Doggy Coin

Hello, it's your favorite billionaire; Elon Musk… okay, okay, fine you got me, I’m not Almighty Elon but come on, who does not want to be a Multi-Billionaire? Let me be, I’m manifesting it. In fact, referencing Elon Musk is even more appropriate because he has played a massive role in the exponential growth of Dogecoin, a cryptocurrency that serves no specific purpose and was created for laughs, well nobody's laughing now. Thanks, Elon!

Before I jump into my tirade on this special coin, Don't forget to like and subscribe, then also hit the bell icon to turn on post notifications to be notified when we post. Thank you.

Now, I have to define what Dogecoin is first, that should be easy, I mean it has to be easy because, come on, who can’t define a currency that is a joke (not that anything about this particular coin is a joke anymore). So in 2013, the Dogecoin was created by Mr. Markus and Jackson Palmer, both clowns obviously because who creates a currency as a joke? Like who? I mean it's understandable given that the concept of cryptocurrency was yet to be centralized or accepted, even though Bitcoin already existed.

Markus and Palmer, as earlier stated, created the Dogecoin as a joke, basically as a reward base for miners, who after solving mathematical puzzles would be rewarded with one and sometimes thousands of Dogecoin.

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Moving on,

So, Dogecoin was a meme embedded in another meme popularly referred to as the doggy coin since it was a satirical joke, named after a self-aware Shiba Inu dog. This cryptocurrency mega prank, which started at almost nothing, has in the past week soared above all expectations, putting to shame all its cynics and grown at an exponential rate of more than 400%, thereby proving itself to no longer be a joke.

Dogecoin backers, like Billionaires Elon Musk, Mark Cuban, and even beef jerky Slim Jim who has gotten in on the action have been cheerleading the cryptocurrency via social media, and a lot of social media influencers, miners, and analysts have suggested that the Dogecoin will keep rising, and might even rise to a Dollar or more. Now that's no joke.

Despite the skepticism of dogecoin rising that high and Kadan Stadelman, a blockchain solutions provider, putting it out to CoinTelegraph that it's unlikely for Dogecoin to hit $1, there is a high chance that this very exceptional coin will hit a price of $1.

Not until recently on Twitter, Elon Musk stirred an uproar on the app as it was seen that he so much promoted dogecoin which then led to its exponential and surprising rise which drastically increased the price of doge coins. He posted a picture of the popular meme of a dog barking at the Moon, he further tweaked his caption changing the word ‘dog’ to ‘doge’, thereby signifying that the coin was going to rise to the moon. This set the social media abuzz with a lot of Elon Musk’s fan base and ‘Reddit boards’ lit up with pro doge propaganda which led to the exponential increase in the coin’s market value which made the ‘tongue in cheek’ coin swell to more than 52 billion dollars on Friday 16th April 2021.

The rise in the value of Dogecoin has been best portrayed on social media by a funny meme of the crypto currency’s mascot which is the face of a Shiba Inu dog has been photoshopped into a cartoon figure of the grim reaper, holding an ax or a scythe, going door to door, murdering symbols of a nickel, a dime, a quarter with blood oozing out from underneath their doorways, with the picture of the grim reaper at the door of the Dollar, with a caption, ‘Knock, Knock’. This shows how the progressive rise of the Dogecoin cryptocurrency has smashed unexpected records by rising so fast.

It is much safe to say that Dogecoin is the ‘Robin hood’ of cryptocurrencies because it spreads out profit for everyone who bought into it thereby drawing a lot of investments from investors of other cryptocurrencies. It also helps those who could not make much profit from other cryptocurrencies like Bitcoin as well as Ethereum which are fast-rising currencies bringing forth profits here and there, to actually make enough profit off it, just exactly the way Robin Hood stole from the rich to give to the poor literally.

There is still a lot of cynicism about the cryptocurrency, where analysts who are not in support and are skeptical have given warnings that a bubble is forming but this kind of data-based cynicism is rather being used as fuel by the army of Dogecoin enthusiast, to encourage and egg on themselves, to keep buying the cryptocurrency, thereby driving up its value.

The most amusing thing about this coin that keeps astounding a lot of crypto traders and miners is the fact that this was a coin that had never traded above 10 cents in its seven years of existence.

Dogecoin is the hottest, quirkiest cryptocurrency on the planet. It is now the number 5 most valuable cryptocurrency on the market, according to CoinMarketCap, which has increased more than six thousand percent this year. A lot of people might ask what is this Dogecoin? Well, like all cryptocurrencies, Dogecoin is a digital currency that can be bought and sold like an investment and spent like money. Each cryptocurrency is unique because they all have a couple of key differences.

