What is Dogecoin?
Dogecoin was created by software engineer Billy Marcus in just 3 hours. After copying and pasting the main bitcoin code, Marcus spent “most of the time making changes to the client to create the Comic Sans text.” Marcus will be the first to admit that Dogecoin was created as a joke.
On May 4, 2021, Dogecoin surpassed a market capitalization of $75 billion. However, since then, Dogecoin has declined significantly. Even though it is now worth 20% of its all-time high, the dog-themed cryptocurrency still has a multi-billion dollar market cap.
“The new soup is the soup of human culture. We need a name for a new replicator, a term that conveys the concept of a unit of cultural transmission or a unit of imitation.” Dogecoin is priced not based on its underlying technology but on its cultural value. Amid the Robinhood-GME-Twitter pandemic, Dogecoin has somehow united people worldwide in the pursuit of money, laughter, and communication. You can buy Dogecoin for a small price and join the global movement.
Remember that market capitalization is the accurate indicator of the value of a cryptocurrency, not the price per token. With over 132 billion Dogecoins in circulation, the cost per coin remains low. Dogecoin has pumped up 2000% 3 times since 2017.
During the 2017 bull run, psychiatrists would give you a $1 Dogecoin quote, but today that’s all Twitter can talk about. Let’s think about it first. It seems unlikely, but it has outpaced E-trade, Hasbro, and Levi’s, so who knows more.
Should you invest in Dogecoin?
In 2021, a group of social media-fueled Robinhood investors shut down Melvin Capital during a GameStop short squeeze, with the decentralized cryptocurrency panicking central banks worldwide.
Energy appears to be dissipated from above, discharging the ladder through fibre optic cables and WiFi routers.
If you’re a zoomer or millennial with a Robinhood account, you already own more DOGE than any financial advisor on earth would recommend, and you’ve probably already made higher returns than those advisors, too; they’ll make it over the next decade on their stock portfolios. Pat yourself on the back; you deserve it.
Investing in Dogecoin is not about making money (even if it may happen by accident) but about being part of something bigger. Retail investors are no longer individuals. They’re a team, and Doge is their mascot – $0.01 or $1. If you decide to trade some of your money to be part of the revolution, you can.
Not all exchanges support Dogecoin, but you can get it on Robinhood, Binance.US, and Coinbase.
The Future of Dogecoin
The $26 billion memes tend to shake traditional investors to their core. It even kept many people away from cryptocurrencies.
While many see this as a market indicator, others still believe that Dogecoin will hit $1 before the crypto bull run ends. In 2017, the biggest challenge for Bitcoin was its suitability for everyday use. Not a single store accepts it as a payment method (except for some brilliant ones), and ordinary people still think of Bitcoin as the magic currency of the internet. Now that the narrative has changed, Dogecoin has significantly impacted cryptocurrency adoption in general.
Dogecoin introduced the millionaires and billionaires of the future to a technology they did not know (and may not yet have realized) they wanted: the blockchain. If the growth of blockchain and Bitcoin really follows Metcalfe’s law (as it seems so far), widespread adoption across any channel is excellent and ideal.
Dogecoin is unlikely to stand the test of time, but that hardly matters. Elon Musk is currently pushing the price of Dogecoin via Twitter, and everything he says tends to push the price of Dogecoin up or down. All that matters is that you can invest at the comfortable level for you, understand that you can lose that money and potentially make a profit when you sell during the price spike caused by Musk.