Meme cryptocurrencies are one of the hottest crypto investments of 2021 so far. I was absolutely shocked as I watched Dogecoin go from under 1 cent to over 35 cents after Elon Musk and Mark Cuban continued to pump it to the masses.
I missed out on the Dogecoin train because I prefer buying deflationary cryptocurrencies to hedge against the weakening of the US fiat dollar.
The problem with Dogecoin is DOGE has an infinite supply and will eventually return to its intrinsic value: zero.
Enter Hogecoin: a much better deflationary alternative to Dogecoin.
What is Hogecoin?
Hogecoin is a deflationary cryptocurrency that's designed to reward holders on the network using autostaking as a way to pay an automated dividend after every transaction.
Everytime a transaction takes place, 2% of that transaction is distributed and removed from the total supply. 1% of each transaction is burned (distributed to a burn address) while the other 1% is redistributed to all HOGE holders on the network like a dividend.
Why Buy Hogecoin?
Hogecoin pays all holders a dividend just like a dividend stock would so your holdings increase over time as long as you hold HOGE.
Many cryptoexchanges like Coinbase offer attractive staking rewards that allow you to earn interest on your crypto holdings. HOGE is the first crypto to automate this process without having to hold your HOGE at any specific exchange.
Hogecoin is one of the few cryptocurrencies that decreases in supply after each transaction. The earlier you buy HOGE, the more time you have to grow your personal holdings through the built-in deflationary component.
Dogecoin will inflate to infinity, Bitcoin will slowly increase in supply through mining, and Hogecoin will naturally decrease its supply over time.
I like the idea of increasing my Hogecoin holdings without worrying about staking it at a specific exchange. Dogecoin turned out to become a massive success in the crypto community and there's a possibility that Hogecoin gets more popular over time.
51,104 wallets are holding Hogecoin and that number could increase as more people join the network.
How to Buy Hogecoin (Avoid ETH Gas Fees)
There are several ways to buy Hogecoin. The default method shows you how to buy HOGE using Uniswap and the Metamask wallet. I tried this method at first with only $100 but couldn't complete the transaction due to the high ETH gas fees.
Luckily, I found a great Reddit thread showing how to buy Hogecoin without paying all those gas fees.
For this method, you'll need a crypto exchange account like Coinbase, a Whitebit account, and a secured crypto wallet like Metamask. All of these are 100% free to sign up so create an account with each one before you get started.
The entire process took me about 10 minutes and saved me a lot of money in gas fees:
- Buy Stellar (XLM) or Ripple (XRP) through Coinbase
- Send XLM or XRP to Whitebit
- Sell XLM or XRP for USDT
- Buy HOGE with USDT
- Send HOGE to Metamask or your preferred secured wallet
Will Hogecoin Soar to $1? My HOGE Price Prediction
If Hogecoin follows a simluar path like Dogecoin then we could see $1 per coin within the next 1 or 2 years. Dogecoin is currently up almost 7,000% this year as more celebrities and organizations begin accepting DOGE as a form of payment.
43,000 wallets hold HOGE at the moment so the next step is to get business, e-commerce stores, and organizations to accept Hogecoin as payment just like Bitcoin or Dogecoin.
If this happens then we could see parabolic gains for HOGE in the near future. Right now, HOGE is a speculative bet but makes sense because of its deflationary nature.
My short term price prediction is around 5 cents per coin, which would be 100x return on its current price.
Buying Hogecoin is a risky venture and I advise everyone to do their own research before buying any cryptocurrency. I only invested $200 into HOGE, which is a tiny percentage of my overall investment portfolio.
I felt like I missed the boat on Dogecoin and decided to take a risk with Hogecoin. Maybe HOGE will soar in the future or maybe it won't. There are several potential risk factors to buying and holding Hogecoin:
- There are several addresses that hold billions of HOGE coins. The price of HOGE could crash if any of these holders sell their entire stash. Major selling pressure on HOGE could cause others to dump HOGE coin as well, which could lead to massive losses.
- Memes come and go. Crypto investors could get bored and move on to another cryptocurrency.
- The cryptocurrency bull cycle may end this year and investors could turn to stocks, precious metals, real estate, or other assets instead of cryptocurrencies.
I hope this article provides more helpful insight into Hogecoin. I'm excited to hold around 350,000 HOGE and will provide future updates to let you guys know how it turns out.
Once again, Make sure you do your research before buying and never invest money you can't afford to lose.