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. Instead, investors should consider MercadoLibre (NASDAQ: MELI) -- here's why.
MercadoLibre was a growth stock before COVID-19, but the pandemic has accelerated Latin America's migration to online shopping. Revenue has skyrocketed into triple-digit percentage territory over the last 12-month stretch, notching a 111% year-over-year gain in Q1 2021 (or up 158% when excluding the effects of currency conversion) to $1.4 billion.
As a growth-focused investor, I look for companies that could disrupt the status quo. Oftentimes, that means investing in stocks that should benefit from major secular trends. For instance, Airbnb (NASDAQ: ABNB) is reimagining the travel and tourism industry, and MercadoLibre (NASDAQ: MELI) is leading the e-commerce and digital payments revolution in Latin America.