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Look Beyond DOGE, These 3 Growth Stocks Are Better Buys
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Dogecoin (DOGE), like Bitcoin (BTC) and Ethereum (ETH), is one of the major cryptocurrencies. Since its initiation, Dogecoin has sometimes seen exponential growth that easily exceeded the stock market's returns.
However, investors did accumulate a significant amount of money by investing in solid growth stocks. These stocks are a far less risky bet than Dogecoin, which calls for investing in growth players like BJ's Restaurants (BJRI - Free Report) , Salesforce (CRM - Free Report) and Alphabet (GOOGL - Free Report) for superb returns.
What's Dogecoin?
Jackson Palmer and Billy Markus launched the dog-themed meme coin called Dogecoin in 2013 with the sole purpose of taking advantage of Bitcoin's success.
Similar to other cryptocurrencies, Dogecoin can be purchased and sold. But unlike most of the other cryptocurrencies, such as Bitcoin, Dogecoin's supply isn't restricted, rather, it is indefinite.
At present, billions of Dogecoins are in circulation, and many companies, including Tesla, Inc. (TSLA - Free Report) and GameStop Corp. (GME - Free Report) , have begun accepting Dogecoin as a payment option.
The Implausible Journey of the People's Currency
The price of Dogecoin remained more or less flat for seven successive years since its inception. However, the meme coin saw its price surge at the end of 2020 as investors placed bets on the so-called "people’s currency.”
The price of Dogecoin, in reality, witnessed a bull run in 2021. It soared more than 15,000% in 2021 and became a favorite for all crypto aficionados. However, it couldn’t sustain the rally in 2022, when the entire crypto market started bleeding.
On the other hand, the price of Dogecoin has regained strength this year. Tesla’s CEO, Elon Musk, along with retail investors, promoted Dogecoin, thereby boosting its price.
But, still, Dogecoin is trading way below its all-time high and hasn’t been able to surpass the $0.1 mark in the past six months, leaving crypto pundits in dilemma.
Is Dogecoin a Solid Investment Option?
Dogecoin, unquestionably, is a risky investment that is more or less subject to the wild swings in the crypto market. This is because the price of Dogecoin is not backed by fundamentals but is determined by tweets and memes of prominent personalities in the corporate environment.
Dogecoin’s unlimited supply also makes it a risky token compared to the likes of Bitcoin. Moreover, not many in the investment world consider Dogecoin to be a serious investment since it’s predominantly a joke coin or a meme coin.
Meanwhile, Dogecoin’s transaction fees may be lower than Bitcoin's. Yet, it’s higher than Nano, Stellar and Dash, to name a few. Thus, Dogecoin losses a competitive advantage. At the same time, its broad-based adoption is declining, indicating lack of demand.
Stocks Are Better Buys Than Controversial Cryptocurrency
Stocks, unlike Dogecoin, are backed by fundamentals and are traded under a proper regulatory environment. Yes, there may be ups and downs in the short term but sound stocks mostly give healthy returns over time.
The major bourses in the stock market, despite crashing on several occasions, have always bounced back. On the contrary, Dogecoin’s lack of competitive advantages may result in losing one's entire investment.
3 Top Growth Stocks to Invest in
Given the advantages that stocks have over Dogecoin, we have highlighted three that not only have gained so far this year backed by fundamental strengths but also are poised to scale upward.
BJ's Restaurants owns and operates a chain of high-end casual dining restaurants in the United States. BJ's Restaurants, currently, has a Zacks Rank #1 and a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 4.4% over the past 60 days. BJRI’s expected earnings growth rate for the current year is 317.7%.
Salesforce is the leading provider of on-demand Customer Relationship Management software. Salesforce, currently, sports a Zacks Rank #1 and a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 4.6% over the past 60 days. CRM’s expected earnings growth rate for the current year is nearly 42%.
Alphabet is one of the most innovative companies in the modern technological age. Alphabet, currently, has a Zacks Rank #2 and a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 3.9% over the past 90 days. GOOGL’s expected earnings growth rate for the current year is 18.2%.
Shares of BJ's Restaurants, Salesforce and Alphabet, by the way, have gained 30.4%, 73.7%, and 41.2%, respectively, so far this year.
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Look Beyond DOGE, These 3 Growth Stocks Are Better Buys
Dogecoin (DOGE), like Bitcoin (BTC) and Ethereum (ETH), is one of the major cryptocurrencies. Since its initiation, Dogecoin has sometimes seen exponential growth that easily exceeded the stock market's returns.
