Dogecoin is a cryptocurrency, which was innovated by two software engineers Billy Markus and Jackson Palmer. Cryptocurrency is a digital asset or money which is used for the exchange to make online purchases. The innovator claimed that the dogecoin was invented as a joke to the online market. Dogecoin was introduced on 6th December 2013. Dogecoin was designed based on a dog meme that went viral during 2013 as a fun and friendly internet currency. The coin is encrypted with the face of the “Shiba Inu” dog from the “doge” meme and it is also named after it, that is why it is known as “dogecoin” to keep it lighthearted.
Dogecoin gained popularity during the recent months due to its celebrity endorsers such as Carole Baskin (Netflix’s Tiger King star), Gene Simmons (Singer), Kai Grene (professional bodybuilder), Mia Khalifa (adult film star), and because of the most notable celebrity Elon Musk(Tesla CEO, World’s richest man).
Quite a few times, Elon Musk has shared his concern and tweeted about dogecoin by sharing the doge meme and stating that the “dog rocks and it’s pretty cool” and also said that “they have the best coins.” He even jokingly commented that Dogecoin can be the “official currency of Mars”. Recently Elon Musk shared a meme with a caption of “dog barking at the moon” which tends to give the rise to the dogecoin price up to 260% which means $0.45 and people started purchasing it and gave rise to the value of dogecoin. This is how dogecoin gained popularity due to the tweets of celebrities which the creators of the coin did not think of.
Advantages And Disadvantages
The dogecoin has many benefits firstly, it can be easily used by people just like using a bitcoin, people can make secure payments to make purchases internationally. Over the last few years, the value of dogecoin increased. Secondly, people can make transactions with a dogecoin in under one minute. Thirdly, the dogecoin uses a hash technology known as script, which gives extra security and privacy to an individual.Fourthly, as the dogecoin is made with a fun intention, it is easy to make transactions in it and anybody can use it. Lastly, the dogecoin community has made various charitable donations, raised an immense amount of USD for Jamaican bobsled team, clean water in Kenya, and even sponsored for Nascar.
Every coin has its two sides”. There are some drawbacks of dogecoin as well. Firstly, the dogecoin is a meme coin so there are only certain people who take the dogecoin seriously. Secondly, the dogecoin value tends to pump and sump, there is no stable value for it, it fluctuates with time. Lastly, the future of Dogecoin is unpredictable, it may or may not gain popularity in the future, the investment in dogecoin can or cannot be profitable.
Investments in Dogecoin
Yes, people have made plenty of money by investing in dogecoins, instead of the fact that it is known as a joke currency. If people have some amount of money to invest for a short-run investment, they can invest in dogecoins because the value rises anytime, especially when it is liked by celebrities like Elon Musk. If any person is investing in these coins they are considered as they are participating in a constructive project, which is stated as a good investment. Some experts state that dogecoins can be the next biggest digital gold. As people try to find something to invest which is at a low price and in comparison with other currencies the dogecoins have less value. So if many people invest in it then dogecoins are likely to be a good investment.
As per the Dogecoin price prediction, the dogecoin is predicted to double its phase value in the next five years. So it is the right time to invest in dogecoin because the value of the dogecoin is predicted to increase and people will get a good return on their investment because the prediction is made by considering various factors together like volume change, price change, market cycles, etc. Having said that dogecoin entered the market as a joke currency but now through the power of social media, it gained massive popularity and everyone started investing in dogecoin as a matter fact that the value of dogecoin is less and attracted many followers. The inventor of dogecoin has changed their motive and wants the dogecoins to be the most valuable currency. Other cryptocurrencies are valuable than dogecoin but there are other alternatives also which can be valuable soon. As and when people will come to know about dogecoin, the rate of dogecoin can increase in the near future.1 bitcoin is up to 1 million dogecoins, and people would tend to purchase more of dogecoin than bitcoins, so the rate may increase in the future.
As the whole thing is about money, people should invest in platforms that are safe and which are reputable sites. The best place to buy dogecoin is the Cryptocurrency exchange platform which is the most convenient platform to buy dogecoin. The other platforms are coinbase, Robinhood, Binance, Webull, Kraken, etc. But people should always do proper research before investing on any such platforms so as they provide a good return on their investments
Dogecoin Vs Bitcoin
Bitcoin is quite expensive and people tend to prefer bitcoin as it can be converted into local currencies. Bitcoin has more popularity and usage than any other cryptocurrencies and has high value for long-term investment as well. People tend to invest in those things that have predictability and will give a good return on their investment. But dogecoin gained massive popularity over the recent months as Elon Musk tweeted regarding dogecoin. The value of it increased to USD 0.45 as soon as people got to know about dogecoin and people started investing in it. The value of Dogecoin is increasing day by day. The dogecoin is less expensive than bitcoin and people may tend to buy dogecoins and use them as a good investment purpose in near future. I believe dogecoin cannot be as big as bitcoin but can give strong competition to bitcoin. But we never know what is going to happen in the future. People are purchasing dogecoin without knowing about the whole fun concept of dogecoin which may or may not affect their investments.
Dogecoin has not remained a “meme currency” anymore rather it is providing real-time investment opportunities for many investors. The dogecoin now is in great demand and many predictions are made on it. People should try out investing in dogecoin if they want to invest in some smaller investments and they should always research before investing in such coins. They should not come under any such social media influence and start investing.