In the year 2013 when the cryptocurrency was not much popular between the general public and very few coins were available in the market. Bitcoin was gaining little hype and non-tech people were also starting to show a little interest in the crypto.
Seeing this two software engineers Billy Markus from IBM and Jackson Palmer from Adobe created Dogecoin. Originally started a joke ( from a famous meme from japan), the creators wanted to create a coin that could have a broader reach than Bitcoin. It gained over a million visitors in just the first month of its release on its website.
Dogecoin, To the moon!
“A bull market is like sex. It feels best just before it ends.”
- Why Dogecoin is different?
- The recent Trend
- The Musk influence
- To-The Moon
- Dogecoin as an investment?
- How to buy Dogecoin?
- Future of Dogecoin
Why Dogecoin is different?
Bitcoin is limited in number, there can be only 21 million bitcoins in the market and already 18.5 million bitcoins are mined till the time of this post. Due to limited in number it is like virtual gold but Dogecoin is unlimited in number. It is like printing your own money. There are already 130 billion doge coins in existence. This is not good for anything if it is unlimited then the price might not reach as high as people believe.
The recent trend
As the creators of dogecoin made it for fun they were also not taking it seriously and it was even called “MEMECOIN” but due to social media platform Reddit it gained huge popularity. Users on Reddit started sending each other dogecoin and it started gaining popularity in public.
The MUSK influence
Yes, it was huge on Reddit but wasn’t much known outside until this year, the man behind Tesla and SpaceX, Elon Musk tweeted that he will put Dogecoin on the moon. Many people thought that this is a joke as he is known for sharing memes on tweeter but this wasn’t a joke he has made many tweets since then about Dogecoin and as he is one of the most popular people around the world specially between youths the price of Dogecoin started getting big push day-by-day.
On April 1st, 2021 Elon musk said that SpaceX is going to take Dogecoin to the moon, SpaceX also announced that they will launch the DOGE-1 mission to the moon and all the payments will be done in Dogecoin. This made crypto investors go crazy and they started investing heavily in Doge taking its price close to $1.
Dogecoin as an investment?
When you consider Dogecoin as an investment, you must be clear that Dogecoin is unlimited and new millions of Dogecoins come into the market daily. Bitcoin rises because of its limited number but holding Dogecoin for a longer period of time is somewhat risky. The value of the coin depends upon the trend and the trend can end anytime. But yes some people made millions of buck.
It is up to you whether you want to or not. But in any case, you should not invest everything in Doge because the market is very uncertain more people have lost their money than the people who have made it. Take calculated risk but Ethereum is very much stable compared to Dogecoin and it also provides a good return. To read about Ethereum click here.
How to Buy Dogecoin?
You can buy Dogecoin from any exchange platform where it is listed. The most popular exchanges are Robinhood, Coinbase, and Kraken. After buying the coins you will need a wallet to store them and that can be made easily by visiting their site.
In India, you can buy Doge from WazirX and CoinSwitch Kuber. These two are the most platforms in India to buy crypto. Their withdrawal is also easy.
Future of the Dogecoin
As the coin was started as a meme and was just used for fun and even it is not limited in numbers as of now like Bitcoin the future is not certain but after knowing SpaceX will be launching Doge1 and all the payments will be done with Dogecoin we can say it is backed by a big company.
Even Elon Musk twitted that he is working with Doge engineers to improve efficiency. So taking note of the current trend and the market we can not say surely it will stay but there are good chances. If you want to invest in Doge you should calculate all the risk involved and put only the amount you can play with.
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