My blog post this week is inspired by this picture of Elon Musk at the Super Bowl wearing a Dogecoin shirt that went viral briefly on twitter and this tweet stating …
Now if you’re anything like me, the word “Dogecoin” means almost nothing to you, so why does Elon Musk seem to love it so much?
What is Dogecoin?
Dogecoin is a form of cryptocurrency that was created in 2013 and supposed to be a lighthearted alternative to Dogecoin. Initially, it was created as a joke by Billy Marcus and Jackson Palmer, who were friends that met through reddit. Unlike Bitcoin, which is scarce, Dogecoin is intentionally abundant. In the beginning you were able to obtain DOGE for a fraction of a penny. It was considered a meme in it’s community and had little to no value until 2021 when the currency blew up out of nowhere.
What Made Dogecoin So Valuable?
Like all other crypto, DOGE was assigned a value based on its demand. In May of 2021 the price soared around 7000 percent. This was influenced by retail investors on Reddit working together to push the prices up and tweets from Tesla founder, Elon musk.
According to bazinga.com, if you invested $100 when Elon Musk had first mentioned Dogecoin your investment would have been worth $28,902.86 in 2022. Isn’t that crazy? Because of the fast rising prices, more investors were attracted to DOGE in an attempt to capitalize on its growth.
How to Purchase Dogecoin?
Purchasing Bitcoin is similar to purchasing any other cryptocurrency. First, you must find a cryptocurrency exchange to purchase it on. Some popular ones include Kraken or Binance. Some online brokers, like Robinhood also allow you to purchase Dogecoin. You must set up an account and then fund it using either a credit card, bank transfer, or whatever payment option the exchange offers. Once you have funded your account you can buy Dogecoin at the current market price. Once purchased, it is highly suggested that you move your coins to a digital wallet. Be sure to secure your wallet with a private password
So Should You Purchase Dogecoin? 🧐💭
Like any other form of cryptocurrency, investing in Dogecoin involves risks. If you are thinking of investing in some coins, do some research first and familiarize yourself with the concept of investing. In my personal opinion, it would not be smart to invest a large amount of money in DOGE unless you have a salary similar to that of Elon Musks. Ever since the big surge in 2021, it has not done much since then and no one is sure when something like that will happen again, but it might be smart to have some DOGE in your portion incase it does happen again.
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Hi Erica! I would also not invest because I am not super impressed with online currency of this sort, my reasoning largely based on its “bubble” nature. I am curious how this type of currency has potential in a niche way, differentiating it from other forms.
Hey Erica, great post! I enjoyed reading more about this because I used to own a very small amount of dogecoin- had to do it for the meme lol. I didn’t know the history of doge and how much the stock skyrocketed in 2021, but it is interesting to think about how holding onto a stock or crypto for some time can have a huge payoff even when the investment was created as somewhat of a joke. It is definitely a gamble, but if people are willing to take the risk- the payoff could be worth it!!
Hey Erica, a very nice post I love how you included tweets and even centered the post around a Twitter post. I remember when Elon first tweeted dogecoin and remember the whole to the moon joke and I even made a small amount of money off of it. It was fun while it lasted but I think doge should stay a meme but who knows maybe it will boom again for the joke of it.
Aaah Dogecoin. To me its about the only valuable crypto outside of the biggies (bitcoin, etherium, ripple), because at least it doesn’t take itself too seriously
Hi Erica! I found your post really interesting! Although I am still a bit skeptical of the world of cryptocurrency, the one thing I can agree on is the ability of this cryptocurrency to attract people. I have noticed that people in and out of the crypto space often click on Dogecoin articles. It all seems like a big inside joke. Although it doesn’t match the value of the big ones like bitcoin, people still hold some just for fun. But with the volatility of the market, who knows – maybe we will see a “to the moon pt.2,” and everyone will make a ton of money again.
Always loved the Doge meme as a kid. I had actually heard about the coin when it came out because of Minecraft but that was never something I was going to involve myself in as an eighth grader. Personally, it’s something I’d never invest in still today because of the constant fluctuation. It was crazy to see last year how the price would jump simply because of an Elon tweet.
The Dogecoin trend seems to be a mockery of cryptocurrency traders by cryptocurrency traders. I still don’t know what to think of crypto in general, but I would probably avoid buying any Dogecoin myself. With that being said, it’s unpredictable, volatile, and potentially lucrative. I guess it fits Elon’s persona perfectly. Also, he has more fun with Twitter than anyone else on the app, and as one of the richest people in the world, his obsession with Dogecoin is a little odd. I was hoping to learn a little more about the various types of crypto this semester, and this definitely helps. Nice post!
Hi Erica! Great post. I actually still have some stock investments in Dogecoin. I completely forgot that I still had money invested though, but I remember barely paying a lot, like you said. Maybe it’ll eventually blow up with time (especially with Elon lowkey endorsing it). Now that I think of it, I should probably take that money out and put it into a better investment. I loved your inclusion of pictures and tweets from Elon, it made me laugh.
Same! I completely forgot I had doge still. It’s nothing compared to what it was before though, which is a meme in itself.
Hello Erica! I enjoyed reading your post and am curious to see what the future has in store. I have some investments in Bitcoin and Litecoin at the moment and was actually interested in buying Dogecoin at one moment. The pump and dump movement in the crypto industry is something that must be looked into as many can manipulate this system.
Hi Erica, I really enjoyed reading your post! I never invested in Dogecoin but I have always kept up with its value over the years because of the hype surrounding it. I find it very interesting how Dogecoin never took themselves seriously and was always more of a “meme” coin, but was able to have exponential growth due to social media. Overall, awesome post!
hey Erica,
This was such a funny sight to see because I actually invested in Dogecoin and was a huge advocate for it. The dogecoin pump in the year 2020 was huge and it was sad to see them fade away from the market. I wonder what Elon was trying to tell the public from wearing this shirt. Great work!