Is Dogecoin Still a Good Investment
Dogecoin the memecoin with seventy times Bitcoin’s gains and briefly replacing Cardano’s ADA as the 6th largest currency?
Yes, you are reading that correctly. This memecoin is no stranger to the cryptosphere. It was originally started as a joke in 2013 by Billy Markus and Jackson Palmer, both of which thought crypto was being taken too seriously. Yet, much to Markus and Palmer’s surprise, their memecoin, Dogecoin, was a near-instant success where within the first month, there were over one-million unique visitors to its website and reached more transactions per day than Bitcoin! A joke? As Macaulay Culkin famously said in the movie Home Alone, “I don’t think so.”
Why is dogecoin going up
In 2014, Dogecoin community raised 26.5 million Dogecoin to send the Jamaican bobsled team to the Sochi Winter Olympics. In March of that same year, the community raised over 40 million Dogecoin (about $30,000 at that time) to help with building clean-water wells in Kenya. To top it off, the Dodgecoin Foundation (a foundation that prides itself on its name meaning Do Only Good Everyday) partnered with YouTubers Mr. Beast and Mark Rober to raise a combined $30 million to remove 30 million pounds of trash from the world’s oceans. Not too bad for a memecoin.
In the memecoin category, Doge outperformed 150 other digital assets in October, according to FXStreet. Its price rose 101% during the month, while Bitcoin was up only 5.5% and Ethereum only gained 18%. On October 29, Yahoo Finance reported that Doge had a market cap of $17.5 billion, while ADA had a market value of $14.5 billion. In fact, Doge’s market cap currently exceeds that of more than 120 members of the S&P 500!
So this begs the question, why the increase? This can be attributed to several factors – investors looking for the latest coin to buy big hoping to score big, influencers hyping the coin to rebel against big business, and something that is fun, not serious, to invest in. However, Doge can attribute a lot of its popularity due to one person making several tweets about it, and even bringing it mainstream during an appearance on NBC’s “Saturday Night Live.” That person? Tesla CEO Elon Musk.
Elon has made numerous tweets about Doge in the past year and a half, which created major price swings – both high and low. Some appreciated his tweets, while some investors begged him to stop. Yet, the numbers don’t lie. Dogecoin continues to do well despite anything Elon says.
What does the future of Dogecoin look like?
Well, Elon now owns Twitter. According to CoinGape, it is only a matter of time before Elon integrates crypto payments into Twitter. Since Doge is one of Elon’s favorites, many are speculating this would be the first to be integrated. Tesla is allowing purchases to be made using Doge, Dallas Mavericks Mark Cuban is also a fan, allowing sports fans to buy tickets and merchandise with Dogecoin. According to bitpay.com, you can also use Dogecoin for Sling TV, airBaltic, Menufy, ExpressVPN, Ledger, Namecheap, Wrist Aficionado, American Gold Exchange, Twitch, and American Cancer Society.
Not too bad for a joke coin. If you still think crypto is not moving towards mainstream, you are highly mistaken. Though crypto has been around for several years, we are still in its infant stages. If you have been thinking about getting some crypto for your portfolio, now may be the time to do your research, and see which one is right for you. All it takes is one joke to become seriously successful!