Want to Be Young Again Memes
It'south likely that you've heard of Dogecoin by now, if only from news headlines. This form of cryptocurrency has been making waves in the investment community of tardily in large part due to its funny name and viral meme origins, but information technology's also possibly becoming a more legitimate investment option. So what exactly is Dogecoin? The answer is every bit complex equally it is amusing. Allow's break things down and take a look at Dogecoin'south origins, where it came from and how it became the rex of all "meme stocks."
What Is Dogecoin, and What'southward Up With the Canis familiaris ?
Dogecoin is a cryptocurrency, similar Bitcoin or Ethereum, but that'due south largely where the similarities terminate. It was intended to exist goose egg more than a joke and was originally created in 2013 by two software engineers named Billy Marcus and Jackson Palmer (pictured hither).
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 pop internet meme to be the face of Dogecoin. "Doge" is a deliberate misspelling of "dog," which was in line with the humor used in the original memes that included a photo of a Shiba Inu side-eyeing the photographer.
Marcus and Palmer fix up their new joke currency with its own website at Dogecoin.com, proclaiming the imitation 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 subsequently inspiring its ain subculture on Reddit.
Early on, Dogecoin gained popularity equally a method of "tipping" others online similarly to giving a thumbs up on Facebook or liking a social media mail service. To the founders' astonishment, nevertheless, Dogecoin began to grow not but in popularity but also in value. Many fans were attracted to its irreverent take on cryptocurrency and the fact that at that place's no limit to the number of coins that tin be "produced."
The digital currency farther continued to ascension in popularity when its fan community began using Dogecoin to contribute to charity campaigns such every bit Doge4Kids and Doge4Water. Every bit the Dogecoin community'due south altruistic efforts increased, the coin's popularity connected to surge.
Ultimately, Dogecoin fever even began making fans of celebrities such as Kevin Jonas, Guy Fieri, Snoop Dogg and Elon Musk. The moving ridge of celebrity endorsement helped send Dogecoin out of the realm of a lighthearted internet joke and into the part of serious cryptocurrency contender — albeit a hilarious ane.
What Are Meme Stocks, and Where Did They Come From?
Dogecoin isn't alone in its classification every bit what'southward go known equally 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 rise and fall of its toll tend to have little, if anything, to do with the value of the visitor behind information technology. Instead, its buying and selling volumes are inspired solely past the hype it'due south 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, big groups of investors got together on social media and decided to drive upward the prices of these stocks by all buying shares of them at the same time. The incidents created major waves on Wall Street as professional investors realized just how powerful the coordinated efforts of retail (significant non-professional person) investors could exist. For the get-go time in history, stocks became a lot less anticipated — fifty-fifty companies with questionable performance indicators, such as Blockbuster, BlackBerry and Nokia, saw double- and triple-digit toll per centum increases.
Should You Invest in DogeCoin?
The better question is, should you take an investment in Dogecoin seriously? The of import thing to realize is that Dogecoin is not the side by side Bitcoin begging to happen. The reason that Bitcoin has been increasing in value as drastically as it has is a affair of supply and demand.
Considering there'due south ultimately a lifetime cap on the number of Bitcoins that can e'er exist created, people are willing to pay more to get a piece of the action. Dogecoin, on the other hand, has no limit as far every bit the number of Doges that can be, and millions of new Dogecoins are released onto the market each day.
Throughout the course of the coin'south existence, the toll of a single Doge hasn't yet risen to 50 cents. That said, this can besides exist a fun alibi to invest if you notice yourself then inclined. Among the reasons that Dogecoin has become so popular is that it'due south piece of cake to invest in for a very low amount of money, which presents minimal risk. The added perk is that the price also doesn't have to rise a slap-up deal for investors to realize gains.
Say, for instance, you lot bought twenty Dogecoins in March of 2021 when they sold for effectually 5 cents apiece. At the time, this would've required the investment of a mere dollar. When the price of Doge briefly rose to forty cents a share in April of 2021, your 20 Doges suddenly would've collectively been worth $8 — not a bad return on a $1 investment.
Just be aware that the cost of Dogecoin tends to be incredibly volatile and unpredictable. Choose the amount you desire to invest wisely, and go on in mind that Dogecoins can autumn in value just every bit chop-chop and randomly as they occasionally surge.
How and Where to Go About Investing in DogeCoin
Wondering where to buy Dogecoin? Current events have made it much easier, every bit many more trading platforms are now offer Doge purchases due to public need. In order to get in on the craze, only select one of these trading platforms and create an account. Many trading platforms are available as apps you lot can download and employ to trade — you lot might already be using Robinhood, for example.
Upon signing upward, you'll be required to provide basic information such equally your proper name and address. You'll also be required to prove your identity, simply often this is as simple as uploading photos of your commuter's license. From at that place, you'll gear up a connection with your bank on the platform and employ it to fund your new account. Afterwards that, all that'south left to do is navigate over to the cryptocurrency section, select Dogecoin and start trading.
Some of the more popular apps and trading platforms that currently allow members to buy Dogecoin include:
- Robinhood
- Webull
- Binance
- Kraken
- Crypto.com
Source: https://www.askmoney.com/investing/dogecoin-meme-stocks-101?utm_content=params%3Ao%3D1465803%26ad%3DdirN%26qo%3DserpIndex
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