‘Buy’ Advice For This Altcoin From The Company That Says ‘Buy DOGE’!

Motley Fool analysts explained in a new report yesterday in 3 points why Dogecoin (DOGE) should not be bought. While experts think that Dogecoin will be surpassed by its competitors, they say that this altcoin is in the opportunity zone.

Three factors to keep in mind before buying DOGE

Dogecoin continues to underperform its competitors in 2023. This raises questions about long-term growth prospects. Motley Fool analysts say that aside from the price failure, Dogecoin is also lacking in development and utility.

Twitter factor

The primary attraction for holding Dogecoin right now involves Twitter. Because the new owner of Twitter, Elon Musk, is one of the biggest supporters of Dogecoin.

However, little has happened in terms of true Dogecoin integration with Twitter. In one of them, Musk replaced Twitter’s logotype with Dogecoin’s in April. However, there is still no progress on integrating the crypto payment functionality into Twitter.

Where are the upgrades?

Another factor that should worry investors is that nothing underlying the Dogecoin network seems to be changing. It still continues to work in the same way since 2013.

Meanwhile, we’ve seen a broad shift to faster, cheaper and efficient PoS networks in the crypto world. But Dogecoin has had little or no willingness to adopt this technology. Meanwhile, new blockchains are coming to market with far superior technology. DOGE continues to fall prey to its legacy of being a payment-only blockchain.

Other meme coin competitors

It should be noted that Dogecoin is not the only meme coin on the market. The Shiba Inu and most recently Pepe Coin continue to shrink the pie. However, new rivals promise everything from NFT games to the metaverse. However, Dogecoin has not yet made an ambitious assignment in this regard, as it is a PoW Blockchain.

So which altcoin to buy?

Motley Fool analysts highlighted Cardano (ADA) at this point. According to experts, 3 factors can be listed to stay bullish on ADA.

DeFi metrics

At the beginning of 2023, one of Cardano’s key priorities was to strengthen its position in the DeFi market. So far, Cardano seems to be fulfilling this strategy: New decentralized exchanges are emerging; a new stablecoin project just launched; and new DeFi innovations continue to emerge with surprising regularity.

All this increased DeFi activity is starting to show itself in numbers. TVL for Cardano is currently at a 10-month high, and there is room for optimism that it may eventually start climbing the TVL charts, where Cardano currently ranks 18th among all Blockchains. Getting into the top 10 will be a clear sign that Cardano has finally reached the DeFi realm as a player.

New Blockchain developments

Cardano has always had one of the most detailed roadmaps. It completed a major update in September 2022. The network is now moving forward with the new “Voltaire” phase. This new phase will focus on Cardano management and make it more efficient when it comes to activities like staking and verification.

But the most important is the recently released “Hydra”. Hydra is a Tier 2 scaling solution designed to make Cardano run faster, better and more efficiently.

Whales buy ADA

Finally, the data confirms that whales show interest in the ADA. Between April 16 and May 7, daily Transaction volume on the Cardano network increased from $5.79 billion to $6.76 billion.

The chart below shows how the whale class with balances of one million to ten million ADA marginally increased its holdings during the current price downtrend.

As Kriptokoin.com, we include current ADA analysis and news on this page. Motley Fool analysts think Cardano, which has been criticized for its low price for years, will gain momentum with Hydra and the new Voltaire stage.