If you have been in the crypto world for a year, you would know the craze Dogecoin brought to the world, and how it was fueled even more by Elon Musk’s tweets. Honestly, if we see from the investment point of view, it doesn’t seem to be the right choice from the traditional aspect but there is much more to see. Dogecoin was basically developed by Billy Markus in three hours by using the core code of Bitcoin.
According to the coin developer, he spent that time making changes to the code by changing the font to comic sans. In addition, the developer said that Dogecoin was designed as a joke, and by 4th May 2021, it had surpassed the market cap of $75 billion. So, you must be wondering if this is the right time to board this rocket and we are here with the answers! So, if you are curious about Bitcoin taxes you should then read tax Bitcoin to know more.
Sure, we aren’t the experts but if you have ever copy-pasted content from the internet, it’s obviously not worth $26 billion. Having said that, the Dogecoin price is only worth it if someone else is paying for it. It wouldn’t be wrong to say that the price is based on cultural value rather than underlying technology but it has surely managed to unify everyone in terms of connectedness, laughter, and money.
As for now, the Dogecoin is at $0.20 which means it’s quite affordable and you can purchase your own to become a part of the global movement. At this point, it’s important to outline that market capitalization is a core perception of the digital currency’s value rather than per token price. Having said that, with so many Dogecoins available in the market, the per asset price remains quite low.
Will It Hit The Moon?
Ever since 2017, Dogecoin has managed to pump by 2000% three times and it’s safe to say that it’s a thing. Now, coming to the billion-dollar question, “where will this stop?” Honestly, nobody knows about it. There was a time when you would be given mental illness checkups if you wanted to invest $1 for one coin but it’s everything Twitter can talk about.
Should You Invest In Dogecoin Right Now?
In 2021, a team at Robinhood investors managed to take down Melvin Capital during a short squeeze at GameStop while decentralized cryptocurrency managed to create panic among central banks all around the world. Similarly, it seems like power is getting hit from the top and it’s going deep to Wi-Fi routers and ocean-installed fiber optic cables.
Having said that, if you are a millennial with a Robinhood account, we are sure you have the biggest chunk of Dogecoin in your wallet as compared to the financial advisors on this planet would ever recommend. Also, there are high chances that you’ve already made extensive profits as compared to what the same financial advisors will make for their stock portfolios.
When it comes down to making money, the investment is not meant for making money because it is meant for something bigger than this. Having said that, the investor is not an individual anymore because they have become a part of this global team while DOGE remains the ultimate mascot, whether it’s at $1 or $0.01.
Purchasing Dogecoin – How Can You?
If you have made up your mind that Dogecoin is your next investment, you need to keep in mind that it is not supported on every cryptocurrency exchange. However, it can be traded, bought, and sold on Coinbase, Binance, and Robinhood. So, weigh these options and choose the platform that sounds the most effective.
What’s The Future Of Dogecoin?
It’s needless to say that Dogecoin turned into a meme but this meme is worth $26 billion and it has managed to shake your conventional investors. As far as the future is concerned, it’s unlikely that Dogecoin will survive the test of time but it doesn’t matter because Elon Musk is pushing it backward and forward with his mere tweets.
That being said, you can invest but always invest the money that you can afford to lose. Also, you can always make a profit if Musk makes a positive tweet, so it’s confusing territory!