Cryptocurrency has taken the world by a storm. With benefits such as transactional freedom, the ease that comes in holding and transferring it, total freedom from third party agents like banks and other financial agents, little or zero transactional fees, greater access to credit and a host of other advantages, cryptocurrency has proved to be both the future and the democracy of money. You must have heard about Bitcoin which was a game changer when it first arrived. Ever since Bitcoin, a host of other cryptocurrencies have emerged. A lot more will emerge in the future.
In a period of twenty-four hours, Dogecoin had an impressive rise in its value and this is speculated to continue to rise alongside the demand for this eye-candy that everyone seems to be after. Dogecoin has graduated from its status of being a cryptocurrency based on memes and jokes to one of the top cryptocurrencies in the world, rising as fast as 800 percent within twenty-four hours.
Dogecoin was created by Billy Markus and Jackson Palmer and was introduced on the 6th of December, 2013. It was all fun and games for these gentlemen who desired to create a payment system that was both fun and free from the chains of fees that is associated with transactions. The coin is said to be a parody version of the widely acclaimed Bitcoin and uses the face of the Shiba Inu dog from the famous ‘Doge’ meme, hence where it got its name and logo. Dogecoin was put in the market as a simple, fun and meme-embracing cryptocurrency, so it was quite a shock that it jumped to 300 percent after China’s ban on banks from investing in cryptocurrencies. In 2017, Dogecoin experienced an astronomic rise and this can be attributed to the high value rate it got alongside other coins and in 2018, Dogecoin alongside other coins fell.
Dogecoin experienced a turn around after Elon Musk (now the world’s richest man) made a tweet with the word ‘Doge’ in December 2020. Call it an intentional act or just mere coincidence but this led to a rave in the cryptocurrency market. This surge in the demand for cryptocurrency was measured to be around 20 percent and is still on a fast rise. There have been over a hundred thousand tweets about Dogecoin in the last few hours and this is the first time ever that a cryptocurrency would take over the amount of internet spark caused by Bitcoin when it first arrived.
Here are a few things to consider if you are thinking of investing in Dogecoin.
According to experts of cryptocurrency trends and market analytics, Dogecoin is a high value investment in 2021 and would become widely accepted, as widely accepted as Bitcoin for payments and this would lead to more visible inclusion. You might want to consider the fact that the value of Dogecoin increased in 2021 and continued to increase and eventually surpass the benchmark of other cryptocurrencies, so this is a good time to invest in Dogecoin. The power of social media should never be under-estimated; Dogecoin has surpassed Bitcoin to become a bigger internet sensation. This is another reason to consider it. It is the most mentioned cryptocurrency on Twitter so why not? Dogecoin also has a network of users who are helpful and friendly. This community could come in handy. You should also understand that Dogecoin as well as other cryptocurrencies is volatile (that can be seen from what happened in 2017 and 2018). So you’re considering Dogecoin? I say why aren’t you considering it?
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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