Gerry Palmers Tech 08.04.2021 00:Aug AM EDT

Dogecoin Value Sees Massive Support: Is It the Next Bitcoin?

Dogecoin is now seen following the footsteps of the world's largest cryptocurrency, Bitcoin.

This meme-based cryptocurrency has definitely gone a long way, as it has since become among the top eight cryptocurrencies with a current market capitalization of $25.85 billion, according to Coindesk.

Although recent developments led it to shed off a big chunk of its value, as Coindesk further noted that it slid 2.03 percent in the last 24 hours on Tuesday to $0.19, Dogecoin backers remain bullish on the meme coin's potential. Part of this bullish trend is seeing it as an alternative to Bitcoin, specifically in the many use cases it can offer.

Dogecoin Use Cases: DOGE Emerging Aas a Payment Option in Real Estate, Crypto Gateways

One particular use case is being a payment option. Bitcoin has been used in buying precious items, such as real estate and automobiles, as well as a store of value.

Dogecoin, for its part, has been scaling up in terms of being used as a payment method. Yahoo! Finance reported that a Utah homeowner had placed his property for sale at a listing price of $389,000. The homeowner, whom the report named as cryptocurrency investor Scott Paul, said he is willing to cut his home's list price by 10 percent if the buyer would pay for the property in Dogecoin. The report stressed Paul sees a bright future in Dogecoin as a payment method and seeks Doge's wide scale adoption.

In June, dog walking app "Wag!" said it would start accepting Dogecoin as a payment option, together with Ethereum through BitPay, a payment gateway for merchants to process and access digital currencies, FX Empire reported. Using BitPay, dog owners can use Dogecoin to buy "Wag! credits" to pay for Wag! services, including dog walks, overnight stays, training and veterinarian consultations.

Dogecoin has also been accepted in major trading platforms, such as Coinbase Pro, expanding its reach to professional traders with possible inclusion to its retail service.

Bitcoin, however, remains the dominant cryptocurrency, as Dogecoin still has its work cut out for them in becoming a worthy alternative to BTC, especially in the broader market.

DOGE Community Offers Massive Support to Allow Bright Future for Dogecoin

But with the immense support of the Dogecoin community in propelling its value, Doge should get that fighting chance in further breaking out from its resistance levels and reach record-highs in the very near future, with more use cases emerging.

Immense support from Tesla and SpaceX CEO Elon Musk and top cryptocurrency investor Mark Cuban could further increase Dogecoin price. It could also lead to a repeat of that 14,000 percent rise of the meme coin from December 2020 to May 2021, reaching an all-time high of $0.68, Reuters reported.

As a note, however, it is important to remember that the crypto market is not a safe investment given the volatile environment it operates in. For interested investors, always practicecaution.