Dogecoin is a cryptocurrency and before knowing more about it, let’s see the background.
It was easy for you to increase the money, as you only needed two things to do so. If you had an account in the cryptocurrency platform to buy and sell products, or if you had followed the Twitter account of Elon Musk, with enough capital amount, you would have become a millionaire. Because the positive tweets of Elon Musk made the cryptocurrency market surge.
Just because of the power of man, the market of cryptocurrency increased very fast but now the condition is opposite to it. If you had followed the cryptocurrency market, you would have noticed that the cryptocurrency got crashed and the reason was Elon Musk. On his tweeter page, he mentioned that the energy consumption to mine the Bitcoin currency is consumed mostly by the electricity produced from fossil fuels like coal and until it changes, he claimed that usage of Bitcoin to do transactions in his company Tesla will be stopped. It created a panic in the market and crashed the cryptocurrency market while losing the profits gained.
In this market, many entered with the intention of buying and selling, and this is believed to be a reason to slow down the cryptocurrency exchanges in the world. The panic selling which became slow is gradually increasing now. And at this growing time, we are going to see about a famous coin called the Dogecoin.
What is Dogecoin?
The famous Dogecoin started as a meme on the Internet. The image of the specific dog became more popular in 2013 and became the meme of the year. After this incident, Jackson Palmer, who worked as a director of product management for Adobe’s platform claimed on Twitter that Dogecoin has the possibility of becoming the next big thing and received much positive response from many. He created a domain name called dogecoin.com and approached people who are interested in working in it to contact him. A programmer called Billy Markus contacted him and both of them created the Dogecoin. Simply it is created based on the meme and jokes.
Although this coin doesn’t solve serious things like other cryptocurrencies, it still became famous. The reason for its popularity is because of the international internet users and Elon musk. These international meme creators use the Reddit platform to make it famous. So as this Dogecoin usage was high, so it got introduced and was subject a better growth. In 2017, currencies like Bitcoin saw huge growth and also Dogecoin but there was no activity after all. But when Elon Musk tweeted that he likes memes along with some tweets and promotions on Dogecoin, it got recognition and became viral on the internet.
The price of Dogecoin increased and came under the top 5 cryptocurrencies. There were so many memes on Reddit by some groups claiming that the price of Dogecoin has to be increased to 1 dollar in the intention of showing the strengths of the community. And this coin was used for many positive things by the communities, where for example, to solve the scarcity problem in Kenya, the Dogecoin community donated many Dogecoins and supported them while they also supported a Jamaican team, who lacked the money to participate in the winter Olympics. And so Dogecoin is used practically as donations and crowdfunding.
Is it fine to invest in Dogecoin?
Before investing in Dogecoin, consider
Although cryptocurrencies are considered serious, due to the early stage of growth of Dogecoin the investment in Dogecoin, is similar to the amount you spend to eat a snack. In the future, if the currency becomes stable, you can gain a good return as you are an early investor.
But if you ask whether Dogecoin is appropriate to solve issues like Bitcoin, the answer would be a no. because this has no limited supply as Bitcoin, and the supply is similar or more than the common currency we use. Dogecoin is useful in situations of donations and transactions done on the internet and you can use it as a Dogecoin believer, but other than that it has no other practical use.
If you want to exist as a Dogecoin community member, if you like memes like Elon Musk, or if you believe it would be useful, you can purchase it. As the price is less when compared to other cryptocurrencies, you can hold coins for a very less amount, and see whether it is useful to you in the future.
So simply Dogecoin is a meme or community-based cryptocurrency that became famous through international internet users and Elon Musk has reached as a well-known cryptocurrency in the world. And if you believed that it would be useful for you, investing in it will be fine.
Follow us on Facebook.