2 Growth Stocks to Buy Before Dogecoin
Stock market returns have come steady and strong this year, with the benchmark S&P 500 index rising by roughly 21%. That's much better than the roughly 14% the index has returned on average over the past 10 years, and there are still a few months of trading activity left.
But any way you look at it, those returns pale in comparison to the gains delivered by cryptocurrencies in 2021. Among the top performers this year is Dogecoin, a token that has become popular within a segment of retail investors -- it's up more than 6,000% this year.
Yet Dogecoin's more recent buyers aren't replicating those blockbuster returns. At Thursday morning's prices, Dogecoin has tumbled nearly 60% from its all-time highs this spring. Among the reasons for the steep drop is Dogecoin's lack of utility. It's not an efficient way to transact, unlike the more widely adopted tokens Bitcoin and Ethereum. Dogecoin's founder admittedly created it as a joke, and it rose to fame on the back of viral social media promotion, rather than a tangible use case.
Source Fool.com
