What Is Dogecoin ?
A Joke Cryptocurrency which has risen more than 26,000% in the last six months, outpacing nearly every other investment in the world.
Actually
Dogecoin was created in December 2013 by Billy Markus, a programmer from Portland, Oregon. Initially introduced as a joke cryptocurrency, Dogecoin (DOGE) gained a large online following and is now a very popular cryptocurrency. It is also well known for its meme-inspired logo of a Shiba Inu dog. The original plan was to limit Dogecoin to 100 billion coins. However, it was later decided that there would be a limitless supply of Dogecoins.
It now has a market capitalization of about $92 billion following a six-month climb of more than 26,000 percent. Over that same time period, the S&P was up 19 percent, while crypto rivals bitcoin and ether were up 286 percent and 698 percent, respectively, according to CoinMarketCap.
In 2013, software engineers Billy Markus and Jackson Palmer launched the satirical cryptocurrency as a way to make fun of bitcoin and the many other cryptocurrencies boasting grand plans to take over the world.
Also read : What is the major difference between Dogecoin and Bitcoin and which is best to invest.
Elon Musk behind the success of dogecoin.
Musk’s first-ever tweet promoting Dogecoin was a word: ‘Doge’, this was followed by several other tweets, with the latest being Musk saying that the cryptocurrency was ‘on the actual moon.’ The phrase, ‘Going to the moon’, is renowned widely in the trading markets to predict a jump in stock pricing. Since shared, the currency’s assets shot by 25 percent Wednesday following Elon Musk’s tweet at 8:00 AM ET. By 10:17 AM , DogeCoin’s trading surged by 23.11 percent to $0.0581. Musk had earlier called DogeCoin “people’s crypto”, in a follow-up tweet he wrote: “No highs, no lows, only Doge”.
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in spaceTo the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
Not just that, Tesla chief added the term Bitcoin to his Twitter bio (and then deleted it shortly thereafter), which led to a jump in the cryptocurrency price by as much as 20 percent. Adding to this, Musk said on Clubhouse, an audio-based social app, that “Bitcoin is a good thing” and that he was “late to the party”.
Why Dogecoin won the heart billionaire ceo of Tesla and Spacex.
Last month, Dogecoin was worth roughly $0.007, however, the currency has gained drastically by 1,000 percent in course of just a few days, according to reports. While Elon Musk stated on Twitter that he bought the “the future currency for Earth” Dogecoin for his nine-month-old son, rockstar Gene Simmons from the band KISS took to his social handle to declare that he purchased “a big position” in the cryptocurrency, meanwhile, rapper Snoop Dogg tagged Elon Musk in a meme where his face was replaced by Shiba Inu.
The billionaire Tesla and SpaceX CEO has spent years talking up on the token.
Musk’s tweets with sometimes oblique references to dogecoin often send it to new record-high prices. These posts have also helped drive retail investor interest..
Musk, however, isn’t alone in his celebrity endorsement of the animal-branded token. Dallas Mavericks owner Mark Cuban, Snoop Dogg and Kiss bassist Gene Simmons have all publicly rallied behind dogecoin.
Also read : What is the major difference between Dogecoin and Bitcoin and which is best to invest.
From where I can buy dogecoin ?
Here are the most reputable exchanges that allow you to buy Dogecoin.
Buy Dogecoin through Binance
Binance, is a leading cryptocurrency exchange that supports the purchase of over 200 cryptocurrencies. The exchange has been around since 2017, is supported worldwide and allows users to buy Doge with a variety of traditional currencies and payment methods.
Buy Dogecoin through Bitpanda
Bitpanda is an Austrian exchange that was founded in October 2014. Bitpanda allows residents of the EU (and a handful of other countries) to buy Doge and other cryptocurrencies through a variety of payment methods (Neteller, Skrill, SEPA etc.). The daily limit for verified accounts is €2,500 (€300,000 monthly) for credit card purchases. For other payment options, the daily limit is €10,000 (€300,000 monthly).
Buy Dogecoin through eToro
If you’re only interested in making a profit over Dogecoine’s price changes and you’re not into actually owning the coins, eToro is probably the easiest and cheapest option. The company offers a friendly and intuitive UI to help you exchange DOGE for fiat currency (USD, EUR, etc.).
Keep in mind that cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. So keep in mind that your capital is at risk. US users – CFDs are not available for US users. US users can only trade (long) real assets without leverage.
Buy Dogecoin through Kraken
Kraken, Founded in 2011, the US exchange allows you to deposit funds via a credit card or a wire transfer. Users in Europe can benefit from the fast and free SEPA deposits. Once the funds are in your account you can easily buy Doge using the “Buy Crypto” tab in the exchange’s top navigation bar.
Buy Dogecoin through Changelly
Changelly is one of the few places that will allow you to buy Dogecoin with almost any currency (fiat or crypto). Changelly is a conversion service that works relatively quick and doesn’t require anything more than an email to sign up. The downside is that it can take up a lot in fees (especially if you buy Doge with your credit card).
Buy Dogecoin through Bittrex
Bittrex is a US based cryptocurrency exchange that has grown in popularity in recent years. It offers a DOGE/BTC pair similar to Kraken. This means that you will need to either buy Bitcoin or deposit Bitcoin in order to exchange it for Doge.
Is Dogecoin A Good Investment In 2021?
Slowly over the last couple of years, Doge consolidated its position and settled at a price of $0.05. However, in April, the Dogecoin Price shot up many times, to reach an all-time high of $0.65. Even in the crypto industry, this means significant gains and profit margins. As the hype behind this meme coin rises with enormous momentum, more and more people are looking to buy Dogecoin. At this point, people are wondering will Dogecoin reach $1? At this point, it seems highly likely.
Before investing in Doge, people should understand that Doge is an inflationary coin, meaning it has an endless supply that keeps growing more and more rapidly as time goes. Every year, more than 4 Billion Dogecoin are mined and added to the overall supply. In the long term, this makes Doge unstable for long term investment, unlike deflationary coins like Bitcoin, which has a high demand and a limited supply.
However, nobody really expected Doge to even reach $0.10 and now it’s close to reaching a $1 in value. Crypto markets can be very unpredictable. One can buy Doge if you like but it would be advisable to wait till the prices drop a little. However, this is not financial advice, and people should do their own research before getting into the crypto, as the crypto markets can be highly volatile.
Also read : What is the major difference between Dogecoin and Bitcoin and which is best to invest.
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