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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