Updated: Feb 10
Dogecoin is a cryptocurrency that was created to be a meme coin( a Joke), pretty much to make fun of other crypto currency. So we reiterate a question: "why is it now worth more than Western Union or Under Armor?" -WSJ
Elon Musk( the world's richest man and Chief Executive of Tesla) has been on a tweeting frenzy lately, lending his support behind dogecoin.... resulting in a wave of new investors wondering if this is the next Bitcoin or next goldmine. One of his most resonating quotes can be seen below:
“Dogecoin was made as a joke to make fun of cryptocurrencies, but fate loves irony,” he said. “The most ironic outcome would be that Dogecoin becomes the currency of Earth in the future.”
Furthermore, Rapper Snoop Dogg put online a mock album image captioned “Snoop Doge.”
In addition, icons such as Gene Simmons, co-founder of the rock band Kiss, calls himself the “God of Dogecoin.”
So, what is dogecoin, and what is all the fanfare/excitement about? Stay tuned for the answer!
First of all, How do you pronounce “dogecoin”?
According to Dogecoin's co-founder Billy Markus, the correct pronunciation is “dohj coin.” But that hasn't stopped some from pronouncing it as “dog” or “doggy coin.”
What is dogecoin?
Dogecoin is a cryptocurrency that was started in 2013 as a joke; essentially to make fun of other crypto currencies, particularly bitcoin. Initially it was meant to serve no real purpose other than for comedy and online tipping. "It is named after an internet meme centered around the image of a Shiba Inu dog with bad spelling habits—thus “doge” instead of “dog.”
What is the catalyst behind it's sudden renewed popularity?
Elon Musk, Tesla’s billionaire founder, tweeted a faux “Dogue” magazine cover.
This was the catalyst the dogecoin community needed and they made it known. To have the richest man in the world and arguably the most innovative individual of the modern era, show his support for the crypto was enough to start a fire that was already primed. Mr. Musk has since continued to tweet about the cryptocurrency, with each tweet leading to surge in value of the coin. An Exodus of new investors came rushing in and the rest was history. Dogecoin went from being worth .002 cents/coin to as high as 8 cents/coin and the run doesn't seem to be ending anytime soon, if ever. "That means it has climbed almost 1,500% this year, and has a market value of roughly $10 billion, making it more valuable than Western Union, Under Armour and Xerox."
A flood of celebrities and icons such as Snoop Dogg and Soulja Boy, and Mr. Gene Simmons, not only joined in sharing Dogecoin memes and tweets with their followers. But they have actually went as far as investing 6-7 figures of their own money into the coin.
Fans of dogecoin are rooting for it to reach $1.
How can I buy dogecoin?
Dogecoin can be bought with a bank card on cryptocurrency exchanges and trading platforms such as Robinhood, Binance, Voyager or Anchor USA.
Who invented dogecoin?
"Developers Jackson Palmer and Billy Markus co-created dogecoin in 2013.
They set it up as a joke. Even the way people originally obtained the coin was meant to be ridiculous: In return for solving mathematical puzzles, dogecoin miners operating fast-running computers received anywhere from one dogecoin to hundreds of thousands of dogecoins.
Neither works on the project anymore, yet the coin has been thriving. You can say the same for Bitcoin, I mean who knows who really invented it?
Is Dogecoin any good apart from it's original meme image?
Actually, Dogecoin is better than most people realize. This is why Elon Musk said it would be ironic if it becomes the currency of the future.
Dogecoin is actually one of the fastest currencies that exist..atleast 10 times faster than Bitcoin.
Hotels, Technology companies, gaming platforms and even Pornhub have recently adopted dogecoin as a payment option.
Dogecoin is also now ranked among best Top 50 crypto Currencies with a market Cap larger than even Under Armor and Western Union.
Dogecoin is the only coin with both monetary and other intangible value.
Amazingly, Dogecoin was used to raise funds to sponsor the Jamaican two-man bobsled team at the Winter Olympics in 2014. You could make another movie out of this.
Longevity: Doge is almost as old as Bitcoin making it one of the few crypto's that has survived so long and thrived.
Dogecoin has been growing by the day, with billboards popping up all over the world, even in Times Square New York. We cannot tell you to invest in dogecoin, but do your own Due Diligence and come to that decision on your own.
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