Forget Dogecoin -- This Cryptocurrency Stock Is a Better Buy

Despite frenzied enthusiasm, Dogecoin (CRYPTO: DOGE) has yet to reach the $1 price target set by the Reddit community. It came close in early May when it peaked at over $0.70 per token, but the tide has seemingly turned, and the meme currency has lost 60% of its value since then.

That sounds bad out of context, but Dogecoin is still up over 5,000% year to date. And given those gains, crypto enthusiasts may be tempted to buy the recent dip, but I think that would be a mistake. Instead, investors should consider MercadoLibre (NASDAQ: MELI) -- here's why.

Doge devotees often cite the meme coin's popularity as a core tenant of their investment thesis. The argument goes something like this: As more people become aware of Dogecoin, more merchants will accept it as payment, which will cause more consumers to buy it, driving the price up in the process.

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Source Fool.com