In this whole era of digitalization, not only the modes of paying money have gone digital, but the currency has also gone digital. Digital currencies are free from the rules and regulations of central banks and other financial authorities. This means that they are not subject to the same levels of taxation as traditional fiat currencies.
We all have heard of Bitcoin and how it has boosted the whole scenario of digital currencies. Now, more and more digital currencies are forming and operating. Similar to this, one digital currency formed is Dogecoin, and it’s one of the most exciting coins prevailing in today’s time. Let’s know everything about Dogecoin and how it is the most radical coin ever.
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How It All Started?
So it all started as a joke. Yes, that’s right, it all started as a joke when two software engineers, namely Billy Markus, an IBM software engineer, and Jackson Palmer, an adobe software engineer, decided to make a coin. It started as a meme, and with time it got viral. Shiba Inu, a breed of dog, is a part of it, and soon the whole internet was used to making memes for fun.
As a result, those software engineers decided to launch this coin as it was so viral, and that’s how Dogecoin was formed. But the people liked this idea so much that people took it so seriously that back in December 2013, when it was launched, over one million people visited the dogecoin website in one month and started using it as soon as possible. It generated an absolute value of 8 million dollars back in that time on Reddit. It also got benefitted as bitcoin was too much expensive. Hence, all the people who wanted to invest in the crypto market just founded an alternative that was way less expensive than Bitcoin.
Dogecoin’s Present And Elon Musk’s Love For It
At present, the Dogecoin is worth 0.080 dollars, which is not even 1 dollar. Yes, once started as a joke is now worth a few cents, but its journey to the current value is also very interesting. The people on the internet wanted to make this coin a global trending coin, so they used various tactics and used bitcoin’s surge for their own benefit. When bitcoin rose, Dogecoin’s value also grew with it. There were also many failed attempts on the internet and various social media sites where people wanted to boost the trend, but they failed.
But it all changed when Elon Musk tweeted about this coin. From that point till now, whenever Elon Musk has tweeted, posted a pic meme, or anything about Dogecoin, its value has gone up. Recently there was a 20% spike in Dogecoin value when Elon Musk tweeted that he would accept Dogecoin for purchasing merchandise for his company SpaceX and then for Tesla. Moreover, it is also trending because there has been speculation that Elon Musk will make this digital currency the only form of payment method when his company launches the operation to settle on Mars.
Future Of Dogecoin
As you have read about all the history and present about Dogecoin and all the events related to it. Further, one thing is for sure, Dogecoin, in a real sense, is highly risky, and it’s completely volatile. Suppose an investor has to look at it. In that case, he or she is going to see how it started as a joke as to how only one tweet from one person can ultimately put the game up and down for this currency.
Also, people have shown their anger towards it too that how only one person controls this whole currency and asks for the point that why they should invest in it. But that is the opinion of some investors only. Other investors and other crypto holders also believe that the value of Dogecoin is going to be up in the upcoming times. They have also predicted the value of Dogecoin at 1 USD in 2030. So in this way, the whole scenario of Dogecoin can be summed up as being volatile but with immense potential.
Conclusion
So, to conclude, we can consider that both the perspectives of Dogecoin are correct. It’s highly risky but has the ability to shock the entire stock market. So if you want to invest in cryptocurrency, but you don’t have enough money to buy highly expensive crypto like bitcoin, Dogecoin is the best option. As it’s less expensive, and the chances of loss, even if they are high, are bearable.
