Dogecoin is a new cryptocurrency that aims to be a supportive introduction to cryptocurrency. Billy Markus, an Oregon programmer, came up with the idea for a kind of “joke” coin. Rather than Bitcoin, he believed a lighthearted coin would be more likely to gain mainstream acceptance. Dogecoin’s market cap has risen from more than $1 billion in early January to $47 billion as of Saturday, according to CoinMarketCap.
Dogecoins are used mainly for tipping users on Reddit and Twitter, but a few dozen merchants also accept them as a form of payment. They can also be used to buy food, household supplies, and even website domain names. Due to its lower fees, higher transaction speed, lack of concentration by the top 2% of holders, mining profitability, disincentives for hoarding, Chinese miners do not control the system, and a mechanism to negate lost coin effects, Dogecoin is better than Bitcoin.
Is it worth investing in Dogecoin?
The popularity of Dogecoin makes it so. Considering the speculative nature of cryptocurrencies, popularity alone is crucial. Regarding Dogecoin, the token is worth what it is because some believe it will rise in value. Those investing in DOGE are also hoping for more attention from celebrities.
According to the panel average, Dogecoin is expected to hit $1.21 by 2025 and $3.60 by 2030. Experts, however, are divided, with some predicting $1.21 and $3.60 by 2030 but not the panel average. Some predict the meme-based cryptocurrency will crash to zero, while others predict a huge rally to $10 per Dogecoin. Approximately 130 billion DOGE exist today, and that number is growing at the rate of 10,000 per minute forever. Dogecoin’s creators decided to let the currency be an inflationary one to encourage DOGE “tipping” and other transaction-based uses.
Let’s see an example case of a dogecoin millionaire:
Benzinga, a financial market media organization, reported that Los Angeles resident Consessoto said Dogecoin’s greatest asset is branding, and the cryptocurrency does exactly what it was created for – buy and sell things.
Despite not understanding technical analysis, Contessoto, 33, said he buys into “market sentiment and pop culture shifts”. That’s why the Dogecoin investment is driven by the idea that the economy is more dependent on social media trends and influencer marketing.
Elon Musk’s Tweets and Dogecoin:
Tesla Inc. CEO Elon Musk, a proponent of cryptocurrency, says He has not sold any of his dogecoin holdings and will not do so. Asked about a tweet claiming he would never sell any of his doge holdings, Musk replied, “No, I won’t sell any Doge.”, agreeing he is the ultimate holder of Dogecoins.
Musk has posted multiple tweets about cryptocurrencies, which have caused prices to increase. Musk’s tweets on Dogecoin have turned the once-obscure digital currency into a speculator’s dream.
Tesla CEO Elon Musk has announced the company will no longer accept bitcoin for car purchases, citing long-brewing environmental concerns for the swift reversal. Dogecoin was up 12% at $0.405, according to binary exchange Binance.