Unlike bitcoin, which has set 21 Million as the finite amount of digital currency, Dogecoin has about 129 billion coins in circulation and will continue to make new blocks of coins available every year. That is why Bitcoin is valued way more than Dogecoin.

The question of whether the Dogecoin is a valuable investment is still rife, because like other cryptocurrencies, for example, bitcoin, it is subject to volatility, which means as fast as it has risen, it can fall without warning.

But let's not forget that Dogecoin is a digital coin with the picture of the dog on it! How crazy is that?

There have been claims by some users on the Reddit boards claiming that Dogecoin has made them millionaires after the whooping 400% rise. A user even posted a picture of his holding account of a balance reflecting more than over a million dollars. This has prompted a whole lot of people to buy more of the coin.

Surprisingly, both Markus and Palmer no longer own a whole lot of the Dogecoin cryptocurrency. Markus believed that the crypto was made just for sillies and that it should remain that way. People investing a whole lot of money into the cryptocurrency just made him really uncomfortable so he decided to sell off all of his Dogecoin holdings when he got laid off from his job and used the money to buy a Honda Civic.

Palmer on the other handheld on for a little while longer, but when the coin lost a lot of value back in 2014 amidst legal issues, he decided to pull out too. Both Markus and Palmer conducted a lot of charity endeavors, like funding healthcare and building wells in Kenya.

Dogecoin has sparked a whole lot of controversy surrounding it skyrocketing, and this has led to major worries about a potential bubble.

David Kimberly an analyst at the UK investing app at Freetrade has been quoted saying “Dogecoins rise is a classic example of greater fool theory at play”. “People are buying the cryptocurrency, not because they think it has any meaningful value but because they hope others will pile in and push the price up so that they can sell off and make a quick buck”

Kimberly added that “ when everybody is doing this, the bubble will eventually have to burst and it's going to leave a lot of people shortchanged and at a loss if they don’t get out in time. And it is also impossible to be able to predict or say when that is going to happen.”

“This is doubly the case in the cryptocurrency markets where a small group of players often hold a huge chunk of the total number of coins in circulation. That means it only takes one person to dump all of their holdings for the entire market to tank.”

These concerns have still fallen on deaf ears, and Dogecoin enthusiasts have just used this as more cannon fodder as they are insistent on driving up the price of the dogecoin, and new people who want to be a part of this apparently fast-rising cryptocurrency continue to buy-in.

Dogecoin is a cryptocurrency built on hype, therefore it certainly pays to be early when it comes to such cryptocurrency assets. While some people have cashed out their holdings of Dogecoin and made a killing, there are still a lot of people who are holding on to their holdings and even more people buying in.

The question of if Dogecoin is a stupid meme investment or an investment-worthy of your money is totally up to individuals discretion. Although it started as a joke reaction to the advent and rise of other cryptocurrencies, it has seen an exponential rise in value.

A lot of people have made a lot of money from buying dogecoin, so therefore if you can afford to put some money into buying dogecoin then it might not be such a bad idea, seeing as it's anyone's guess if it could blow up again and keep rising. I mean, the logo is the face of a dog, and dogs have been dubbed to be man's best friend.

Why will Dogecoin probably hit the promised land of $1? Well, it is pretty simple, because of the active buying and selling of the cryptocurrency and the amount of hype that the currency is generating all over social media like Twitter, Reddit, etc.

Elon Musk, who is currently the richest man in the world has contributed largely to this cause with his electric car company Tesla bought a whopping sum of $1.5 billion worth of Dogecoin earlier in the year and he has constantly tweeted to his 50 million followers and the world at large in favor of the doge cryptocurrency. He has called it his favorite cryptocurrency and further dubbed it ‘the people's crypto’.

I mean, he is the richest man in the world, there’s gotta be a reason for that right? He has to know what he's doing, right? His tweets have shown to have the power to move the market and this has prompted a whole lot of miners, traders, and individuals to keep buying into the cryptocurrency, thereby driving its value higher at an exponential and absurd rate.

A lot of TikTok influencers have also contributed to the rise in the value of the Dogecoin, users are regularly encouraged to buy the Dogecoin expecting that the cryptocurrency would rise to a projected value of 1 dollar per token.

In conclusion, it is safe to say that if the Dogecoin Cryptocurrency continues in this already established pattern, it can rise to a value of a dollar for each token. Do you plan on buying Dogecoin anytime soon? Or have you bought the coin already? Let us know your experience in the comments section below.