In this article, I will be putting the spotlight on a cryptocurrency that has been popular as of recently. Dogecoin’s price has risen incredibly in a 3 month time span so it would be weird not to mention it. In no way shape or form is this article promoting or advocating for investing in Dogecoin. This article is for informational purposes and I am not giving out any advice. Please do your own due diligence in researching the coin and managing the risks and rewards in trading.
Now that the disclosure is out of the way, let’s talk about Dogecoin!
Dogecoin was started in 2013 by Jackson Palmer and Bill Markus. It’s that coin that you’ve seen re-surface throughout the internet with the Shiba Inu dog on it. It started off as a joke and it’s now considered to be a “meme coin” as groups like the Satoshi Street Bets have been repping team Dogecoin on social media. But does that necessarily mean that Dogecoin holds no value? That question’s been pretty much up in the air now as Dogecoin hit an all-time-high of 48 cents Friday April 16th, 2021!
There is no telling what the true value of a cryptocurrency will be. No one has true control of the market and truly knows where the price will go and when it will go. But from the movements that Dogecoin has been making where at the beginning of the year it was less than a cent and now this past week it is teasing the 50 cent mark, Dogecoin millionaires have already been made! And that alone means something for the coin.
Here are some facts about Dogecoin for you to get a better understanding of the current nature of the coin:
- The coin first started rising in price back in 2018, but since then has been under radar until this year.
- Dogecoin has a total market cap of more than 40 billion dollars.
- When Dogecoin reached an all-time-high of 48 cents, the stock-trading platform Robinhood experienced a blackout in service. Dogecoin broke the internet that day!
- Coinbase, the first crypto-currency platform to go public, has posted Dogecoin on their platform. This means that it is getting recognized as a true cryptocurrency!
- Elon Musk tweets about Dogecoin and has referred to it as the “people’s crypto” and his “favorite digital currency”. The richest person on the planet being behind Doge? That doesn’t hurt the coin’s rep much!
- Companies have been accepting Dogecoin as payment like NBA’s Dallas Mavericks (owned by businessman Mark Cuban) for tickets and fan merchandise online. They have sold more than 122k Doge in merchandise!
I’ve been paying attention to what the majority of people think as well as what major companies are saying about the future of Dogecoin. The vast majority are anticipating Dogecoin hitting $1. Some doge-believers think it could get as high as $8 or even $15. Who knows what is attainable but if it ever does, Dogecoin holders would be very wealthy off their investment. On the other hand, there are people saying that Dogecoin will eventually crash as it has no valid use case other than for people’s entertainment and long-term investors will regret holding the coin.
There continues to be doubters of Dogecoin who believe that buying into a meme coin is stupid and trivial. There also are a group of individuals with reservations about cryptocurrency as a whole. At the end of the day, no one can say that the movement in price Dogecoin has made in the past 3 months was nothing short of amazing and there is an overall growing preference for decentralized currencies. Companies were impacted by Dogecoin in the past week, the coin has been trending on Twitter, and the richest man alive talks about the coin loud and proud. I’m personally excited to see the future of Dogecoin and what this will mean for Blockchain Technology and the world!