What Is Dogecoin?
Remember GameStop from Reddit? Dogecoin is the same thing with respect to currencies. As I write these words, it is priced little over 0.3 dollars for now, and I don’t know how much it would grow or whether it would fall. Dogecoin was invented as joke, parody for Bitcoin, and for mocking cryptocurrencies. This meme currency has risen almost 13,000% YTD. Whether Elon Musk or his tweets remains mystery forever. One simple tweet raises its value like SpaceX rockets.
Plus, his recent appearance on Saturday Night Live, where he talked about cryptocurrencies and mentioned Doge, made its value go even higher. As for the fact that this currency would be the future of cryptocurrencies is something that only Elon Musk agrees upon. But at the same time, he also tweeted that caution must be exercised while investing in cryptocurrencies. If you are also as hyped as I am on Dogecoin, then continue reading as I will be analyzing its value.
Investment, Elon, and Dogecoin
When it comes to the fact that the richest man supports certain currency, the value of that currency changes forever; it started as jokes, mockery of the blockchain system that could humiliate Bitcoin profit website. I believe that this was the only thing that made it famous. It’s human psychology that we think about the things we hate more than the things we love. And as much as hate as these owners of Dogecoin got, its value kept on increasing. When it comes to investment, you must know that investing is like making steaks. The longer it is steamed and made and seasoned, the more delicious it turns; however, it can burn too. The same goes for any cryptocurrency assets; holding it for longer doesn’t guarantee profits!
Experienced investors also suggest that once you have finally decided on investing somewhere, the money that you are investing should not be your principal amount. To explain it simply, whatever amount you are investing, say $1000 for 5-year investment, you should not be needing the same amount for atleast 5-10 years. To simplify it even more, you need to invest only that amount which is present in excess, or you don’t need it, which you can also afford to lose.
Is Dogecoin Worth The Hype?
There are 5 points worth considering before buying or making investments in Dogecoin. These points are very crucial information that would change your entire outlook on the cryptocurrency world with regard to Bitcoin. The points are:
- Unlike Bitcoin, Dogecoin is unlimited, so you have to worry about owning specific amounts or just fractions.
- You can’t buy anything with Dogecoin, neither can sell Dogecoin without being tricky or hoping you can earn.
- There could be whale somewhere. Said that someone owns about 27% of the total Dogecoin today in existence.
- Investment in Dogecoin right now is like investing in baccarat in Las Vegas. You win; your amount doubles.
- You lose, and you go empty-handed. As I said before, invest only when you have excess and can afford to lose.
That’s all there is to this meme. If you liked this article and you have something to share, please comment below. Also, if you have any questions regarding Dogecoin, do comment down below on those too. I’ll be delighted to help! Just one friendly reminder that I don’t endorse investing in Dogecoin or cryptocurrencies. Catch you in the next one! Peace!