If you lack adrenaline after the pandemic and want to add colors to your life, you can invest in Dogecoin. Dogecoin (or DOGE for short) is an open-source peer-to-peer cryptocurrency. The symbol of the coin is the well-known Internet meme Doge with the image of a dog of the Shiba Inu breed. Being an open-source means other people can participate in creation of the platform.
Despite the hype in the past few years, Dogecoin is a surprisingly old project. It has been on the market since 2013 and was created by Billy Markus and Jackson Palmer. The creators themselves called it a joke (great to know before I invest in DOGE:).
As of May 2022, the capitalization of Dogecoin exceeds $11 billion. The cryptocurrency was created on the basis of another project, which was made from Litecoin, which in turn was a fork of Bitcoin. The main advantages of Dogecoin over its predecessors are faster transactions and a huge number of coins (now it’s around 132 billion in circulating supply).
The founder Billy Marcus sold all his Dogecoins in 2015 and wrote about it in an open letter to the community on Reddit. He urged people not to invest in Dogecoin now, citing the high risk and lack of long-term prospects for the project. While his warning may have been well-founded, many people ignored it and made their own Dogecoin investment.
The coin is very volatile and doesn’t really have big intrinsic value, but people simply enjoy being part of a community that is known for its lighthearted approach to cryptocurrency (or just repeat after Elon Musk). Whatever the reason, it's clear that Marcus's decision to sell his coins did not deter everyone from investing in Dogecoin.
In fact, Dogecoin has a very strong community on Reddit that actively supports its development and growth, because it is fun, friendly and fast. I mean, where else have you seen that so many people would invest in something ‘fun’? The official Dogecoin Twitter account has more than 3.4 million subscribers. I guess, we have to accept that it’s a new reality and invest in Dogecoin today, too.
Elon Musk played a big role in it when he tweeted in 2021 that Dogecoin is ‘the future currency of Earth’ and also said that he bought some DOGE for his son. Although it is still not clear why he is investing in Dogecoin, in 2021 he also announced that SpaceX would have a joint mission to the moon with Dogecoin, which will be paid for with the DOGE cryptocurrency. However, buying it during Elon’s mentions would not be the best way to invest in Dogecoin, because it fell 80% since then.
Nowadays, Dogecoins are often used to tip content creators on social media platforms such as Reddit and Twitter. Due to its low price, which you can see on a chart, and high supply, many users find it easier to invest in Dogecoin than in other cryptocurrencies.
There has always been a lot of skepticism around the project because the creators themselves called it a joke, but the project is not only in the TOP-20 in terms of capitalization, but is also one of most mentioned in the media and social networks. The power of hype, indeed.
To help you with the question ‘Where can I invest in Dogecoin?’, consider buying it directly on exchanges or in Gainy.