Dogecoin and Litecoin are two cryptocurrencies that have been making headlines in the past few weeks. The question on everyones mind is which one …
What is Dogecoin?
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“Investing in Dogecoin, pretty sure it’s the next big thing."
(via @ummjackson , Twitter)
It started as a Joke..
(Via Twitter @NicholasM1 )
Dogecoin has a net worth of more than $86 billion and has now overtaken Honda in market capitalisation, and is hot on the heels of General Motors Co . - a company founded in 1908 - over a hundred years ago! (Just let that sink in)…. a meme crypto coin started 8 years ago now has a similar Market Cap to General Motors Co…
Despite it being the quirky oddball coin amongst giants in the space, Dogecoin has given some of the highest returns this year growing by a staggering 11,000% in 2021, even Bitcoin by comparison has a return of just over 90%. Dogecoin’s rise started in February following Elon Musk tweeting about the topic.
Investor interest in Dogecoin has been so strong that the RobinHood trading platform crashed following interest in Dogecoin.
The Dogefather - Elon Musk
The richest man in the world, Elon Musk, has played a contributory part recently into accelerating the growth of Dogecoin. He has posted a number of tweets on Twitter that reference the coin and has referred to himself as the Dogefather on Twitter in classic Elon style.
Endorsement from Snoop Dogg
(Via Snoop Dogg Twitter.com)
Is it a bubble? Will it mature into a usable currency?!
Many experienced traders are either staying completely clear of Dogecoin as they see it as too risky an investment, or alternatively they are buying the dips and banking all the way to the top - this ofcourse is a high risk, high return strategy and you shouldn’t rush to put your life savings into is a meme coin if you are just starting out in crypto.
New investors to the space may get FOMO not realising that the coin could crash dramatically once the whales have had their fun. Some twitter users have drawn parallels between Doge and XRP . It is definitely a good idea to do as much research as you can before you make a serious investment decision on any crypto, let alone Doge.
Elon Musk Hosting SNL
There have been various teasers that Elon Musk will be mentioning or even showcasing Doge on SNL, this will pump the price even higher following the show, and mean that it may be likely to top $1.00. Many investors are piling in now for this very reason.
Dogecoin’s rise has certainly turned some heads , but the question is: how long will it last?
Bitcoin’s share price has been on a major downtrend for some time now, and with Bitcoin dominance at an all-time low of 46.02%, many analysts are questioning what this means for other altcoins - especially those that are not among the Top 20 coins by market cap.
Where can I buy Dogecoin?
You can buy Dogecoin on the following exchanges. We recommend using Crypto.com as you get $25 using this link.
Buy Dogecoin with USD, EUR, GBP with Changelly
Changelly provides a fast and secure way to exchange and purchase 150+ cryptocurrencies, we recommend Changelly as being one of the easiest to use exchanges, you can even use the widget below buying in USD, EUR, GBP or BTC or visit their site here .
Disclaimer: Cryptotravellers or the author are not a financial advisor and the information in this article is not financial advice and should not be construed in this way.