However, investors did accumulate a significant amount of money by investing in solid growth stocks. These stocks are a far less risky bet than Dogecoin, which calls for investing in growth players like BJ's Restaurants (BJRI - Free Report) , Salesforce (CRM - Free Report) and Alphabet (GOOGL - Free Report) for superb returns.
What's Dogecoin?
Jackson Palmer and Billy Markus launched the dog-themed meme coin called Dogecoin in 2013 with the sole purpose of taking advantage of Bitcoin's success.
Similar to other cryptocurrencies, Dogecoin can be purchased and sold. But unlike most of the other cryptocurrencies, such as Bitcoin, Dogecoin's supply isn't restricted, rather, it is indefinite.
At present, billions of Dogecoins are in circulation, and many companies, including Tesla, Inc. (TSLA - Free Report) and GameStop Corp. (GME - Free Report) , have begun accepting Dogecoin as a payment option.
The Implausible Journey of the People's Currency
The price of Dogecoin remained more or less flat for seven successive years since its inception. However, the meme coin saw its price surge at the end of 2020 as investors placed bets on the so-called "people’s currency.”
The price of Dogecoin, in reality, witnessed a bull run in 2021. It soared more than 15,000% in 2021 and became a favorite for all crypto aficionados. However, it couldn’t sustain the rally in 2022, when the entire crypto market started bleeding.
On the other hand, the price of Dogecoin has regained strength this year. Tesla’s CEO, Elon Musk, along with retail investors, promoted Dogecoin, thereby boosting its price.
But, still, Dogecoin is trading way below its all-time high and hasn’t been able to surpass the $0.1 mark in the past six months, leaving crypto pundits in dilemma.
Is Dogecoin a Solid Investment Option?
Dogecoin, unquestionably, is a risky investment that is more or less subject to the wild swings in the crypto market. This is because the price of Dogecoin is not backed by fundamentals but is determined by tweets and memes of prominent personalities in the corporate environment.
Dogecoin’s unlimited supply also makes it a risky token compared to the likes of Bitcoin. Moreover, not many in the investment world consider Dogecoin to be a serious investment since it’s predominantly a joke coin or a meme coin.
Meanwhile, Dogecoin’s transaction fees may be lower than Bitcoin's. Yet, it’s higher than Nano, Stellar and Dash, to name a few. Thus, Dogecoin losses a competitive advantage. At the same time, its broad-based adoption is declining, indicating lack of demand.
Stocks Are Better Buys Than Controversial Cryptocurrency
Stocks, unlike Dogecoin, are backed by fundamentals and are traded under a proper regulatory environment. Yes, there may be ups and downs in the short term but sound stocks mostly give healthy returns over time.
The major bourses in the stock market, despite crashing on several occasions, have always bounced back. On the contrary, Dogecoin’s lack of competitive advantages may result in losing one's entire investment.
3 Top Growth Stocks to Invest in
Given the advantages that stocks have over Dogecoin, we have highlighted three that not only have gained so far this year backed by fundamental strengths but also are poised to scale upward.
These stocks carry a Zacks Rank #1 (Strong Buy) or 2 (Buy) and have a Growth Score of A or B, a combination that offers the best opportunities in the growth investing space. You can see the complete list of today’s Zacks Rank #1 stocks here.
BJ's Restaurants owns and operates a chain of high-end casual dining restaurants in the United States. BJ's Restaurants, currently, has a Zacks Rank #1 and a Growth Score of B.
The Zacks Consensus Estimate for its current-year earnings has moved up 4.4% over the past 60 days. BJRI’s expected earnings growth rate for the current year is 317.7%.
Salesforce is the leading provider of on-demand Customer Relationship Management software. Salesforce, currently, sports a Zacks Rank #1 and a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 4.6% over the past 60 days. CRM’s expected earnings growth rate for the current year is nearly 42%.
Alphabet is one of the most innovative companies in the modern technological age. Alphabet, currently, has a Zacks Rank #2 and a Growth Score of A.
The Zacks Consensus Estimate for its current-year earnings has moved up 3.9% over the past 90 days. GOOGL’s expected earnings growth rate for the current year is 18.2%.
Shares of BJ's Restaurants, Salesforce and Alphabet, by the way, have gained 30.4%, 73.7%, and 41.2%, respectively, so far this year.
Image Source: Zacks Investment Research