There is a new cryptocurrency in town- Dogecoin. Years ago, Dogecoin was valued at less than a cent but recent events have increased its value by twelve folds. It might be a little too early to predict its path but, Dogecoin has all the right signs. Here’s all you need to know about this new form of currency.
It all started as a joke
Dogecoin was founded in December 2013 as a joke by two software engineers Billy Markus and Jackson Palmer. It is based on the Doge meme that became popular around the same time. It began as a joke about the internet’s most talked-about topis- Doge and cryptocurrency. Soon, Palmer joked about buying ‘dogecoin.in’ and uploaded a meme with Shibe on a coin. It might be tough to imagine but, this cryptocurrency does have the picture of Shiba inu on it.
Markus used Bitcoin’s open-source code and made sure that they were easier to dig. Yes, not mine. Because dogs can’t mine, they dig. The Dogecoin subreddit blew up and, its user base expanded. But, its use was limited to a fun ‘memecoin’ status.
Why Dogecoin is going up?
Tesla chief Elon Musk tweeted earlier in April that he will put a Dogecoin on the moon. He followed it with tweets about cryptocurrency. Twitter and Reddit flooded through ‘To the Moon’ memes with reference to the beloved Doge. Many celebrities followed his lead. Mark Cuban, one of the sharks, announced that his team, The Dallas Mavericks, would accept Dogecoin as payment. Even Gene Simmons, the bassist of Kiss and Snoop Dogg tweeted about using Dogecoin!
All this started a wave of TikToks and Reels about this coin that encouraged people to invest in it. Since one Dogecoin costs about $0.429848, people are being encouraged to buy it before it spikes.
People have begun wondering if it will soon cross the $100 threshold. If it does, all the Doge in the world will be around $18 trillion.
Should I invest in Dogecoin?
Dogecoin’s price surged approximately 40%, according to data from Coin Metrics. The coin also reached a market cap of $69 billion, making it the fourth-largest cryptocurrency behind bitcoin, ethereum, and binance coin.
“Never invest anything you aren’t willing to lose,” said Ben Weiss, co-founder and CEO of CoinFlip.
“If you like it and think it could be a viable currency in the future, or are fans of the idea and the movement, go ahead and invest in it,” he said. “If you don’t like it or think it’s a fad, don’t invest in it.”