Four Things You Should Know About Dogecoin, Including a Crypto Price Prediction for 2022. »Brinkwire
Although a similar cryptocurrency Shiba Inu has been on the rise lately – the year Dogecoin had cannot be missed.
In the past 24 hours, the price of Dogecoin has fallen 6% according to Coinbase, but has increased by 2% in the last seven days.
Although there has been some volatility recently, Dogecoin was one of the most popular cryptocurrencies in 2021.
In the past year, Dogecoin has shot up more than 8,000%, according to Coinbase.
As you are thinking about making a purchase, we are going to explain a few things you need to know.
As always, be aware that making money through investing is never guaranteed and you could lose all of your money.
Dogecoin was launched in 2013 by software engineers Billy Markus and Jackson Palmer.
Originally, the cryptocurrency started out as a joke with the Shiba Inu dog as a logo.
The image became a popular internet meme called the Doge, and it shows the dog surrounded by comic-sans script with words like “much wow”.
Internet traction aside, Dogecoin has some notable features including its cheap price, unlimited supply, and scripting algorithm.
Because it was mostly a joke, the soaring price hike in 2021 can be attributed to retail investor and billionaire Elon Musk.
Dogecoin can be thought of as a meme coin – because it doesn’t really win in its basics.
It resembles the epic gains that GameStop and AMC saw this year, initiated by a Reddit mob that drove up prices to penalize hedge funds that go short.
When it comes to Dogecoin, some Reddit users have been texting messages and posting memes on threads that include “dogecoin to the moon” to help keep the price sky high.
In May, Musk’s rocket company SpaceX also announced that it would start a so-called “DOGE-1 mission to the moon” in the first quarter of 2021.
Musk alone also has a huge impact on Dogecoin. All you need is a simple tweet to either fuel up or get the price up.
But of course, all cryptocurrencies come with risks, including Dogecoin.
This is due to the complexity and high volatility in the industry.
The high volatility is particularly true of Dogecoin. Dogecoin, for example, hit an all-time high of $ 0.737567 in May.
Some hoped the price would hit as much as $ 1 after his much-anticipated appearance on Saturday Night Live.
But instead, the opposite happened and Dogecoin fell.
Since Musk’s SNL appearance, Dogecoin hasn’t nearly hit its all-time high and hasn’t traded above 30 cents since the beginning of September.
Also, China’s ban on cryptocurrencies has raised some concerns.
The trends haven’t been cheap lately – but … Brinkwire news briefs.