At Last We Meet Again Meme
It's likely that yous've heard of Dogecoin by at present, if only from news headlines. This form of cryptocurrency has been making waves in the investment community of belatedly in big part due to its funny name and viral meme origins, but it'south also perchance becoming a more than legitimate investment option. So what exactly is Dogecoin? The reply is as circuitous as it is amusing. Permit'southward break things down and take a look at Dogecoin's origins, where it came from and how information technology became the king of all "meme stocks."
What Is Dogecoin, and What's Up With the Dog ?
Dogecoin is a cryptocurrency, like Bitcoin or Ethereum, but that'southward largely where the similarities end. Information technology was intended to be nix more than than a joke and was originally created in 2013 by two software engineers named Billy Marcus and Jackson Palmer (pictured here).
The pair designed their new crypto coin with the intention of creating a satirical response to Bitcoin, and they selected a Shiba Inu dog from a popular internet meme to be the face of Dogecoin. "Doge" is a deliberate misspelling of "dog," which was in line with the sense of humour used in the original memes that included a photo of a Shiba Inu side-eyeing the photographer.
Marcus and Palmer ready their new joke currency with its own website at Dogecoin.com, proclaiming the faux digital asset "an open-source peer-to-peer digital currency, favored by Shiba Inus worldwide." Soon after its launch in December 2013, Dogecoin exploded in popularity after inspiring its ain subculture on Reddit.
Early on, Dogecoin gained popularity as a method of "tipping" others online similarly to giving a thumbs up on Facebook or liking a social media mail. To the founders' astonishment, however, Dogecoin began to grow not just in popularity but besides in value. Many fans were attracted to its irreverent accept on cryptocurrency and the fact that there's no limit to the number of coins that tin can exist "produced."
The digital currency further continued to rise in popularity when its fan community began using Dogecoin to contribute to charity campaigns such as Doge4Kids and Doge4Water. As the Dogecoin community'due south donating efforts increased, the coin's popularity continued to surge.
Ultimately, Dogecoin fever even began making fans of celebrities such as Kevin Jonas, Guy Fieri, Snoop Dogg and Elon Musk. The wave of celebrity endorsement helped send Dogecoin out of the realm of a lighthearted internet joke and into the role of serious cryptocurrency contender — albeit a hilarious i.
What Are Meme Stocks, and Where Did They Come From?
Dogecoin isn't solitary in its classification equally what's become known as a "meme stock." Meme stocks are a relatively new phenomenon that's appeared much to the dismay of traditional Wall Street investors. What sets a meme stock apart from other stocks is that the ascension and fall of its cost tend to have fiddling, if anything, to do with the value of the company behind it. Instead, its ownership and selling volumes are inspired solely by the hype it's generated on social media platforms like Twitter and on websites like Reddit.
This phenomenon was what led to the Gamestock and AMC stock sagas of early 2021. In essence, large groups of investors got together on social media and decided to bulldoze up the prices of these stocks by all buying shares of them at the same fourth dimension. The incidents created major waves on Wall Street every bit professional investors realized simply how powerful the coordinated efforts of retail (meaning non-professional) investors could be. For the kickoff time in history, stocks became a lot less predictable — fifty-fifty companies with questionable functioning indicators, such as Blockbuster, BlackBerry and Nokia, saw double- and triple-digit price percentage increases.
Should You Invest in DogeCoin?
The better question is, should you take an investment in Dogecoin seriously? The important thing to realize is that Dogecoin is not the next Bitcoin begging to happen. The reason that Bitcoin has been increasing in value as drastically as information technology has is a matter of supply and demand.
Considering there's ultimately a lifetime cap on the number of Bitcoins that tin ever be created, people are willing to pay more to get a slice of the activity. Dogecoin, on the other hand, has no limit as far equally the number of Doges that can exist, and millions of new Dogecoins are released onto the market each solar day.
Throughout the form of the money's existence, the price of a single Doge hasn't notwithstanding risen to 50 cents. That said, this tin besides be a fun excuse to invest if you find yourself so inclined. Among the reasons that Dogecoin has become so popular is that it's easy to invest in for a very depression corporeality of money, which presents minimal run a risk. The added perk is that the price also doesn't have to rise a smashing deal for investors to realize gains.
Say, for instance, you bought twenty Dogecoins in March of 2022 when they sold for around 5 cents apiece. At the fourth dimension, this would've required the investment of a mere dollar. When the cost of Doge briefly rose to 40 cents a share in April of 2021, your 20 Doges suddenly would've collectively been worth $8 — not a bad render on a $1 investment.
Just be aware that the price of Dogecoin tends to exist incredibly volatile and unpredictable. Cull the amount you desire to invest wisely, and go along in mind that Dogecoins can fall in value just as speedily and randomly as they occasionally surge.
How and Where to Go About Investing in DogeCoin
Wondering where to buy Dogecoin? Current events have fabricated it much easier, as many more trading platforms are now offering Doge purchases due to public demand. In order to get in on the craze, simply select i of these trading platforms and create an account. Many trading platforms are bachelor as apps you can download and use to trade — yous might already exist using Robinhood, for example.
Upon signing upwardly, you'll exist required to provide bones data such as your name and address. You'll too be required to show your identity, simply often this is equally simple as uploading photos of your driver'south license. From there, you'll gear up a connection with your bank on the platform and use it to fund your new business relationship. After that, all that'due south left to do is navigate over to the cryptocurrency section, select Dogecoin and starting time trading.
Some of the more pop apps and trading platforms that currently permit members to buy Dogecoin include:
- Robinhood
- Webull
- Binance
- Kraken
- Crypto.com
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Source: https://www.askmoney.com/investing/dogecoin-meme-stocks-101?utm_content=params%3Ao%3D1465803%26ad%3DdirN%26qo%3DserpIndex
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