Dogecoin has a rich history. It started on the internet as an almost-subtle-sarcastic meme coin. The project was started by Jackson Palmer. A product manager at the Sydney Australia office of Adobe Inc. Cryptocurrencies was popularly called “out of the mainstream” in 2013. When investors were eager to play around. These are new and exciting investment tools.
According to the article by Business Insider. palmer invested in a cryptocurrency after watching it grow in popularity. The article goes on to say that his tweets sparked. A lot of reactions and he chose to buy the domain dogecoin.com.
Jackson Palmer became a part of the digital currency world when someone from IBM reached out to him and wanted him to help launch an initial coin offering. After beginning work with Billy Markus. A software engineer for this project. Jackson can witness how a not-so-intelligent computer can be reinvented to improve business efficiency.
The code for dogecoin was initially based on the script algorithm. But was changed in March 2014 to a static reward. It still uses Litecoin’s implementation of this as well. The original code for dogecoin is considered obsolete now that we have switched to the new design.
Doge is a cryptocurrency
That was originally released on December 6, 2013. Its original name is suggestive of the popular meme (popularize by pictures featuring and talking about a Furry Shiba Inu). That depicts and talks about this currency. This furry dog also serves as our symbol for this shared currency.
Several weeks after the creation of Dogecoin, its value had jumped to 300%. It was believed that there was a connection. Between this and China’s decision to ban banks from investing in cryptocurrencies. However, the coin was marked as a fun version of Bitcoin. It attracted several enthusiasts and an active community started with time.
Dogecoin’s initial efforts were not enough to keep the coin afloat. But things quickly changed for the better when Jackson Palmer left the project.
Dogecoin has seen its fair share of ups and downs. Much like the other coins, it peaked during the boom in 2017 and fell sharply in 2018 due to a lack of interest among crypto investors.
Dogecoin Is Being Hyped?
While the hype surrounding Dogecoin may seem high to some. It can be a good investment for conservative investors. And during the summer of 2020. A TikTok video will pique interest and cause many people to buy into the digital currency.
With that spike in demand, we could see a price increase. The author’s prediction that each $25 investment would be worth $10,000 in no distant time never comes to fruition.
One of the world’s wealthiest men, Elon Musk. Has also been a huge part of DOGE’s recent hype. Tesla owner and cryptocurrency enthusiast Elon Musk frequently tweets about DOGE. Which has attracted a lot of new followers.
Dogecoin has grown into what it is today. Largely due to the support of a fun community. There are plenty of online places where you can use Dogecoin, like Reddit and social media. It is also said that if you love dogs and enjoy humor. Then it’s worth a shot to try this cryptocurrency out.
Weighing the Pros and Cons of Investing In Dogecoin
If you’re interested in cryptocurrency news and analysis. DOGE has had a splendid year. It’s an excellent currency for short-term investments. But it’s not always easy to make money.
DOGE tokens have the potential to be lucrative during short-term investment. But investors must learn how to time them properly. While DOGE has shown a significant increase in value over the past few months, investors should exercise caution. When investing in this altcoin before considering it as a long-term portfolio.
Dogecoin appears to have a lot of potential but it is also volatile. Which makes it riskier to invest in than other cryptocurrencies.
Dogecoin’s value climbed by nearly 400% in January 2021. But shortly after it reached unprecedented levels. The value of the coin dropped by nearly one-third. Despite its growing popularity, the coin is not very credible.
Unlike other cryptocurrencies that have been adopted by businesses. Dogecoin’s main point of adoption so far has not been as widely accepted. There are no recognized businesses in virtual currency that accept DOGE as payment. This makes it seem less credible to the public.
One Crazy Success Story
2021 was a great year for DOGE and many people took advantage of that. Here is a crazy story to give you an idea of the opportunity the coin presents: Glauber Contessoto recently described himself as a millionaire. Because he invested in Dogecoin on February 11th and got incredibly rich by April 4th.
Although Elon Musk is known for being a cryptocurrency enthusiast. Contest found that he wasn’t convincing enough to invest in Dogecoin.
On the 5th of February, Contessato invested $250,000 in dogecoin. He had a crazy belief that the coin could help him build generational wealth. He saw it as an enormous deal and committed fully to it.
One of the other crazy parts of the story. That Contessoto’s investment didn’t only come from his life savings. He didn’t have enough money to fund his investment, so he sold all his stocks, including Uber and Tesla.
Contessoto’s friends warned him against investing in DOGE. Because they predicted it to crash. Even when that prediction came true. They continued to assert that such investments never go up. They also claimed that was going to be a long-term bear market as a result. The investment would never pay off.
Against all odds, Dogecoin surpassed its value. In just a little over two months, Glauber Contessoto was able to become a millionaire on cryptocurrency. Countless Reddit users shared his story and that’s how we found it today.
One man has amassed a small fortune of over USD 10 million in digital coins. But he’s going to give it away instead of spending it. You’ll never guess who that person is.