Urian B., Tech Times, May 7, 2021, 10:05 p.m.
(Photo: Screenshot from Commons.Wikipedia.org)
There has been a lot of talk about $ DOGE lately. The lines “to the moon” are also thrown a lot as a number of people are investing in Dogecoin and “HODL” by the right time. There are a number of people who still don’t know what exactly Dogecoin is and why it matters.
Is Dogecoin a joke?
For those who haven’t kept up with the news lately, cryptocurrency is growing in popularity as people slowly adjust to modern trading and invest instead of traditional ones. When it comes to investing, a lot of people look forward to cryptocurrency.
What exactly is Dogecoin? According to an article by CNBC, Dogecoin is a specific cryptocurrency that was actually branded by an epic viral dog meme that came out years ago! The cryptocurrency currently has a market capitalization of around $ 86 billion after a massive increase of around 25,000% in six months!
Is Dogecoin a Good Investment in 2021?
According to a certain portfolio manager and Quantum Economics founder Mati Greenspan, the joke is now on Wall Street. What is happening is that there are now teenagers on TikTok who beat even the “smartest suits” by a whopping thousands of percentage points.
What sets Dogecoin apart from Bitcoin is that it actually doesn’t have a hard market cap. Bitcoin currently has a market capitalization of 21 million coins. It was then described by Greenspan as a “really insane inflation plan”.
Elon Musk Dogecoin
A clear impact on the price of Dogecoin is the hype caused by Elon Musk, CEO of Tesla. The billionaire has been talking about the cryptocurrency for some time and every time he tweets the prices of that cryptocurrency go up too!
Elon Musk is famous for his “to the moon” statement when talking about $ DOGE. Although the billionaire advises people to proceed cautiously, many fans of Musk are investing more and more in $ DOGE, turning some of those investors into instant millionaires.
Also read: Why is Elon Musk Obsessed with Dogecoin? History of this cryptocurrency
Aside from Elon Musk, there were others who were concerned about cryptocurrency. Other celebrities include Mark Cuban, the owner of Dallas Mavericks, Snoop Dogg, the artist, and even Gene Simmons, the Kiss bassist. Even the popular Slim Jim jerky beef brand has started getting into all the action, according to Coindesk!
Dogecoin was supposed to be a cryptocurrency to mock other cryptocurrencies, but now it has evolved into a cryptocurrency that has reportedly performed well for a number of investors. Given the price of the coin from $ 0.05 on April 1st to a whopping $ 0.72 on May 8th, some people are already taking profits.
However, the value of the coin is expected to rise now and many new investors are trying to take advantage of the opportunity.
Related article: Elon Musk’s SpaceX makes Dogecoin the lunar currency? Real or April Fool’s Day?
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Posted by Urian B.
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