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Dogecoin is an open-source cryptocurrency that is based on a peer-to-peer exchange system. The purpose of this coin was to sarcastically present the increasing amount of altcoins being rapidly launched but has gained a much bigger position.
Here are the answers to famous queries regarding Dogecoin as briefly as possible
What Is Dogecoin?
Dogecoin is a currency introduced in late 2013, by two software engineers Billy Markus and Jackson Palmer in two hours. DOGECOIN is famous because of its symbolic photo of a very popular meme photo of a Japanese dog breed. It has technology similar to another cryptocurrency called Litecoin. The creators had no aims or goals for this currency. It was not created to generate huge profits, instead, it was created to generate a few laughs.
After one year of its creation, it gained a fanbase that will stay loyal to it for a long time. At the end of 2017 it had a high market cap of about 2 billion. In 2019, it was listed on finance which helped raise its popularity and value.
Elon Musk, the co-founder and CEO of Tesla has said many things about Dogecoin which has been highly impactful on the value of Dogecoin in the past years. People have now started to mine and even invest in dogecoin.
Another very important part played in the established state of dogecoin is its community which uses dogecoin as an appreciation to any content they like and donate dogecoins to creators.
What is the reason of Dogecoin’s popularity
Dogecoin was accepted by the crypto-verse because of it being a Joke, a very funny relief in a very serious, controversial, and depressing world. And it also became popular because of its cheap price and user-friendly aspects. Elon Musk’s tweets also played a very significant part in its worldwide popularity.
What is the Future Of Dogecoin?
Honestly, no one can predict the future of dogecoin because of what has happened recently when the price of a coin based on a joke skyrocketed. And dogecoin enthusiasts still believe that it will hit 1$ price soon.
But experts totally deny this claim and say that it’s never gonna happen. So there is a big uncertainty revolving around the future of dogecoin
But the future of a joke will remain a joke. No matter how big it gets it will eventually come down to its actual worth.
Should You Invest In Dogecoin?
This is not financial advice and you should never take any actions on the basis of some news without properly thinking and planning.
Doge coin was not intended to be of this much value, therefore there are no plans or organization to support its future or maintain its value.
Moreover, another very important aspect is that it has no supply limit. Means there is no limit to the number of coins circulating in the market. This makes it even worse if you look at it logically.
You should not invest in Dogecoin. You can not make returns out of it on long-term investments until you get lucky. So if you want to invest and you are capable of handling the large volatility and risk of this cryptocurrency, then go ahead you may get profits that are probably unattainable from any other source in this short time period.
But never invest the money that you need and you cannot render to lose. It’s real money that you are investing and the risk factor in this investment is higher than other investments.
Hope these answers help you formulate your opinion regarding Dogecoin. Always remember that your money is your responsibility and you should never make decisions impulsively or by the opinions of others.