. Meanwhile, FIL is created as a decentralized storage system.
DOGE as a meme of Bitcoin has enjoyed some success like its model. It can be mined while it has serve a means of payment for transaction. Filecoin leverages its decentralized nature to protect the integrity of a data’s location. This makes it easy to be retrievable and hard to censor.
Which To Buy Between Dogecoin (DOGE) & Filecoin (FIL)?
Dogecoin and Filecoin are both exciting projects as seen above. Investors’ need to know what suits them better before investing in them.
However, for the sake of this article, if you are purchasing any of these coins for your crypto trading today, DOGE is up there. Despite it being a meme coin, it has rivalled Bitcoin’s success.
DOGE was launched in 2013 which makes it the older among the two in the crypto market. The fact that it has yet to fade away like other coins make it a choice for investors/traders. It is therefore the more popular of the two cryptocurrencies.
Another reason you may want to consider buying Dogecoin ahead of Filecoin is acceptance. DOGE is widely accepted as a form of payment like Bitcoin. Merchants like Tesla, NBA’s Mavericks, and many other companies accept DOGE.
Dogecoin can also be an option for you if you are looking at their values as at the time of writing (June, 2022). DOGE is currently ranked 10th while FIL is ranked number 39 in the crypto market listing.
Where To Buy Dogecoin & Filecoin
Dogecoin and Filecoin are listed on CoinMarketCap as well as CoinGecko. Both coins can be purchased on some of the world’s leading crypto exchanges.
Some of the top exchanges to purchase both crypto assets are Binance, OKX, Kraken, Coinbase, OKX, Huobi, etc.
Where To Buy Dogecoin in Nigeria Today
If you are in Nigeria, DOGE is available in peer-2-peer platforms and crypto trading sites. One of such is Prestmit, a digital exchange platforms that deal with gift cards & crypto assets.
If you ever need to buy DOGE in Nigeria or Ghana, Prestmit is the best place for you. The digital exchange platform gives the best rates for your crypto deals. Payment options here include Naira, Cedis and USDT.
Other crypto asset available on the Prestmit platform include Bitcoin, Litecoin and USDT.
Investment in a crypto asset needs a lot of study. Dogecoin and Filecoin are among the industry’s fastest growing altcoins you can invest in.
Both assets have it’s unique features which could influence an investor/trader in making a choice when investing. However, if you want to invest in the one trending today, DOGE is the choice of a good number of investors.
Also Read– Next Cryptocurrency To Explode in 2022